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Macroeconomic Impact
Essay specific features


Written by:
Joyce M
Date added:
April 2, 2014
Level:
University
Grade:
A
No of pages / words:
6 / 1532
Was viewed:
6206 times
Rating of current essay:
Essay content:
By the late sixteenth century, they had begun to deposit their gold with goldsmiths, who would store it in vaults for a fee. On receiving a gold deposit, the goldsmith would issue a receipt to the depositor. Soon people were paying for goods with goldsmiths' receipts, which served as the first kind of paper money...
displayed 300 characters
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Soon people were paying for goods with goldsmiths' receipts, which served as the first kind of paper money. On receiving a gold deposit, the goldsmith would issue a receipt to the depositor. Soon people were paying for goods with goldsmiths' receipts, which served as the first kind of paper money. The goldsmiths observed that the amount of gold being deposited with them in any week or month was likely to exceed the amount that was being withdrawn...
displayed 300 characters
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