Money & Banking
The course will cover the fundamentals of Money and Banking, seen in historical perspective. Over time the institutions of money and credit have changed and developed, leading to different relationships to markets. Money worked differently in the pre-capitalist world, and its working has changed further as capitalism has developed from the Craft Economy of family firms and family farms to the world of modern industry and hi-tech. These changes will be explored together with the development of monetary theory. Banking systems also developed historically, reflecting many of the same pressures that led to the development of industry, and the fundamentals of banking that have changed over time. This likewise has implications for the theory of credit and interest.