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Things That Made the Modern Economy

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Inventions, ideas and innovations that have helped to create the modern economic world

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world

50 Things That Made the Modern Economy: Series 1

Things That Made the Modern Economy: Series 1: Paper Money

Paper Money

05/10/2017

Series 1

BBC Radio 4 - Things That Made the Modern Economy, Series 1, Paper Money

Currency derives value from trust in the government which issues it.

Currency derives value not from the preciousness of the substance of which it is made, but trust in the government which issues it.

A young Venetian merchant named Marco Polo wrote a remarkable book chronicling his travels in China around 750 years ago. The Book of the Marvels of the World was full of strange foreign customs Marco claimed to have seen. One, in particular, was so extraordinary, Mr Polo could barely contain himself: "tell it how I might," he wrote, "you never would be satisfied that I was keeping within truth and reason". Marco Polo was one of the first Europeans to witness an invention that remains at the very foundation of the modern economy: paper money. Tim Harford tells the gripping story of one of the most successful, and important, innovations of all human history: currency which derives value not from the preciousness of the substance of which it is made, but trust in the government which issues it.

Presenter: Tim Harford
Producer: Ben Crighton.

Things That Made the Modern Economy: Series 1

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Inventions, ideas and innovations that have helped to create the modern economic world.

Tim Harford introduces inventions, ideas and innovations that have helped to create the modern economic world.

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Things That Made the Modern Economy

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Paper Money

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