The Concept of Money

The Concept of Money 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” http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Central and East European Law Brill

The Concept of Money

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Publisher
BRILL
Copyright
© 2002 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0925-9880
eISSN
1573-0352
D.O.I.
10.1163/157303502124667710
Publisher site
See Article on Publisher Site

Abstract

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”

Journal

Review of Central and East European LawBrill

Published: Jan 1, 2002

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