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Part I The Concept of Money and Monetary Systems, 1 The Concept of Money

Charles Proctor, Dr Caroline Kleiner, Dr Florian Mohs

From: Mann on the Legal Aspect of Money (7th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 03 July 2022

Subject(s):
Concept of money — Theories of money — Exchange control — Monetary system — Monetary obligations — Electronic money — Bill of exchange — Eurocurrencies as money — Foreign currency systems and institutions — Exchange Rates
Words are the tokens current and accepted for conceits as moneys are for values. Francis Bacon (1561–1626), The Advancement of Learning (1605) 1.01 The troublesome question, ‘what is money?’ has so frequently engaged the minds of economists that a lawyer might hesitate to join in the attempt to solve it. Yet the true answer must, if possible, be determined. For ‘money answers everything’.1 Money is a fundamental notion, not only in the economic life of mankind,2 but also in many spheres of law. It therefore seems appropriate for the lawyer to seek a definition of...
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