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(a) Define money as per Crowther (3 marks). (b) The development of money passed through many stages in accordance with time, place and circumstances

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(a) Define money as per Crowther (3 marks). (b) "The development of money passed through many stages in accordance with time, place and circumstances with the progress in economic civilization of mankind." Describe the three (3) stages and show how each stage was an improvement over the previous stage (17 marks). (c) Distinguish between fiat money and inconvertible paper money (5 marks).

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a Definition of Money as per Crowther In his book An Outline of Money published in 1948 Crowther defined money as a current medium of exchange comprising coins and banknotes in circulation and checks ... blur-text-image

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