The Invention of Paper Money

Paper money is an invention of the Song Dynasty in China in the 11th century CE, nearly 20 centuries after the earliest known use of metal coins. While paper money was certainly easier to carry in large amounts, using paper money had its risks: counterfeiting and inflation. Earliest Money The earliest known form of money is also from China, a cast copper coin from the 11th century BCE, which was found in a Shang Dynasty tomb in China.  Metal coins, whether made from copper, silver, gold, or other metals, have been used across the globe as units of trade and value.  They have advantages—they are durable, difficult to counterfeit, and they hold intrinsic value.  The big disadvantage?  If you have very many of them, they get heavy. For a couple thousand years after the coins were buried in that Shang tomb, however, merchants, traders, and customers in China had to put up with carrying coins, or with bartering goods for other goods directly.  Copper coins were designed with square holes in the middle so that they could be carried on a string.  For large transactions, traders calculated the price as the number of coin strings.  It was workable, but an unwieldy system at best. Paper Money Takes the Load Off During the Tang Dynasty (618–907 CE), however, merchants began to leave those heavy strings of coins with a trustworthy agent, who would record how much money the merchant had on deposit on a piece of paper.  The paper, a sort of promissory note, could then be traded for goods, and the seller could go to the agent and redeem the note for the strings of coins.  With trade renewed along the Silk Road, this simplified cartage considerably.  These privately-produced promissory notes were still not true paper currency, however. At the beginning of the Song Dynasty (960–1279 CE), the government licensed specific deposit shops where people could leave their coins and receive notes.  In the 1100s, Song authorities decided to take direct control of this system, issuing the worlds first proper, government-produced paper money.  This money was called jiaozi.   Jiaozi under the Song The Song established factories to print paper money with woodblocks, using six colors of ink.  The factories were located in Chengdu, Hangzhou, Huizhou, and Anqi, and each used different fiber mixes in their paper to discourage counterfeiting.  Early notes expired after three years, and could only be used in particular regions of the Song Empire. In 1265, the Song government introduced a truly national currency, printed to a single standard, usable across the empire, and backed by silver or gold.  It was available in denominations between one and one hundred strings of coins.  This currency lasted only nine years, however, because the Song Dynasty tottered, falling to the Mongols in 1279. Mongol Influence The Mongol Yuan Dynasty, founded by Kublai Khan (1215–1294), issued its own form of paper currency called chao; the Mongols brought it to Persia where it was called djaou  or djaw.  The Mongols also showed it to Marco Polo (1254–1324) during his 17-year-long stay in Kublai Khans court, where he was amazed by the idea of government-backed currency.  However, the paper money was not backed by gold or silver.  The short-lived Yuan Dynasty printed increasing amounts of the currency, leading to runaway inflation.  This problem was unresolved when the dynasty collapsed in 1368. Although the succeeding Ming Dynasty (1368–1644) also began by printing unbacked paper money, it suspended the program in 1450.  For much of the Ming era, silver was the currency of choice, including tons of Mexican and Peruvian ingots brought to China by Spanish traders.  Only in the last two, desperate years of Ming rule did the government print paper money, as it attempted to fend off the rebel Li Zicheng and his army.  China did not print paper money again until the 1890s when the Qing Dynasty began producing yuan. Sources Lande, Lawrence, and T. I. M. Congdon. John Law and the Invention of Paper Money. RSA Journal 139.5414 (1991): 916–28. Print.Lui, Francis T. Cagans Hypothesis and the First Nationwide Inflation of Paper Money in World History. Journal of Political Economy 91.6 (1983): 1067–74. Print.Pickering, John. The History of Paper Money in China. Journal of the American Oriental Society 1.2 (1844): 136–42. Print.

Character Analysis of Jo in Lousia May Alcotts Little Women

Boom, here comes an essay that will blow your mind that you cannot believe. Here in the story Little Women it tells you about how what they went through to get where they are in the modern day of their lives. The topic that we are going to talk about is a character analysis. The deteriorating of character analysis is a reoccurring symbol in Louisa May Alcott’s Little Women. In the book Little Women the role that Jo has is that she is the third oldest sister in the family. The way that Jo thinks is that she is the one that should have been a boy and she should be the one that is helping her father in the war. Also, the role that she plays is that she and her sisters when they were little they used to play a game called Pilgrims. Also, the sisters they also do the house work and when they did play the Pilgrims game Jo would have to talk them into it because the other girls did not want to play a game. The role that Jo plays in this book is that she is the one that when someone is picking on one of her sisters she will make sure that you will choice your words careful the next time that you say something. Also, the role that she plays is that she always makes sure that everyone has what they need before she is done. Jo also plays the protector in this book and the thing that you are going to see is that when Beth got sick all Jo did was that she lay beside Beth and never left her side. Jo never left Beth’s side even when they had to call their mother and have her

Friedman on Capitalism and Freedom Essay Free Essays

Milton Friedman succinctly explores the relationship between political freedom and capitalist economy, more so in regards to whether indeed freedom is related to capitalism. One thing that comes to the attention of any reader of Milton’s piece is whether capitalism paves ways of freedom. In his mind, Milton believes that a country that ratifies political freedom automatically promotes economic freedom. We will write a custom essay sample on Friedman on Capitalism and Freedom Essay or any similar topic only for you Order Now The government has a role in developing the country’s economy through different means such as taxation, minimum wage and the provision of essential services to the general public. His book inspires the thought to reduce the government’s involvement in economic matters. He argues that the involvement of the government in economic affairs leads to the concentration of wealth in the hands of a small group of people. It would limit the abilities of the less affluent to access economic opportunities, which makes the market unstable for business. According to Friedman, it is fluid to believe that equal distribution of wealth in the society is the measure of freedom but rather wants the political freedom to be measured by the degree in which people access opportunities equally. He believes that it is only possible to attain that when the participation of the government in economic affairs is limited. For instance, when the government is given the full mandate of providing housing to its citizens, people would have limited options to do otherwise, which implies lack of freedom than its presence. The more involvement of the government in determining taxes imposed on goods makes them expensive for the low earners, hence giving wider opportunities to the few affluent. In this milieu, political freedom implies economic freedom. An individual is only free when he or he can make economic choices without any hindrance whatsoever. However, it is important to note that Friedman’s thought can be dangerous on the other end. Even though there is a need for economic freedom to achieve political freedom, having the government out of it totally is dangerous for the security and growth of the society. Despite the efforts of the government to establish a minimum wage in the united states to elevate the status of the African-blacks, the rate of unemployment has remained high in the country. The level of insecurity in the world is greatly attributed to the high rate of unemployment among the youths who are radicalized to engage in unhealthy practices. Also, taking the government out of the equation would brace division, which would greatly paralyze unity in the society. It is even more hazardous to support Friedman’s argument that people should be allowed to attain freedom, then decide on what to do with it. The existence of law is to control the affairs of the public, which can go overboard when not checked. Any behavior that is not universally checked creates an opportunity for recalcitrance. Therefore, even though his argument opens the eyes of the government to empower its citizens to become economically dependent, the thought of unchecked freedom would threaten its peace. Even though Friedman was an economist, his argument is on moral standards, not an economic argument. He defines liberty, which he ties to economic freedom associated with free markets where a seller is not dictated by the way he or she sells his products. Friedman identifies two types of freedom, which include personal, civil and political. However, he spends a greater part of his time delving into personal freedom and states that politics is bad since it limits the less affluent. However, it does not imply that the money an individual has can expose him or her to freedom. He thinks that rich people access a greater amount of freedom than the poor people. The argument seems to give more attention to the degree of spending power. However, the notion of freedom is an elaborate subject that cannot only be confined to wealth alone. Being free is to dwell in a more secure environment, which can only be done by the government. Therefore, the exclusion of the government in the establishment of economic policies would be a risky affair, since even when people have the needed power to save, other needs would prevail, which would make them boisterous. In conclusion, Friedman’s thoughts make sense in the need to empower people to have sufficient access to opportunities, more so the less affluent. It makes a greater sense to note that when the wealth is concentrated in the hands of the few individuals, they dominate the society an make it a harsh environment for the less affluent. However, the thought to have the government out of it would be harmful. People need to be guided by the rule of law, and to perfect this, there should be a body that observes when the laws are adhered to. The government must set economic policies that guide people on the way they manage their economic affairs. Therefore, in the pursuit of economic freedom, the government is needed at the center to guide its practices and affairs. How to cite Friedman on Capitalism and Freedom Essay, Essays