28 Review of Central and East European Law 2002-3 No.1, 103-118 © 2003 Kluwer Law International. Printed in The Netherlands THE CONCEPT OF MONEY * Roustam Vakhitov and Iaroslav Vakhitov Abstract The authors of this article––a lawyer and economist––describe modern developments in the forms and functions of money and examine the question of whether the current legal regulation (in the Russian Federation) adequately refl ects such developments. The authors suggest that the rule applicable to non-cash money be applied to cash money since the distinction in legal regulation is based more on traditions than it is on actual differences in substance. Introduction The history of money began several millennia ago; its origins are closely related to the division of labor and the exchange of the products of labor that money allows. The requirements of trade and commerce not unexpectedly gave rise to groups of goods that were capable of being a universal equivalent to the function served by money. And money gradually came into being in the modern understanding of the word. At fi rst, the function of measuring the cost of various goods was per- formed by other goods that were less plentiful. Gradually, this “commodity money”
Review of Central and East European Law – Brill
Published: Jan 1, 2002
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