World of Inventions (Currency& Money)


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Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”.

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