The history of money

by J. McIver Weatherford

Of all the changes that are rocking the world and promising to leave it a far less recognizable place, perhaps none is more fundamental than the revolutionary transformation of the meaning and use of money. As Jack Weatherford makes clear, we are already seeing the beginning of the third revolution of money. The first began with the invention of coins in Lydia nearly three thousand years ago and resulted in the original system of open and free markets. The second revolution occurred during the Italian Renaissance and eventually created the system of national banks and the paper money used for daily commerce. Now, on the cusp of the twenty-first century, we are undergoing another era in monetary history - that of electronic, or virtual, money. The new money will be responsible for radical changes in the international political economy and the organization of commercial enterprises. . Weatherford weaves global stories and histories to give a comprehensive, engaging look at the history of