Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued
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Explain why merchants accepted gold receipts as a means of payment even though the receipts were issued by gold-smiths, not the government. What risk did goldsmiths introduce into the payments system by issuing loans in the form of gold receipts?
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Why Merchants Accepted Gold Receipts During the early stages of banking goldsmiths played a crucial ...View the full answer
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Related Book For
Macroeconomics
ISBN: 9780077337728
19th Edition
Authors: Campbell Mcconnell, Stanley Brue, Sean Flynn, Flynn Mcconnell Brue
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