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Economics Made Simple: How money, trade and markets really work by Madsen Pirie

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Money and currency

Barter involves the trade of goods or services for other goods or services. It is how exchange began, but it survives into modern times, often when people have nothing but goods to trade. In To Kill a Mockingbird (1960, by Harper Lee), the lawyer Atticus Finch accepts farm produce from Mr Cunningham in exchange for his services. Children do it routinely with toys and collector’s cards. One recent case gained worldwide attention:

“My name is Kyle MacDonald and I traded one red paperclip for a house. I started with one red paperclip on July 12, 2005 and 14 trades later, on July 12, 2006 I traded with the Town of Kipling, Saskatchewan for a house located at 503 Main Street.” ( oneredpaperclip.blogspot.com )

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