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Tally Sticks, Paper Money, and Central Banking - Dr. L. Randall Wray, Levy Institute, DSPod #288

The DemystifySci Podcast

CHAPTER

The Evolution of Currency and Banking

This chapter explores the historical evolution of the financial system, focusing on parliamentary approaches to managing war debt and significant reforms in currency standards, such as Queen Elizabeth I's metallic standard. It highlights the complex relationship between money, trust, and society, examining the transition from ancient barter systems to more formalized currency practices, including the emergence of the Bank of England. Through insights into the central banking functions and the management of government debt, the chapter emphasizes the critical role of financial institutions in maintaining economic stability.

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