Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar.
Adam SmithFRSA (baptised 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics" or "The Father of Capitalism", he wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God's will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage.
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. (Full article...)
Issuance of bank notes ৳10 and larger is controlled by Bangladesh Bank, while the ৳2 and ৳5 banknotes are the responsibility of the ministry of finance of the government of Bangladesh. The banknotes of Tk. 2 and Tk.5 have mostly been replaced by coins while lower denomination coins (including all poysha coins) up to Tk. 1 have almost gone out of circulation due to inflation. The most commonly used symbol for the taka is "৳" and "Tk", used on receipts while purchasing goods and services. It is divided into 100 poysha, but poysha coins are no longer in circulation. The poysha is still used for accounting purposes (e.g., Tk123,456.78 for 123,456 taka and 78 poysha). (Full article...)
... that medievalist Edward Rand rang the doorbell of Harvard president Charles William Eliot and asked him: "I would like to go to Harvard; do you have any money?"
... that Neha Pendse, the lead actress of the Marathi film June, contributed some of her own money towards its production?
... that two hagiographic documents about St. Hunegund of France publicized Hunegund's miracles to create a sense of identity in Homblières and to raise money for the monastery?
... that the song "Money" by the Drums was certified gold by the RIAA over a decade after its initial release?
Image 10Tibetan kong par tangka, dated 13-45 (= AD 1791),reverse (from Tibetan tangka)
Image 11Song Dynasty Jiaozi, the world's earliest paper money (from Money)
Image 12Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value. (from Money)
Image 13Athens coin (c. 500/490-485 BC) discovered in Pushkalavati. This coin is the earliest known example of its type to be found so far east. (from Punch-marked coins)
A Ukrainian court places billionaireIhor Kolomoyskyi under arrest over fraud and money laundering charges as part of corruption-related activities. (Al Jazeera)