With inflation soaring, is old-school bartering making a comeback?
Introduction The current monetary system can be complex, involving banks, buyers, sellers, and governments. While modern digital currencies have taken centuries to develop, the concept of currency originated from bartering – trading goods or services without the aid of a medium of exchange. Although bartering has benefits, it has limitations as not everyone needs what others are willing to trade. Thus, currency emerged as the preferred medium of exchange for most nations. However, currency has its drawbacks, including depreciation and instability, which has led to a grassroots revival of the bartering system. This essay will discuss the evolution of exchange from bartering to currency and the potential for a resurgence of the bartering system. Bartering Bartering involves trading goods or services for something needed or wanted without a medium of exchange such as currency. In a bartering arrangement, the goods are usually exchanged at the time of the agreement, allowing
