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 Was ist Money
Economics offers various definitions for money, though it is now commonly defined as any good or token that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. Money also serves as a standard of value for measuring the relative worth of different goods and services. Some authors explicitly require money to be a standard of deferred payment.[1] In common usage, money refers more specifically to currency, particularly the many circulating currencies with legal tender status conferred by a national state; deposit accounts denominated in such currencies are also considered part of the money supply, although these characteristics are historically comparatively recent. Money may also serve as a means of rationing access to scarce resources and as a quantitative measure that provides a common standard for the comparison and valuation of quality as well as quantity, such as in the valuation of real estate or artistic works.
The use of money provides an easier alternative to barter, which is considered in a modern, complex economy to be inefficient
because it requires a coincidence of wants between traders, and an agreement that these needs are of equal value, before a
transaction can occur. The efficiency gains through the use of money are thought to encourage trade and the division of labour,
in turn increasing productivity and wealth.
Under a commodity money system, the objects used as money have intrinsic value, i.e., they have value beyond their use as money. For example, gold coins retain value because of gold's useful physical properties besides its value due to monetary usage, whereas paper notes are only worth as much as the monetary value assigned to them. Commodity money is usually adopted to simplify transactions in a barter economy, and so it functions first as a medium of exchange. It quickly begins functioning as a store of value[citation needed], since holders of perishable goods can easily convert them into durable money.
The bulkiness and limited transportability of some forms of commodity money led to the invention of symbolic substitutes for commodity money. Goldsmiths' receipts became an accepted money-substitute for gold in 17th Century England. The goldsmiths were the precursors of leading banks in England and the receipts they issued were the precursors of the banknote. Through most of the 19th Century commercial banks in Europe and North America issued their own banknotes based on the same principle of partial backing.
Many people are under the misimpression that the US dollar and other national currencies were fully convertible into gold prior to abolition of the gold standard in the early 1970s. The reign of the full gold standard was in force only from the 1870s to the outbreak of World War I. During this period France, Germany, UK and US permitted unrestricted conversion of currency into gold. Currency was backed in the sense that it was fully convertible. But at no time did national treasuries maintain sufficient gold reserves to convert more than a small portion of the currency in circulation. When the gold standard was reestablished two decades later, conversion in the USA was limited to foreign exchange transactions and by 1971 convertibility was completely abolished.
From there it was only one further step to create true fiat money, currency that has negligible inherent value and is not backed
by any commodity. A central authority (government) creates a new money object by issuing paper currency or creating new bank
deposits. The widespread acceptance of fiat money is most frequently enhanced by the central authority mandating the money's
acceptance as legal tender under penalty of law and demanding this money in payment of taxes or tribute. By the early 1970s
almost all countries had abandoned the gold standard and converted their national currencies to pure fiat money.
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