私醫聯招 英文歷屆試題｜第 593 題

Around 9,500 years ago, ancient Sumerian accountants developed a method to keep a record of farmers’ harvests and livestock by using small baked clay pieces, each with a different shape denoting different commodities. Today, although we use banknotes and increasingly digital transactions, our modern methods of payment have their roots in these tokens. Over time, numerous items have represented value, from stones to animal skins. Gold emerged as a universal currency due to its durability and versatility. The first coins, manufactured around 2,700 years ago in Lydia (modern-day Turkey), didn’t bear much resemblance to today’s currency. They lacked a specified value, and the value of these coins was dictated by the metal within them. The creation of money facilitated the development of large-scale trade networks. The ease of transacting with money led to the establishment of the first foreign exchanges, like those in the ancient Greek city-state of Corinth. Alongside exchanging money and goods, traders dispersed religious beliefs, knowledge, and innovations, thereby creating bonds between distant cultures. This international trade resulted in complex economic organizations. In the 1600s, investors began to back traders and colonists voyaging to the New World, anticipating a share of the goods returned. This marked the dawn of a global economy where products and money crossed borders in search of profit. By the 1700s, the global economy had expanded to such a degree that dealing with massive quantities of coins became troublesome. Consequently, societies started adopting paper currency, which originally represented ownership of gold or silver coins. Bankers soon noticed that many people preferred using notes rather than redeeming them for gold. This observation led to the concept of fiat money, where the value of money is determined by the government and not tied to a physical commodity. The shift towards virtual money has seen a further departure from tangible representations of value. The birth of the first universal credit card in 1950 by Diners Club International was a significant step in this evolution. Today, cryptocurrencies such as Bitcoin exist solely as digital constructs, not issued or controlled by any government. Parag Khanna, a financial policy expert, highlights this as the true future of money. This continuous evolution of money has not only simplified the trade of goods but also bridged connections globally, making money a universal language that affects everyone.