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Money
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A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between financial computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of currency.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.[4] Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government 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".[6]
The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.[7][8][9]
Contents
[hide]
1 Etymology
2 History
3 Functions
3.1 Medium of exchange
3.2 Measure of value
3.3 Standard of deferred payment
3.4 Store of value
4 Properties
5 Money supply
5.1 Creation of money
5.2 Market liquidity
6 Types
6.1 Commodity
6.2 Representative
6.3 Fiat
6.4 Coinage
6.5 Paper
6.6 Commercial bank
6.7 Electronic or digital
7 Monetary policy
8 Counterfeit
9 Laundering
10 See also
11 References
12 Further reading
13 External links
Etymology
The word "money" is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills. In the ancient world Juno was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located.[10] The name "Juno" may derive from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique).
In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning 'in kind'.[11]
History
Main article: History of money
A 640 BC one-third stater electrum coin from Lydia
The use of barter-like methods may date back to at least 100,000 years ago, though there is no evidence of a society or economy that relied primarily on barter.[12] Instead, non-monetary societies operated largely along the principles of gift economy and debt.[13][14] When barter did in fact occur, it was usually between either complete strangers or potential enemies.[15]
Many cultures around the world eventually developed the use of commodity money. The Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160 grains of barley.[16] The first usage of the term came from Mesopotamia circa 3000 BC. Societies in the Americas, Asia, Africa and Australia used shell money – often, the shells of the cowry (Cypraea moneta L. or C. annulus L.). According to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins.[17] It is thought by modern scholars that these first stamped coins were minted around 650–600 BC.[18]
Song Dynasty Jiaozi, the world's earliest paper money
The system of commodity money eventually evolved into a system of representative money.[citation needed] This occurred because gold and silver merchants or banks would issue receipts to their depositors – redeemable for the commodity money deposited. Eventually, these receipts became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song dynasty. These banknotes, known as "jiaozi", evolved from promissory notes that had been used since the 7th century. However, they did not displace commodity money, and were used alongside coins. In the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck.[19] Marco Polo's account of paper money during the Yuan dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."[20] Banknotes were first issued in Europe by Stockholms Banco in 1661, and were again also used alongside coins. The gold standard, a monetary system where the medium of exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced the use of gold coins as currency in the 17th–19th centuries in Europe. These gold standard notes were made legal tender, and redemption into gold coins was discouraged. By the beginning of the 20th century almost all countries had adopted the gold standard, backing their legal tender notes with fixed amounts of gold.
After World War II and the Bretton Woods Conference, most countries adopted fiat currencies that were fixed to the U.S. dollar. The U.S. dollar was in turn fixed to gold. In 1971 the U.S. government suspended the convertibility of the U.S. dollar to gold. After this many countries de-pegged their currencies from the U.S. dollar, and most of the world's currencies became unbacked by anything except the governments' fiat of legal tender and the ability to convert the money into goods via payment. According to proponents of modern money theory, fiat money is also backed by taxes. By imposing taxes, states create demand for the currency they issue.[21]
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In Money and the Mechanism of Exchange (1875), William Stanley Jevons famously analyzed money in terms of four functions: a medium of exchange, a common measure of value (or unit of account), a standard of value (or standard of deferred payment), and a store of value. By 1919, Jevons's four functions of money were summarized in the couplet:
Money's a matter of functions four,
A Medium, a Measure, a Standard, a Store.[22]
This couplet would later become widely popular in macroeconomics textbooks.[23] Most modern textbooks now list only three functions, that of medium of exchange, unit of account, and store of value, not considering a standard of deferred payment as it is a distinguished function, but rather subsuming it in the others.[4][24][25]
There have been many historical disputes regarding the combination of money's functions, some arguing that they need more separation and that a single unit is insufficient to deal with them all. One of these arguments is that the role of money as a medium of exchange is in conflict with its role as a store of value: its role as a store of value requires holding it without spending, whereas its role as a medium of exchange requires it to circulate.[5] Others argue that storing of value is just deferral of the exchange, but does not diminish the fact that money is a medium of exchange that can be transported both across space and time. The term "financial capital" is a more general and inclusive term for all liquid instruments, whether or not they are a uniformly recognized tender.
Medium of exchange
Main article: Medium of exchange
When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the "coincidence of wants" problem. Money's most important usage is as a method for comparing the values of dissimilar objects.
Measure of value
Main article: Unit of account
A unit of account (in economics)[26] is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt.
Money acts as a standard measure and common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems.
Standard of deferred payment
Main article: Standard of deferred payment
While standard of deferred payment is distinguished by some texts,[5] particularly older ones, other texts subsume this under other functions.[4][24][25] A "standard of deferred payment" is an accepted way to settle a debt – a unit in which debts are denominated, and the status of money as legal tender, in those jurisdictions which have this concept, states that it may function for the discharge of debts. When debts are denominated in money, the real value of debts may change due to inflation and deflation, and for sovereign and international debts via debasement and devaluation.
Store of value
Main article: Store of value
To act as a store of value, a money must be able to be reliably saved, stored, and retrieved – and be predictably usable as a medium of exchange when it is retrieved. The value of the money must also remain stable over time. Some have argued that inflation, by reducing the value of money, diminishes the ability of the money to function as a store of value.[4]
Properties
To fulfill its various functions, money must have certain properties:[27]
Fungibility: its individual units must be capable of mutual substitution (i.e., interchangeability).
Durability: able to withstand repeated use.
Portability: easily carried and transported.
Cognizability: its value must be easily identified.
Stability of value: its value should not fluctuate.
Money supply
Main article: Money supply
Money Base, M1 and M2 in the U.S. from 1981 to 2012
Printing paper money at a printing press in Perm
In economics, money is a broad term that refers to any financial instrument that can fulfil the functions of money (detailed above). These financial instruments together are collectively referred to as the money supply of an economy. In other words, the money supply is the number of financial instruments within a specific economy available for purchasing goods or services. Since the money supply consists of various financial instruments (usually currency, demand deposits and various other types of deposits), the amount of money in an economy is measured by adding together these financial instruments creating a monetary aggregate.
Modern monetary theory distinguishes among different ways to measure the money supply, reflected in different types of monetary aggregates, using a categorization system that focuses on the liquidity of the financial instrument used as money. The most commonly used monetary aggregates (or types of money) are conventionally designated M1, M2 and M3. These are successively larger aggregate categories: M1 is currency (coins and bills) plus demand deposits (such as checking accounts); M2 is M1 plus savings accounts and time deposits under $100,000; and M3 is M2 plus larger time deposits and similar institutional accounts. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments. The precise definition of M1, M2 etc. may be different in different countries.
Another measure of money, M0, is also used; unlike the other measures, it does not represent actual purchasing power by firms and households in the economy.[citation needed] M0 is base money, or the amount of money actually issued by the central bank of a country. It is measured as currency plus deposits of banks and other institutions at the central bank. M0 is also the only money that can satisfy the reserve requirements of commercial banks.
Creation of money
In current economic systems, money is created by two procedures:
Legal tender, or narrow money (M0) is the cash money created by a Central Bank by minting coins and printing banknotes.
Bank money, or broad money (M1/M2) is the money created by private banks through the recording of loans as deposits of borrowing clients, with partial support indicated by the cash ratio. Currently, bank money is created as electronic money.
In most countries, the majority of money is mostly created as M1/M2 by commercial banks making loans. Contrary to some popular misconceptions, banks do not act simply as intermediaries, lending out deposits that savers place with them, and do not depend on central bank money (M0) to create new loans and deposits.[28]
Market liquidity
Main article: Market liquidity
"Market liquidity" describes how easily an item can be traded for another item, or into the common currency within an economy. Money is the most liquid asset because it is universally recognised and accepted as the common currency. In this way, money gives consumers the freedom to trade goods and services easily without having to barter.
Liquid financial instruments are easily tradable and have low transaction costs. There should be no (or minimal) spread between the prices to buy and sell the instrument being used as money.
Types
Currently, most modern monetary systems are based on fiat money. However, for most of history, almost all money was commodity money, such as gold and silver coins. As economies developed, commodity money was eventually replaced by representative money, such as the gold standard, as traders found the physical transportation of gold and silver burdensome. Fiat currencies gradually took over in the last hundred years, especially since the breakup of the Bretton Woods system in the early 1970s.
Commodity
Main article: Commodity money
A 1914 British gold sovereign
Many items have been used as commodity money such as naturally scarce precious metals, conch shells, barley, beads etc., as well as many other things that are thought of as having value. Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.[29] Examples of commodities that have been used as mediums of exchange include gold, silver, copper, rice, Wampum, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes, cannabis, candy, etc. These items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies. Use of commodity money is similar to barter, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money. Although some gold coins such as the Krugerrand are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content.[30] American Eagles are imprinted with their gold content and legal tender face value.[31]
Representative
Main article: Representative money
In 1875, the British economist William Stanley Jevons described the money used at the time as "representative money". Representative money is money that consists of token coins, paper money or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver. The value of representative money stands in direct and fixed relation to the commodity that backs it, while not itself being composed of that commodity.[32]
Fiat
Main article: Fiat money
Gold coins are an example of legal tender that are traded for their intrinsic value, rather than their face value.
Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). Usually, the government declares the fiat currency (typically notes and coins from a central bank, such as the Federal Reserve System in the U.S.) to be legal tender, making it unlawful not to accept the fiat currency as a means of repayment for all debts, public and private.[33][34]
Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).[31][35]
Fiat money, if physically represented in the form of currency (paper or coins) can be accidentally damaged or destroyed. However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U.S. government will replace mutilated Federal Reserve Notes (U.S. fiat money) if at least half of the physical note can be reconstructed, or if it can be otherwise proven to have been destroyed.[36] By contrast, commodity money which has been lost or destroyed cannot be recovered.
Coinage
Main article: Coin
These factors led to the shift of the store of value being the metal itself: at first silver, then both silver and gold, and at one point there was bronze as well. Now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins. This was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they also created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be easily tested for their fine weight of metal, and thus the value of a coin could be determined, even if it had been shaved, debased or otherwise tampered with (see Numismatics).
In most major economies using coinage, copper, silver and gold formed three tiers of coins. Gold coins were used for large purchases, payment of the military and backing of state activities. Silver coins were used for midsized transactions, and as a unit of account for taxes, dues, contracts and fealty, while copper coins represented the coinage of common transaction. This system had been used in ancient India since the time of the Mahajanapadas. In Europe, this system worked through the medieval period because there was virtually no new gold, silver or copper introduced through mining or conquest.[citation needed] Thus the overall ratios of the three coinages remained roughly equivalent.
Paper
Main article: Banknote
Huizi currency, issued in 1160
In premodern China, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of copper coins led to the introduction of paper money, commonly known today as banknotes. This economic phenomenon was a slow and gradual process that took place from the late Tang dynasty (618–907) into the Song dynasty (960–1279). It began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes from shops of wholesalers, notes that were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began circulating these notes amongst the traders in their monopolized salt industry. The Song government granted several shops the sole right to issue banknotes, and in the early 12th century the government finally took over these shops to produce state-issued currency. Yet the banknotes issued were still regionally valid and temporary; it was not until the mid 13th century that a standard and uniform government issue of paper money was made into an acceptable nationwide currency. The already widespread methods of woodblock printing and then Pi Sheng's movable type printing by the 11th century was the impetus for the massive production of paper money in premodern China.
Paper money from different countries
At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit,[37] cheques, promissory notes,[38] savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt,[39] and banking institutions for loans and deposits.[39]
In Europe, paper money was first introduced in Sweden in 1661. Sweden was rich in copper, thus, because of copper's low value, extraordinarily big coins (often weighing several kilograms) had to be made. The advantages of paper currency were numerous: it reduced transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at interest easier, since the specie (gold or silver) never left the possession of the lender until someone else redeemed the note; and it allowed for a division of currency into credit and specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption of those shares in paper.
However, these advantages held within them disadvantages. First, since a note has no intrinsic value, there was nothing to stop issuing authorities from printing more of it than they had specie to back it with. Second, because it increased the money supply, it increased inflationary pressures, a fact observed by David Hume in the 18th century. The result is that paper money would often lead to an inflationary bubble, which could collapse if people began demanding hard money, causing the demand for paper notes to fall to zero. The printing of paper money was also associated with wars, and financing of wars, and therefore regarded as part of maintaining a standing army. For these reasons, paper currency was held in suspicion and hostility in Europe and America. It was also addictive, since the speculative profits of trade and capital creation were quite large. Major nations established mints to print money and mint coins, and branches of their treasury to collect taxes and hold gold and silver stock.
At this time both silver and gold were considered legal tender, and accepted by governments for taxes. However, the instability in the ratio between the two grew over the course of the 19th century, with the increase both in supply of these metals, particularly silver, and of trade. This is called bimetallism and the attempt to create a bimetallic standard where both gold and silver backed currency remained in circulation occupied the efforts of inflationists. Governments at this point could use currency as an instrument of policy, printing paper currency such as the United States Greenback, to pay for military expenditures. They could also set the terms at which they would redeem notes for specie, by limiting the amount of purchase, or the minimum amount that could be redeemed.
Banknotes with a face value of 5000 of different currencies
By 1900, most of the industrializing nations were on some form of gold standard, with paper notes and silver coins constituting the circulating medium. Private banks and governments across the world followed Gresham's Law: keeping gold and silver paid, but paying out in notes. This did not happen all around the world at the same time, but occurred sporadically, generally in times of war or financial crisis, beginning in the early part of the 20th century and continuing across the world until the late 20th century, when the regime of floating fiat currencies came into force. One of the last countries to break away from the gold standard was the United States in 1971.
No country anywhere in the world today has an enforceable gold standard or silver standard currency system.
Commercial bank
Main article: Demand deposit
A check, used as a means of converting funds in a demand deposit to cash
Commercial bank money or demand deposits are claims against financial institutions that can be used for the purchase of goods and services. A demand deposit account is an account from which funds can be withdrawn at any time by check or cash withdrawal without giving the bank or financial institution any prior notice. Banks have the legal obligation to return funds held in demand deposits immediately upon demand (or 'at call'). Demand deposit withdrawals can be performed in person, via checks or bank drafts, using automatic teller machines (ATMs), or through online banking.[40]
Commercial bank money is created through fractional-reserve banking, the banking practice where banks keep only a fraction of their deposits in reserve (as cash and other highly liquid assets) and lend out the remainder, while maintaining the simultaneous obligation to redeem all these deposits upon demand.[41][page needed][42] Commercial bank money differs from commodity and fiat money in two ways: firstly it is non-physical, as its existence is only reflected in the account ledgers of banks and other financial institutions, and secondly, there is some element of risk that the claim will not be fulfilled if the financial institution becomes insolvent. The process of fractional-reserve banking has a cumulative effect of money creation by commercial banks, as it expands money supply (cash and demand deposits) beyond what it would otherwise be. Because of the prevalence of fractional reserve banking, the broad money supply of most countries is a multiple larger than the amount of base money created by the country's central bank. That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators.
The money supply of a country is usually held to be the total amount of currency in circulation plus the total value of checking and savings deposits in the commercial banks in the country. In modern economies, relatively little of the money supply is in physical currency. For example, in December 2010 in the U.S., of the $8853.4 billion in broad money supply (M2), only $915.7 billion (about 10%) consisted of physical coins and paper money.[43]
Electronic or digital
Main article: Electronic money
Many digital currencies, in particular Flooz and Beenz, had gained momentum before the Dot-com bubble of the early 2000s. Not much innovation occurred until the conception of Bitcoin in 2009, which introduced the concept of a cryptocurrency.
Monetary policy
Main article: Monetary policy
US dollar banknotes
When gold and silver are used as money, the money supply can grow only if the supply of these metals is increased by mining. This rate of increase will accelerate during periods of gold rushes and discoveries, such as when Columbus discovered the New World and brought back gold and silver to Spain, or when gold was discovered in California in 1848. This causes inflation, as the value of gold goes down. However, if the rate of gold mining cannot keep up with the growth of the economy, gold becomes relatively more valuable, and prices (denominated in gold) will drop, causing deflation. Deflation was the more typical situation for over a century when gold and paper money backed by gold were used as money in the 18th and 19th centuries.
Modern day monetary systems are based on fiat money and are no longer tied to the value of gold. The control of the amount of money in the economy is known as monetary policy. Monetary policy is the process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals. Usually the goal of monetary policy is to accommodate economic growth in an environment of stable prices. For example, it is clearly stated in the Federal Reserve Act that the Board of Governors and the Federal Open Market Committee should seek "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."[44]
A failed monetary policy can have significant detrimental effects on an economy and the society that depends on it. These include hyperinflation, stagflation, recession, high unemployment, shortages of imported goods, inability to export goods, and even total monetary collapse and the adoption of a much less efficient barter economy. This happened in Russia, for instance, after the fall of the Soviet Union.
Governments and central banks have taken both regulatory and free market approaches to monetary policy. Some of the tools used to control the money supply include:
changing the interest rate at which the central bank loans money to (or borrows money from) the commercial banks
currency purchases or sales
increasing or lowering government borrowing
increasing or lowering government spending
manipulation of exchange rates
raising or lowering bank reserve requirements
regulation or prohibition of private currencies
taxation or tax breaks on imports or exports of capital into a country
In the US, the Federal Reserve is responsible for controlling the money supply, while in the Euro area the respective institution is the European Central Bank. Other central banks with significant impact on global finances are the Bank of Japan, People's Bank of China and the Bank of England.
For many years much of monetary policy was influenced by an economic theory known as monetarism. Monetarism is an economic theory which argues that management of the money supply should be the primary means of regulating economic activity. The stability of the demand for money prior to the 1980s was a key finding of Milton Friedman and Anna Schwartz[45] supported by the work of David Laidler,[46] and many others. The nature of the demand for money changed during the 1980s owing to technical, institutional, and legal factors[clarification needed] and the influence of monetarism has since decreased.
Counterfeit
Main article: Counterfeit money
Counterfeit money is imitation currency produced without the legal sanction of the state or government. Producing or using counterfeit money is a form of fraud or forgery. Counterfeiting is almost as old as money itself. Plated copies (known as Fourrées) have been found of Lydian coins which are thought to be among the first western coins.[47] Before the introduction of paper money, the most prevalent method of counterfeiting involved mixing base metals with pure gold or silver. A form of counterfeiting is the production of documents by legitimate printers in response to fraudulent instructions. During World War II, the Nazis forged British pounds and American dollars. Today some of the finest counterfeit banknotes are called Superdollars because of their high quality and likeness to the real U.S. dollar. There has been significant counterfeiting of Euro banknotes and coins since the launch of the currency in 2002, but considerably less than for the U.S. dollar.[48]
Laundering
Main article: Money laundering
Money laundering is the process in which the proceeds of crime are transformed into ostensibly legitimate money or other assets.[49] However, in a number of legal and regulatory systems the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing, tax evasion, and evading of international sanctions.
See also
Calculation in kind
Coin of account
Commons-based peer production
Digital currency
Foreign exchange market
Gift economy
Intelligent banknote neutralisation system
Labour voucher
Leprosy colony money
Local exchange trading system
Money bag
Orders of magnitude (currency)
Seigniorage
Slang terms for money
Social capital
Social reputation in fiction (category)
World currency
Counterfeit money
References
Jump up ^ Mishkin, Frederic S. (2007). The Economics of Money, Banking, and Financial Markets (Alternate Edition). Boston: Addison Wesley. p. 8. ISBN 0-321-42177-9.
Jump up ^ What Is Money? By John N. Smithin. Retrieved July-17-09.
Jump up ^ "money : The New Palgrave Dictionary of Economics". The New Palgrave Dictionary of Economics. Retrieved 18 December 2010.
^ Jump up to: a b c d e Mankiw, N. Gregory (2007). "2". Macroeconomics (6th ed.). New York: Worth Publishers. pp. 22–32. ISBN 0-7167-6213-7.
^ Jump up to: a b c T.H. Greco. Money: Understanding and Creating Alternatives to Legal Tender, White River Junction, Vt: Chelsea Green Publishing (2001). ISBN 1-890132-37-3
Jump up ^ "The Etymology of Money". Thewallstreetpsychologist.com. Archived from the original on 3 April 2015. Retrieved 24 February 2015.
Jump up ^ Boyle, David (2006). The Little Money Book. The Disinformation Company. p. 37. ISBN 978-1-932857-26-9.
Jump up ^ "History of Money". Zzaponline.com. Retrieved 24 February 2015.
Jump up ^ Bernstein, Peter, A Primer on Money and Banking, and Gold, Wiley, 2008 edition, pp. 29–39
Jump up ^ D'Eprio, Peter & Pinkowish, Mary Desmond (1998). What Are the Seven Wonders of the World? First Anchor Books, p. 192. ISBN 0-385-49062-3
Jump up ^ "Online Etymology Dictionary". etymonline.com. Retrieved 2009-04-20.
Jump up ^ Mauss, Marcel. The Gift: The Form and Reason for Exchange in Archaic Societies. pp. 36–37.
Jump up ^ "What is Debt? – An Interview with Economic Anthropologist David Graeber". Naked Capitalism.
Jump up ^ David Graeber: Debt: The First 5000 Years, Melville 2011. Cf. review
Jump up ^ David Graeber (2001). Toward an anthropological theory of value: the false coin of our own dreams. Palgrave Macmillan. pp. 153–154. ISBN 978-0-312-24045-5. Retrieved 10 February 2011.
Jump up ^ Kramer, History Begins at Sumer, pp. 52–55.
Jump up ^ Herodotus. Histories, I, 94
Jump up ^ Goldsborough, Reid (2003-10-02). "World's First Coin". rg.ancients.info. Retrieved 2009-04-20.
Jump up ^ Moshenskyi, Sergii (2008). History of the weksel: Bill of exchange and promissory note. p. 55. ISBN 978-1-4363-0694-2.
Jump up ^ Marco Polo (1818). The Travels of Marco Polo, a Venetian, in the Thirteenth Century: Being a Description, by that Early Traveller, of Remarkable Places and Things, in the Eastern Parts of the World. pp. 353–355. Retrieved 19 September 2012.
Jump up ^ Wray, L. Randall (2012). Modern money theory: a primer on macroeconomics for sovereign monetary systems. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan. pp. 45–50. ISBN 978-0230368897.
Jump up ^ Milnes, Alfred (1919). The economic foundations of reconstruction. Macdonald and Evans. p. 55.
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^ Jump up to: a b Krugman, Paul & Wells, Robin, Economics, Worth Publishers, New York (2006)
^ Jump up to: a b Abel, Andrew; Bernanke, Ben (2005). "7". Macroeconomics (5th ed.). Pearson. pp. 266–269. ISBN 0-201-32789-9.
Jump up ^ "Functions of Money". boundless.com.
Jump up ^ Desjardins, Jeff (December 15, 2015). "Infographic: The Properties of Money". The Money Project. Retrieved 18 July 2017.
Jump up ^ "Money creation in the modern economy | Bank of England". www.bankofengland.co.uk. Retrieved 2018-01-14.
Jump up ^ Mises, Ludwig von. The Theory of Money and Credit, (Indianapolis, IN: Liberty Fund, Inc., 1981), trans. H. E. Batson. Ch.3 Part One: The Nature of Money, Chapter 3: The Various Kinds of Money, Section 3: Commodity Money, Credit Money, and Fiat Money, Paragraph 25.
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Jump up ^ Black, Henry Campbell (1910). A Law Dictionary Containing Definitions Of The Terms And Phrases Of American And English Jurisprudence, Ancient And Modern, p. 494. West Publishing Co. Black’s Law Dictionary defines the word "fiat" to mean "a short order or warrant of a Judge or magistrate directing some act to be done; an authority issuing from some competent source for the doing of some legal act"
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Jump up ^ Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". Historical Materialism. Brill Publishers. 15 (1): 47–74. doi:10.1163/156920607X171591. ISSN 1465-4466. OCLC 440360743. Archived from the original on May 23, 2009. Retrieved August 28, 2010.
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Jump up ^ Duhaime, Christine. "What is Money Laundering? Duhaime's Financial Crime and Anti-Money Laundering Law". Retrieved 7 March 2014.
Further reading
Keen, Steve (February 2015). "What Is Money and How Is It Created?" Uses arguments from Graziani, Augusto (1989), The Theory of the Monetary Circuit, Thames Papers in Political Economy, Spring: pp. 1–26. "Banks create money by issuing a loan to a borrower; they record the loan as an asset, and the money they deposit in the borrower’s account as a liability. This, in one way, is no different to the way the Federal Reserve creates money ... money is simply a third party’s promise to pay which we accept as full payment in exchange for goods. The two main third parties whose promises we accept are the government and the banks ... money ... is not backed by anything physical, and instead relies on trust. Of course that trust can be abused ... we continue to ignore the main game: what the banks do (for good and for ill) that really drives the economy." Forbes
Hartman, Mitchell (October 30, 2017). "How Much Money Is There in the World?". I've Always Wondered... (story series). Marketplace. American Public Media. Retrieved October 31, 2017.
External links
Media related to Money (category) at Wikimedia Commons
Quotations related to Money at Wikiquote
The dictionary definition of money at Wiktionary
"Money", BBC Radio 4 discussion with Niall Ferguson, Richard J. Evans and Jane Humphries (In Our Time, Mar. 1, 2001)
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text:
List of GLOW characters
From Wikipedia, the free encyclopedia
Jump to: navigation, search
GLOW is an American television series created by Liz Flahive and Carly Mensch, based on the women's wrestling promotion Gorgeous Ladies of Wrestling (GLOW). The following is a list of characters from the series.
Contents
[hide]
1 Main characters
1.1 Ruth Wilder
1.2 Debbie Eagan
1.3 Sam Sylvia
1.4 Cherry Bang
1.5 Carmen Wade
2 Recurring characters
2.1 Melanie Rosen
2.2 Rhonda Richardson
2.3 Justine Biagi
2.4 Tammé Dawson
2.5 Sheila the She-Wolf
2.6 Arthie Premkumar
2.7 Jenny Chey
2.8 Dawn and Stacey
2.9 Reggie Walsh
2.10 Sebastian Howard
2.11 Mark Eagan
2.12 Mallory
2.13 Keith Bang
2.14 Florian
2.15 Glen Klitnick
2.16 Billy Offal
2.17 Goliath Jackson
2.18 Big Kurt Jackson and Mighty Tom Jackson
2.19 Patrick O'Towne
2.20 Gregory
3 Guest characters
4 References
Main characters[edit]
Ruth Wilder[edit]
Ruth Wilder (Alison Brie) is an actress struggling to land a role on film and television. Having studied the works of August Strindberg, Ruth relies heavily on method acting. One day, she is given an invitation for an audition which turns out to be for the fledgling women's wrestling promotion Gorgeous Ladies of Wrestling (GLOW). Ruth initially has personality conflicts with director Sam Sylvia due to her tendency to overact in the ring. Aside from her acting style, Sam often questions her looks, unsure whether of not he finds her attractive. Making matters worse is her affair with Mark Eagan, the husband of her best friend Debbie. Because of this, she is known by the other women as a "homewrecker". After several weeks of struggling to come up with a character, she creates the in-ring persona of "Zoya the Destroya", a Soviet heel based on the real GLOW wrestler Colonel Ninotchka.[1]
Debbie Eagan[edit]
Debbie Eagan (Betty Gilpin) is a former actress and Ruth's best friend. She is best known for her role as Laura Morgan in the soap opera Paradise Cove until she was written off the series due to her pregnancy. Her friendship with Ruth is severely strained when she discovers that Ruth had an affair with her husband Mark during and after her pregnancy, sparking a cat fight during practice that inspires Sam to cast Debbie as GLOW's leading lady. While trying to convince her to join GLOW, Sam theorizes that despite her popularity in Paradise Cove, she was being held back by the show's writers and her character was put in a coma for a whole season as punishment for improvising too many lines. Originally oblivious to the professional wrestling business, Debbie's mindset changes when she watches a local wrestling show and sees its similarities to soap opera before having a one-night-stand with male wrestler Steel Horse. She later on realizes that wrestling is a liberating experience, as her body is not constrained by Mark or her son Randy in the ring. Debbie's in-ring persona is "Liberty Belle", a patriotic Southern belle based on the real GLOW wrestlers Americana and The Southern Belles: Scarlet and Tara.[2]
Sam Sylvia[edit]
Sam Sylvia (Marc Maron) is an exploitation film director hired to direct GLOW. He had directed eight films in the 1970s and claims that two of them are taught in colleges. In addition, his film Gina the Machina was deemed so controversial that it was banned in 49 states. Sam has a chronic drug and alcohol addiction that has led to one divorce and multiple affairs with other women; his habits continue in GLOW when he has an affair with wrestler Rhonda Richardson. He often has conflicts with GLOW's producer Sebastian "Bash" Howard over the creative direction of the promotion, with Sam going for a dystopian sci-fi theme and Bash incorporating colorful stereotypes. Sam is loosely based on Matt Cimber, the director of the original GLOW series.[3]
Cherry Bang[edit]
Cherry Bang (Sydelle Noel) is a former stuntwoman who becomes GLOW's head trainer. She previously worked in Sam's exploitation films in the 1970s and had an affair with him. Prior to GLOW, Cherry had not worked with Sam since 1978 and she had been out of work since 1979, as the blaxploitation subgenre went on a decline toward the 1980s. She also suffered a miscarriage two years before joining GLOW. Cherry's in-ring persona is "Junkchain", a female rapper.[4]
Carmen Wade[edit]
Carmen Wade (Britney Young) is a 25-year-old heavy-set woman who is part of a professional wrestling family. Her father, legendary wrestler Goliath Jackson, disapproves of her desire to become a wrestler, as he sees women's wrestling as a cheap sideshow. While she has wrestling skills and helps Cherry train the other ladies, Carmen suffers from stage fright. Carmen's in-ring persona is "Machu Picchu", a gentle Peruvian giant loosely based on the real GLOW wrestler Mount Fiji.[4]
Recurring characters[edit]
Melanie Rosen[edit]
Melanie Danielle "Melrose" Rosen (Jackie Tohn) is a "party girl" and chauffeur who worked as an extra in several films and music videos. She initially is at odds with Cherry Bang, who sees through her as an attention-starved Jewish-American princess who has never had a real job. Melrose introduces herself as "Melanie Rose," even though her real last name is Rosen. Her in-ring personality is based on the real GLOW wrestler Hollywood.[5][6]
Rhonda Richardson[edit]
Rhonda Richardson (Kate Nash) is a British model who takes the in-ring persona of "Britannica", an English genius inspired by the real GLOW wrestlers Zelda the Brain and Godiva. Prior to joining GLOW, she was homeless, living in a car and asking men for money in Santa Monica. Rhonda becomes romantically involved with Sam, but he becomes concerned when she makes their affair obvious in front of the other ladies.[5]
Justine Biagi[edit]
Justine Victoria Biagi (Britt Baron) is a punk rock girl who uses the in-ring name "Scab". On the first day of auditions, she claims to be 19 years old. She is a fan of Sam's exploitation films and has a romantic relationship with pizza boy Billy Offal. Later in the series, Justine reveals herself to be Sam's illegitimate daughter, as he had a one-night-stand with her mother Rosalie after being kicked out of a Black Panther Party rally in Sacramento nearly two decades ago. Her sole purpose of joining GLOW was to meet him.[5]
Tammé Dawson[edit]
Tammé Dawson (Kia Stevens) is a heavy-set black woman who takes the in-ring persona of "The Welfare Queen", an arrogant wrestler who flaunts her wealth from America's welfare policies and preys on the impoverished. She is initially concerned with her gimmick, as her son is studying at Stanford University. Prior to joining GLOW, Tammé worked as an extra in several TV shows such as Knots Landing and Gimme a Break! and as an audience coordinator for some game shows such as Family Feud.[5]
Sheila the She-Wolf[edit]
Sheila the She-Wolf (Gayle Rankin) is an antisocial woman who wears heavy black eye makeup and has a savage personality. She claims to have an acute sense of smell and hearing, hence being a light sleeper. She also says that she is spiritually a wolf and has been using her persona for at least five years. Sheila actually has blond hair underneath her thick black wig, but she refuses to break kayfabe even in everyday life. Aside from wrestling, Sheila is in charge of audio production. She can play the keyboard, but is limited to "Theme of Exodus".[5]
Arthie Premkumar[edit]
Arthie Premkumar (Sunita Mani) is an Indo-American pre-med student who takes the in-ring persona of "Beirut the Mad Bomber", a Middle Eastern terrorist based on the real GLOW wrestler Palestina.[5]
Jenny Chey[edit]
Jenny Chey (Ellen Wong) is a Cambodian-American woman who takes the in-ring persona of "Fortune Cookie", a stereotypical Chinese martial artist. Aside from wrestling, Jenny is in charge of the wrestlers' costumes.[5]
Dawn and Stacey[edit]
Dawn Rivecca (Rebekka Johnson) and Stacey Beswick (Kimmy Gatewood) are hairstylists who pull practical jokes on the other GLOW women. Their in-ring personas are "Edna and Ethel Rosenblatt: The Beatdown Biddies" - a geriatric tag team based on the real GLOW wrestlers The Housewives: Arlene and Phyllis. In GLOW's first show, Dawn are Stacey are put on a bind when they are scheduled to face Cherry and Tammé, as two black women beating up two elderly white women looks bad on all sides. As a compromise, The Beatdown Biddies wear Ku Klux Klan outfits (somewhat inspired by original GLOW characters The Hicks: Sara and Mabel) to completely put the match in favor of their opponents. Aside from wrestling, Dawn and Stacey are in charge of the wrestlers' hair and make-up.[5]
Reggie Walsh[edit]
Reggie Walsh (Marianna Palka) is an Olympic medalist. She originally uses the "Liberty Belle" gimmick in the persona test, but because of a lack of personality, the gimmick is given to Debbie instead, and Reggie becomes "Vicky the Viking" due to her tall, athletic stature and blond hair. Her in-ring persona is loosely based on the real GLOW wrestler Brunhilda.[5]
Sebastian Howard[edit]
Sebastian "Bash" Howard (Chris Lowell) is the heir to the Howard Foods business empire and producer of GLOW, as well as the promotion's ring announcer and commentator. He provides the women with an old boxing gym for them to train and The Dusty Spur motel as their sleeping quarters. Bash also coordinates with K-DTV for broadcast rights and Patio Town for sponsorship. However, he is in a bind when his mother freezes his assets after having spent over $600,000 on GLOW. Bash is loosely based on GLOW creator David McLane and his dealings with financier/owner Meshulam Riklis.[5]
Mark Eagan[edit]
Mark Eagan (Rich Sommer) is Debbie's husband. He had encouraged Debbie to leave Paradise Cove to be happy and raise a family; however, during Debbie's pregnancy, he had a sexual affair with Ruth after they both got drunk at a party. After Debbie learns of his infidelity, Mark makes several attempts to mend their marriage. However, Debbie realizes that he has never taken her career seriously ever since her Paradise Cove days.[5]
Mallory[edit]
Mallory (Amy Farrington) is a casting director who purposefully brings in Ruth to casting calls to show directors who not to cast in their projects. Seeing that Ruth is desperate for a break, Mallory leaves a message on her answering machine about a potential opportunity with GLOW. She also threatens to have Ruth blacklisted from all casting calls if she continues to stalk her in the office restroom. Later in the series, Mallory calls Cherry to inform her that K-DTV has invited her to audition for a TV drama titled Chambers and Gold.
Keith Bang[edit]
Keith Bang (Bashir Salahuddin) is Cherry's husband and the GLOW referee. Like Cherry, Keith previously worked with Sam on his exploitation films in the 1970s.
Florian[edit]
Florian (Alex Rich) is Bash's butler. He and Bash have known each other since the third grade. Florian participates in GLOW's pilot episode to present the GLOW Crown.[7]
Glen Klitnick[edit]
Glen Klitnick (Andrew Friedman) is an executive for K-DTV who picks up the broadcast rights of GLOW. On the night of GLOW's pilot episode taping, Glen tells Cherry that she won the audition for Chambers and Gold, but she must quit GLOW if she wants to take the part.
Billy Offal[edit]
Billy Offal (Casey Johnson) is a pizza delivery boy who develops a relationship with Justine. He and Justine have very differing opinions on Sam Sylvia's films, as he considers him to be a hack.
Goliath Jackson[edit]
Goliath Jackson (Winston James Francis) is a veteran wrestler and Carmen's father. He is against Carmen pursuing a career in GLOW, as he wants her to get married and be a good housewife instead, but comes around to the idea by GLOW's pilot airing when he influences the crowd to cheer for her.
Big Kurt Jackson and Mighty Tom Jackson[edit]
Big Kurt Jackson (Carlito) and Mighty Tom Jackson (Brodus Clay) are Carmen's elder brothers. They are known in the wrestling business as the tag team "The Lumberjacksons". The duo train Ruth and Debbie for their main event.
Patrick O'Towne[edit]
Patrick O'Towne (Andy Umberger) is the CEO of Patio Town, an indoor/outdoor lifestyle store chain. He initially declines to sponsor GLOW due to his lack of interest, but Sam convinces him to reconsider when Ruth cuts a promo as Zoya the Destroya during the ribbon-cutting ceremony of Patio Town's new Calabasas branch.
Gregory[edit]
Gregory (Ravil Isyanov) is the cranky Russian manager of The Dusty Spur motel. When Ruth needs help in developing her Zoya the Destroya character, he takes her to a Russian Jewish family party. Fortunately, Ruth does not speak Russian and thus can't understand what the family is saying about her.
Guest characters[edit]
Salty "The Sack" Johnson (John Morrison) is a professional wrestler assigned as GLOW's original trainer, but is fired by Sam due to creative differences.
Carolyn (Esther Anderson) is Sam's ex-wife. Sam divorced her after he caught her having sex with his steadicam operator. They share joint custody of their dog Lenny.
Lorene (Lisa Ann Walter) is Debbie's mother, who takes care of Debbie's son Randy while she is out training for GLOW.
Ron (Allan Havey) is Debbie's stepfather.
Dale (Alex Riley) is a professional wrestler who takes the persona of "Steel Horse", a working-class hero. He admits to Debbie that his promotion's storylines were inspired by soap operas, and that he has been a fan of hers since her days in Paradise Cove.
Rick (Joey Ryan) is a professional wrestler who takes the persona of "Mr. Monopoly", an arrogant business tycoon who is Steel Horse's arch nemesis and half-brother. His gimmick is a parody of "The Million Dollar Man" Ted DiBiase, and he is accompanied by his valet and Steel Horse's ex-girlfriend Crystal (Laura James), a parody of Miss Elizabeth.
Michael (Daniel Polo) is Gregory's cousin and a young Russian Jewish chess champion who migrates to America. He undergoes bris during his welcome party, and upon overhearing Ruth talking about Yentl, he asks her to sing one of Barbra Streisand's songs to ease his pain.
Amber Fredrickson (Brooke Hogan) is the manager of a night club (which looks like the Mayan Theater) that Sam and Ruth see as a possible venue for GLOW shows.
Birdie Howard (Elizabeth Perkins) is Bash's mother. Upon discovering that Bash spent over $600,000 on investing on GLOW, she freezes his assets. After Bash brings in the GLOW wrestlers as mock speakers in Birdie's anti-drug fundraiser, Birdie allows him to use the Hayworth Hotel's ballroom for GLOW's pilot episode.
Regina Offal (Christine Elliott) is Billy's mother.
References[edit]
Jump up ^ Andreeva, Nellie (August 29, 2016). "Alison Brie To Star In Netflix Comedy Series ‘G.L.O.W.’ From Jenji Kohan". Deadline Hollywood. Retrieved June 26, 2017.
Jump up ^ Andreeva, Nellie (August 30, 2016). "‘G.L.O.W.’: Betty Gilpin To Co-Star In Netflix’s 1980s Wrestling Comedy Series". Deadline Hollywood. Retrieved June 26, 2017.
Jump up ^ Petski, Denise (August 31, 2016). "Marc Maron To Co-Star In Netflix Comedy Series ‘G.L.O.W.’ From Jenji Kohan". Deadline Hollywood. Retrieved June 26, 2017.
^ Jump up to: a b Petski, Denise (September 17, 2016). "Britney Young & Sydelle Noel Join Netflix Comedy Series 'G.L.O.W.' From Jenji Kohan". Deadline Hollywood. Retrieved September 17, 2016.
^ Jump up to: a b c d e f g h i j k Petski, Denise (September 22, 2016). "‘G.L.O.W.’: Jenji Kohan Netflix Comedy Series Adds Britt Baron, Jackie Tohn & Five More". Deadline Hollywood. Retrieved September 22, 2016.
Jump up ^ Lebow, Sara (June 27, 2017). "Wrestling with Women's Relationships in GLOW". Jewish Women's Archive. Retrieved July 26, 2017.
Jump up ^ Petski, Denise (December 17, 2016). "Alex Rich Joins ‘GLOW’; ‘Animal Kingdom’ Adds Jennifer Landon". Deadline Hollywood. Retrieved June 26, 2017.
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