The Evolution of Money and the Expansion of Capitalism

ハナワ, トシヤ

Capitalism took place in England at the time of the Industrial Revolution, which is illustrated in “Wealth of Nations” by Adam Smith, the founder of economics. The principle of capitalism was presented in two conditions. The first was the principle of division of lavor and exchange, and the second was the degree of capital accumulation in each country. 　In the early days of capitalism, likewise in the post-war period in our country, the emphasis was on savings. But, later, with the development of capitalism ,banks became heavily involved. 　Keynes was the first to have this point. In his book “ The Theory of Money”, Keynes agreed the modern money in bank money and the banks are the basis for the development of capitalism. Bank deposits as bank money attracted the creation of bank credit, which led to the development of capitalism. He, also, emphasized the investment rather than savings. 　Keynes also introduced the thory of liquidity preference and emphasized the choice of holding savings on money or bonds. This was later extended by Hicks to the theory of all asset selection. 　Capitalism was with innovation. It can be thought of as having began with the manufacturing and service industries. And its development was due to the entreprenurs, and the entreprenurs turnd to the investors. Investors opend up a new capitalism by skillful asset selection. This is the path to the 4thindustrial revolution and the dawning of the AI era.

The Evolution of Money and the Expansion of Capitalism

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