Credit, Vol. 3 (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from Credit, Vol. 3

Starting with credit as a transfer of goods involving an obligation to return an equivalent in the future, we find in practice that credit hasin modern society devel oped into something more akin to money. Clearly enough, it does not act as a standard, or common denominator. Its relation to the subject of money is to be found in the fact that society has in credit created a medium of exchange. It is the natural result of the ever-present premium existing in business transactions to evolve a means of avoiding the risk and loss attending the actual transfer of the valuable standard; and it remains in use because transactions involving futurity are thereby rendered possible and legitimate to the immense advantage of commerce and industry. It is the evolution of a refined system of barter, rendered necessary by division of labor, the interdependence of industries, and the introduction of the time element. A clear understanding that credit is based on goods, that its service is that of a medium of exchange, is necessary to a just treatment of the difficult question of the efiect of credit upon the prices of goods, to be discussed later.

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