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193 - Lyn Alden's Masterclass On Money
Bankless
The Role of Credit and Unit of Account in Ancient Babylon
In ancient Babylon, people used small bits of silver and grain as units of account for transactions. Instead of physically exchanging commodities, they would record the transactions and settle them later. However, without a standardized unit of account, it was like bartering. Complex societies developed standardized units of account and credit facilities. This system still exists today on an international scale.
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