IELTS Listening Part 4 · Hard
Lecture: the history of money
An economics lecture on how money developed. Practise dates, sequences and cause and effect.
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Full transcript (contains answers)
- Before money existed, people exchanged goods directly in a system called barter.
- The problem with barter was that both people had to want what the other had.
- Over time, societies began using objects such as shells as money.
- The first metal coins appeared around 2,600 years ago.
- Paper money was first used in China more than 1,000 years ago.
- It was much lighter and easier to carry than large numbers of coins.
- For centuries, paper money could be exchanged for gold.
- Today, most money exists only as numbers in bank computers.
- Some economists believe cash will disappear completely within decades.
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