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  • The Economics of Money

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    Irfan Mir
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    The document discusses the history and role of money. It notes that money has existed since ancient times, initially taking the form of shell beads and iron pieces before intermediary commodities like copper, gold, wine and silver became commonly used forms of currency. It describes how the prophet Muhammad established various types of gold and silver as money during the Islamic society. The document also explains the modern concepts of fiat money and the roles of money as a medium of exchange, store of value, and unit of account. Finally, it contrasts the economic prosperity in the West with the economic decline currently being experienced in the Muslim world.

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    THE ECONOMICS OF MONEY

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    The document discusses the history and role of money. It notes that money has existed since ancient times, initially taking the form of shell beads and iron pieces before intermediary commodities like copper, gold, wine and silver became commonly used forms of currency. It describes how the prophet Muhammad established various types of gold and silver as money during the Islamic society. The document also explains the modern concepts of fiat money and the roles of money as a medium of exchange, store of value, and unit of account. Finally, it contrasts the economic prosperity in the West with the economic decline currently being experienced in the Muslim world.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    29 views6 pages

    The Economics of Money

    Uploaded by

    Irfan Mir
    The document discusses the history and role of money. It notes that money has existed since ancient times, initially taking the form of shell beads and iron pieces before intermediary commodities like copper, gold, wine and silver became commonly used forms of currency. It describes how the prophet Muhammad established various types of gold and silver as money during the Islamic society. The document also explains the modern concepts of fiat money and the roles of money as a medium of exchange, store of value, and unit of account. Finally, it contrasts the economic prosperity in the West with the economic decline currently being experienced in the Muslim world.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    HE ECONOMICS OF MONEY

     World drifts into a global recession US dollar


    has begun to lose its economic hegemony
    MONEY: past & present
     Money existed since the times of ADAM (AS) from
    earliest times shell beads & pieces of iron were used as
    money
     Bartering was the another common way of exchange of

    goods but there were so many problems in this system


     Intermediary commodity such as copper ,gold,

    wine,silver
    ISLAMIC SOCIETY

     Our prophet MOHAMMAD ( SAW) made a various


    types of gold & silver as money
     This state of affairs continued to the era of the

    umayyads
     Arrival of Abdul-Malik-ibn-Marwan,
    MODERN ERA
     Fait money value given by government ( Latin for
    ‘let it be done’)
     When government prints money more rapidly than

    economic growth money supply overtakes the


    economic value
    ROLE OF MONEY
     Money acts as medium of exchange
     Money acts as a store of value
     Money acts as a unit of account
    The model for economic prosperity
     The Muslim world today languishes in economic
    decline

     The economies of the West are stable, prosperous

     the economies of the Islamic world are unstable,


    inefficient, underdeveloped and unable to satisfy the
    basic needs of the masses

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