The Role of Global Banking in the Modern World

Before central banks, depository receipts were unique to every different bank. They had their own designs and were only exchangeable for gold at the particular bank noted on the receipt. Central banks issued their own notes that were to be universally accepted anywhere. The issue was that if the public lost faith in this currency, the whole system would be made redundant. We owe our quality of life today as much to the financial revolution as we do to the industrial revolution.