The Evolution Money

Money, term that actually refers to two concepts: the abstract unit of account in terms of which the value of goods, services, and obligations can be compared; and anything that is widely established as a means of payment. Frequently the standard of value also serves as a medium of exchange, but that is not always the case.

Evolution

Many ancient communities, for instance, took cattle as their standard of value but used more manageable objects as means of payment. Exchange involving the use of money is a great improvement over barter, since it permits elaborate specialization and provides generalized purchasing power that the participants in the exchange may use in the future. The growth of monetary institutions has largely paralleled that of trade and industry; today almost all economic activity is concerned with the making and spending of money incomes.

From the earliest times precious metals have had wide monetary use, owing to convenience of handling, durability, divisibility, and the high intrinsic value commonly attached to them. Whether an article is to be regarded as money does not, however, depend on its value as a commodity, except where intrinsic worth is necessary to make it generally acceptable in exchange; the relation between the face value of an object used as money and its commodity value has actually become increasingly remote (see coin).

Paper currency first appeared about 300 years ago; it was usually backed by some "standard" commodity of intrinsic value into which it could be freely converted on demand, but even during the early development of currency, issuance of inconvertible paper money, also called fiat money, was not infrequent (see, for example, Law, John). The world's first durable plastic currency was introduced by Australia in a special issue in 1988 and in a regular issue in 1992. Plastic bills are more resistant to counterfeiting than paper, and a number of countries now issue some plastic currency.

The importance of money has been variously interpreted. While the advocates of mercantilism tended to identify money with wealth, the classical economists, e.g., John Stuart Mill, usually considered money as a veil obscuring real economic phenomena. Since the mid-20th cent., a group known as the monetarists has given increasing attention to the role of money in determining national income and economic fluctuations.

Commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; it circulates from person to person and country to country, thus facilitating trade. Throughout history various commodities have been used as money, including seashells, beads, and cattle, but since the 17th century the most common forms have been metal coins, paper notes, and bookkeeping entries. In standard economic theory, money is held to have four functions: to serve as a medium of exchange universally accepted in return for goods and services; to act as a measure of value, making possible the operation of the price system and the calculation of cost, profit, and loss; to serve as a standard of deferred payments, the unit in which loans are made and future transactions are fixed; and to provide a means of storing wealth not immediately required for use.

Metals, especially gold and silver, have been used for money for at least 4,000 years; standardized coins have been minted for perhaps 2,600 years. In the late 18th and early 19th century, banks began to issue notes redeemable in gold or silver, which became the principal money of industrial economies.

Temporarily during World War I and permanently from the 1930s, most nations abandoned the gold standard. To most individuals today, money consists of coins, notes, and bank deposits. In terms of the economy, however, the total money supply is several times as large as the sum total of individual money holdings so defined, since most of the deposits placed in banks are loaned out, thus multiplying the money supply several times over. See also soft money.

"Recently they added a list of certain commitments they have, which purely comply with legislation," said Ms Al-Hajj. According to the United Nations Environment Programme 50 tonnes of hazardous e-waste is generated every year. The PlayStation 3 (PS3), Xbox 360, and Nintendo Wii were all found to contain varying amounts of bromine, a toxic flame retardant, and both the Xbox 360 and PS3 tested positive for phthalates and beryllium, which have been linked to organ damage and cancer. "This is one of the most innovative industries we have on the planet. "And whether or not it's a toy, we do not want these chemicals in our products."

Nintendo has also committed to removing PVC from future products, but has not given a specific timeframe. A Nintendo spokesman told BBC News: "We fully comply with all the necessary EU Directives on the Restriction of Hazardous Substances aimed at environmental protection and consumer health and safety. Nintendo is ranked at the bottom of Greenpeace's global assessment of "green" technology companies.

The report found that the PS3 and 360 both contained "very high" levels of chemicals, called phthalates, which are used to "soften" flexible materials like wires and cable coatings. No-one from Microsoft was available for comment on the findings of the Greenpeace report. "RoHS is not enough now to control the electronics industry. "Furthermore, in order to ensure our products are safe for use by young children we also take into consideration the standards applicable to toys." "RoHS is not enough now to control the electronics industry.

They are not permitted in toys sold in Europe but under EU regulations games consoles are not classed as toys. Nintendo is ranked at the bottom of Greenpeace's global assessment of "green" technology companies. Sony, Microsoft and Nintendo are not doing enough to eliminate potentially harmful chemicals and metals from their games consoles, Greenpeace has said. "Furthermore, in order to ensure our products are safe for use by young children we also take into consideration the standards applicable to toys." "This is an industry that is changing our way of life and if it does not take these challenges upon themselves to be more green, we are going to be in deep trouble very, very soon. Zeina Al-Hajj, Greenpeace

The Nintendo spokesman said: "We have endeavoured to eliminate the use of PVC by replacing it with other materials and other methods. The body examined materials used inside the Sony PlayStation 3 (PS3), Microsoft Xbox 360 and Nintendo Wii. According to the United Nations Environment Programme 50 tonnes of hazardous e-waste is generated every year. The report found that the PS3 and 360 both contained "very high" levels of chemicals, called phthalates, which are used to "soften" flexible materials like wires and cable coatings. "It is not enough just to comply with the law for such an industry." She said the European Union's Restriction of Hazardous Substances (RoHS) directive was not strong enough.

"If they are pushed to putting the environment as the priority the electronics industries will come up with alternatives because they are technically capable." "If they are pushed to putting the environment as the priority the electronics industries will come up with alternatives because they are technically capable." A Nintendo spokesman told BBC News: "We fully comply with all the necessary EU Directives on the Restriction of Hazardous Substances aimed at environmental protection and consumer health and safety. "RoHS is not enough now to control the electronics industry. "Furthermore, in order to ensure our products are safe for use by young children we also take into consideration the standards applicable to toys." Microsoft has committed to eliminating the use of polyvinyl chloride (PVC), which includes phthalates, and brominated flame retardants (BFR) by 2010.

Zeina Al-Hajj, Greenpeace No-one from Microsoft was available for comment on the findings of the Greenpeace report. Nintendo's environment policies were "non-existent", Greenpeace added. A Nintendo spokesman told BBC News: "We fully comply with all the necessary EU Directives on the Restriction of Hazardous Substances aimed at environmental protection and consumer health and safety.

Games Console Toxic

"If they are pushed to putting the environment as the priority the electronics industries will come up with alternatives because they are technically capable." "And whether or not it's a toy, we do not want these chemicals in our products." They are not permitted in toys sold in Europe but under EU regulations games consoles are not classed as toys. A spokesman for Sony told BBC News that the company would eliminate PVC and BFR from all of its products "as and when we are satisfied that we can produce products of equal Sony quality in all regards using new alternative materials".

Greenpeace criticised Sony for failing to agree to eliminate PVC and BFR from its games consoles, while at the same time pledging their removal from its mobile products. The PlayStation 3 (PS3), Xbox 360, and Nintendo Wii were all found to contain varying amounts of bromine, a toxic flame retardant, and both the Xbox 360 and PS3 tested positive for phthalates and beryllium, which have been linked to organ damage and cancer. "Recently they added a list of certain commitments they have, which purely comply with legislation," said Ms Al-Hajj. According to the United Nations Environment Programme 50 tonnes of hazardous e-waste is generated every year. A spokesman for Sony said the firm had joined with other companies, Braun, HP and Electrolux, to establish the European Recycling Platform.

Greenpeace urges these companies to recycle used consoles in order to reduce the amount of toxic chemicals introduced into the environment and to eliminate the use of these materials in their products. Greenpeace criticised Sony for failing to agree to eliminate PVC and BFR from its games consoles, while at the same time pledging their removal from its mobile products. Greenpeace urges these companies to recycle used consoles in order to reduce the amount of toxic chemicals introduced into the environment and to eliminate the use of these materials in their products. The body examined materials used inside the Sony PlayStation 3 (PS3), Microsoft Xbox 360 and Nintendo Wii. The report found that the PS3 and 360 both contained "very high" levels of chemicals, called phthalates, which are used to "soften" flexible materials like wires and cable coatings. "It is not enough just to comply with the law for such an industry."

"This is an industry that is changing our way of life and if it does not take these challenges upon themselves to be more green, we are going to be in deep trouble very, very soon. "However, we continue to use PVC in certain products such as AC adaptors, within the scope of regulations from the viewpoint of ensuring safety." Zeina Al-Hajj, Greenpeace Ms Al-Hajj said the electronics industry needed take more responsibility. Ms Al-Hajj said the electronics industry needed take more responsibility.

The report found that all three consoles contained varying levels of the toxic element bromine, which is used as a flame retardant. According to the United Nations Environment Programme 50 tonnes of hazardous e-waste is generated every year. Microsoft has committed to eliminating the use of polyvinyl chloride (PVC), which includes phthalates, and brominated flame retardants (BFR) by 2010. "It is not enough just to comply with the law for such an industry." "This is one of the most innovative industries we have on the planet.

They are not permitted in toys sold in Europe but under EU regulations games consoles are not classed as toys. She said the European Union's Restriction of Hazardous Substances (RoHS) directive was not strong enough. This is an industry that is changing our way of life and if it does not take these challenges upon themselves to be more green we are going to be in deep trouble very, very soon Zeina Al-Hajj, Greenpeace The organisation has called on all technology firms to take immediate action to eliminate toxic chemicals from products.

A Nintendo spokesman told BBC News: "We fully comply with all the necessary EU Directives on the Restriction of Hazardous Substances aimed at environmental protection and consumer health and safety. Video Game Consoles Toxic Video Game Consoles Toxic Greenpeace said it was concerned that there was no "safe way" to dispose of old consoles and called on games console makers to introduce return and recycle policies. Greenpeace said that while all three machines complied with European laws, the consoles still contained harmful materials that "needed to be replaced".

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