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E-Currency
Societies require trade to enhance interaction through the exchange of goods and as the mode of trade evolves, so does the currencies which enable the trade. The nineteenth century economic system was built on slavery (Hogendorn 56). In this way, the number and the quality of slaves became a sign of wealth and on this inference; slaves became the currency at the time. The value of a slave was ascertained through the various qualities which were noted as physical qualities as well as behavioral qualities. Given the rampant use of slaves, the denotation of slaves became a currency which would be used to trade for other items (Hogendorn 56). Following on this principle of economics, the acceptability of slaves as a value of a transaction encouraged the spread of the system. Not only in America was this witnessed but also in the Northern regions of Africa as well as the Arabic world (Wild 238). While the spread of the system became more applicable in the nineteenth century, the annals of history note that the use of slaves as a currency dated back to the Egyptian Mesopotamia where …show more content…
The abolishment of slave trade noted the end of the use of slaves as a currency but it was still valuable social currency as the number of slave which an individual owned denoted the social influence which the individual had (Klossowski 46). The rationale was that, the more and higher the quality of the slaves, the more economic gain an individual would obtain from their labor. Through this, individual noted that the more economic power an individual would have the more social control he could achieve. It is this inference which led to the large dispute towards the ban of slavery in most of the Southern states. The belief that the economic system would fail on account of the abolishment of slavery was the initial reason for the resistance against abolishment
Tutor:
Course:
Date:
E-Currency
Societies require trade to enhance interaction through the exchange of goods and as the mode of trade evolves, so does the currencies which enable the trade. The nineteenth century economic system was built on slavery (Hogendorn 56). In this way, the number and the quality of slaves became a sign of wealth and on this inference; slaves became the currency at the time. The value of a slave was ascertained through the various qualities which were noted as physical qualities as well as behavioral qualities. Given the rampant use of slaves, the denotation of slaves became a currency which would be used to trade for other items (Hogendorn 56). Following on this principle of economics, the acceptability of slaves as a value of a transaction encouraged the spread of the system. Not only in America was this witnessed but also in the Northern regions of Africa as well as the Arabic world (Wild 238). While the spread of the system became more applicable in the nineteenth century, the annals of history note that the use of slaves as a currency dated back to the Egyptian Mesopotamia where …show more content…
The abolishment of slave trade noted the end of the use of slaves as a currency but it was still valuable social currency as the number of slave which an individual owned denoted the social influence which the individual had (Klossowski 46). The rationale was that, the more and higher the quality of the slaves, the more economic gain an individual would obtain from their labor. Through this, individual noted that the more economic power an individual would have the more social control he could achieve. It is this inference which led to the large dispute towards the ban of slavery in most of the Southern states. The belief that the economic system would fail on account of the abolishment of slavery was the initial reason for the resistance against abolishment