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Excerpt from Credit, Vol. 3
Starting with credit as a transfer of goods involving an obligation to return an equivalent in the future, we find in practice that credit hasin modern society devel oped into something more akin to money. Clearly enough, it does not act as a standard, or common denominator. Its relation to the subject of money is to be found in the fact that society has in credit created a medium of exchange. It is the natural result of the ever-present premium existing in business transactions to evolve a means of avoiding the risk and loss attending the actual transfer of the valuable standard; and it remains in use because transactions involving futurity are thereby rendered possible and legitimate to the immense advantage of commerce and industry. It is the evolution of a refined system of barter, rendered necessary by division of labor, the interdependence of industries, and the introduction of the time element. A clear understanding that credit is based on goods, that its service is that of a medium of exchange, is necessary to a just treatment of the difficult question of the efiect of credit upon the prices of goods, to be discussed later.
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Credit, Vol. 3 (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This revealing book analyzes the true nature of credit, revealing it to be a transfer of goods involving futurity. Historically, the author posits that this evolved as a natural result of division of labor and specialization, rendering possible the exchange of goods against other goods without the need to resort to an actual transfer of specie. Instead, credit has become a specialized medium of exchange, facilitating transactions and enlarging the industrial activity of businesses. The author emphasizes that credit is a creation of humankind to overcome limitations of barter and is not, as commonly believed, based on or limited by money. This intricate book explores the various forms and functions of credit, providing insights into its impact on prices and the economy at large. It concludes by establishing the significance of credit as a fundamental tool in advancing industrial growth and commerce. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781330638538_0
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Credit, Vol 3 Classic Reprint
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PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000. Bestandsnummer des Verkäufers LW-9781330638538
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Credit, Vol 3 Classic Reprint
Anbieter: PBShop.store UK, Fairford, GLOS, Vereinigtes Königreich
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PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000. Bestandsnummer des Verkäufers LW-9781330638538
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