SARI SARI STORE???
All in-STORE for YOU.. we got it ALL for YOU ..
It started according to this information :
" ..nemuuya edkialya kelyaoia sari sari tindahan 00987 Master Kelo golwe Hari Looo in este palengke and kio lio menyau kian lo kia pero masarap ito enjoy we got it all for YOU ... " ( JIU Kiupetra 9.000)
Businesses are mostly family owned or personal.Owning a business us a personal thing.But however, the management is not actually or basically of personal influence but the management is personal.Balancing the two is i learned is the success or can be a key to a successful business.In other terms,the personal and non-personal thing; should be balanced.In addition,so successful succession plays also a vital role.Thus also,one should have a good succession plan.
Personal - family influence ; Non-personal - External influence; these both should be balanced. Here i learned some steps to somehow achieved a balance :
(1) Assess the needs of your business and the leadership gaps.Conduct for example a thorough business analysis as well as identifying skill gaps and where the need for an external expertise.
(2) Have definition for the roles of family members.This is establishing clear roles developing family employment policy and encouraging professional developments.But if some members is not yet fit,don't force-fit,competence should be the basis not a rightful name.
(3) Integrate into family thing external leaderships and expertise.Hire that shares same company values but have diverse experiences and create and build inclusive culture and environment that both parties are valued and are heard of or heard.
(4) Build and establish a governance structure-like. A system that balances the management both parties interests and setting up a mix board of directors and clarified inputs on decision-making between both parties.
(5) Facilitation of an effective communication between both parties.Open lines communication,routine and regular strategy meetings and a mechanism on resolution of conflicts.
(6) Succession plan or planning or plan for succession.Smooth transition,continual updates of the plan,partnerships between outgoing and coming for an effective transfer of knowledge and experience.
(7) Evaluation,measurement and adjustment.Evaluate the approach of balancing,performance indicators and feedbacks.
also posted in Current Philippines.. this post can be applicable to all Coke distributors around the world as Coke's engagement on circular community sustainability.
This is excluding caps and labels as I learned from the news.Coca-Cola Philippines have been for and supporting circular economy for bottling and for plastic packaging in the Philippines.And also I learned,Coca-Cola Philippines have sustainability initiatives and have so-called "sustainability hub" on their particular web address if one would like to look at it and learn something.
Coca-Cola Philippines have launched,introduced and supported a bottling made from 100 % recycled PET plastic or so-called "rPET" or Recycled Polyethylene Terephthalate as it is what to be mean.The bottle is now available in Coca-Cola original on 190ml and 390ml and in Wilkins bottle or Wilkins Pure on 500ml. And the company have also already established drop-off points across the entire country or as I learned an over of 2,800 recycling drop-off points.
This sustainability initiative is inspired by the efforts to help solve plastic waste problem;thus,the consumer engagement initiative - "Mey Ikabobote Pa" or what they promote - "Bottles can have many lives".
Coca-Cola Philippines President Tony Del Rosario,says : "Coca-Cola recognizes that the plastic waste problem in the Philippines is both urgent and complex.Therefore,it will take a collaborative effort to solve this issue.In line with our commitment to helping build a circular economy in the country,we are working to offer innovative packaging design,expand collection and recycling program,and forge strategic alliances with stakeholders - including government agencies,industry partners,and local organizations...We will also use our brand power to engage consumers in collection and recycling initiatives and build awareness that used plastic bottles can have many lives."
Coca-Cola have established an initiatives like the PETValue Philippines - a bottle-to-bottle recycling facility.It is a joint venture of Coca-Cola Beverages Philippines,Inc.(CCBPI) and Indorama Ventures. Indorama Ventures is said to be a leader or a global leader in packaging solutions and green technology.Coca-Cola have also "Tapon To Ipon: Basta Klaro,Panalo!"
"Mey Ikabobote Pa" includes (1) new rPET labels like "Recycle Me Again" and a QR code (2) consumer recycling experiences on Coca-Cola's on ground events.(3) a digital-led communications for consumers to co-create educational content to and for a wider audience experience (4) have partnership with 7-Eleven and Shell.
Coca-Cola have also "Tapon To Reborn" for its employees to engage and participate on its commitment for sustainability.
CCBPI President and CEO Gareth McGeown says : "At CCBPI,we always say that we are only as strong as the communities we serve.Everything we do builds on our promise to create a more sustainable future for Filipinos.We always strive to set higher standards for he industry,but more importantly for ourselves - because we know we need to do more,and you have our commitment that we will do more.We are thankful for the support of our partners in helping give our bottles many more lives."
#MeyIkaboboitePa(Bottles Can Have Many Lives)
(from Adobo Magazine)
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| (from GMA Network) |
also posted in IZULAT
Aside from other factors that contributes and drives success in business or in business industry and in the workplace; EQ is the other one.
EQ,what it is? EQ; if some others will not be mistaken and right on their guesses,is precisely Emotional Quotient or Emotional Intelligence.And why EQ or Emotional Quotient or Emotional Intelligence can drive and contributes success in business?
According to what i have learned,some successful people their secret superpower is this.It is said people with high EQ tends to be and likely to be successful in their respective facets of their lives
EQ or Emotional Intelligence or Emotional Quotient is the capacity and ability to handle and manage one's emotions as well as to others or to other's emotions.
Some are the benefits or helpful things EQ can do for ones's business as i have researched; as below :
(1) the ability and power to build,form and create strong relationship with colleagues,customers and partners in business.
- with high EQ's one can easily understand each other; can build quick trust and rapport; lead to better collaborations; higher-morale; and increased productivity.
(2) the ability and power to manage conflicts effectively in business.
- when conflicts arises one can better manage one's emotions and can communicate effectively to resolve any issues.It reduces tensions and maintains positive relationship and can help from ruining and damaging arisen or arising conflicts.
(3) the ability and power in making better decisions in times of critical decision-making.
- considerate on multiple perspectives and options and can weigh pros and cons on it or from it;thus,can make balanced and fair decisions which can lead to a better outcomes,morale and colleagues trust or trust.
However,here are some stuffs wherein if someone wants one's EQ to develop more.The following are :
(1)Practice and exercise self-awareness.This is that is to be more aware of one's emotions.Reflect,track and identify one's emotions or feelings and some patterns and triggers.
(2) Learn to listen and to listen actively to others.
- don't make interruptions,judgement,and an unsolicited advice practice listening and then understand what you heard.
(3) seek and ask for feedbacks - Solicitation can help identify areas or blind spots for betterment and improvement and openness to constructive criticism and avoidance of being defensive.It can be a tool for growth.
(4) Manage one's stress - Maintenance of composure under pressure or stress.
(5) Develop empathy to others - practice to listen to others' concerns and imagine their perspectives and emotions.
(6) Practice to be assertive - learn to tell views constructively and appropriately even by saying "no."
)7) Building a positive relationships with others. - this is building strong connections with others whether that is a clients,colleagues,business partners,friends; and on other person or people.
(8) Have and develop a growth mindset to oneself. - that is embrace continuous learning and improvements to oneself either can be in abilities,skills and intelligence and openness to new experiences and challenges to one's life and over all on growth to one's self.
Some of the personality i have researched to have high EQ not only IQ,are ; first,the founder and i know owner of the famous website Amazon.com which is Jeff Bezos, (2) Satya Nadella,CEO of Microsoft, (3) Indra Nooyi of Pepsi Co.
also posted on IZULAT...
In business,as i learned meetings is important to make the company productivity soared high unless the meetings is not done in a right way and a waste of time not achieving anything else.
Here are some 10 guidelines for a successful meetings.
(1) In a meeting define who will be running it.
(2) In a meeting define the purpose or objective of it.
(3) In a meeting define who should be in the meeting and why it so.
(4) In a meeting there should a clarification of the purpose of the meeting to everybody who is in the meeting or to every-bodies or anyone who is attending it.
(5)Limit the time or the total meeting time but if you are done before time is up end the meeting early.
(6)If one can or can do it make the meetings or hold the meetings standing up.
(7) If you can,engage everyone in a constructive disagreements and feedbacks invites.It is said the results will be better and in the Philippines there is called "rotating devil's advocate".
(8) Make sure that the meetings achieved its defined purposes or objective.
(9) In a meeting,make sure one person writes meeting notes and distributes it to all parties in the meeting after the meeting.
(10) In a meeting,it is ideally that there is a person that should follow up the action recommendations that is well carried out.
This post is taken from IZULAT blog repost here
WhatsApp
will switch off or be in inactive state users that will not comply or agree to
its new terms or privacy terms until May 15,2021 and will be eventually
removed. Their account on WhatsApp will not work then like sending and
receiving messages until they agree to the new terms.
“WhatsApp has recently detailed what
exactly will happen to users who disagree to its privacy changes. Earlier last
week, the Facebook-owned messaging app stated it will allow users time to
review WhatsApp’s planned privacy updates all “at their own pace”. WhatsApp has
said that users will see a banner displayed at the top of the app, which is
expected to explain the new privacy terms and changes. WhatsApp claims that it
will “slowly ask” users to agree to the new terms “in order to have full
functionality of WhatsApp”. However, for those who choose not to comply with
the terms by May 15, “these users will be able to receive calls and
notifications, but will not be able to read or send messages from the app.” The
“short time” span supposedly gives users a few weeks to decide but the account
may be deleted since one of WhatsApp’s policies for inactive users gives the
company the right to delete the account after 120 days of inactivity.”(Showcel
News)
“The new privacy policy outlines that messages
between individual accounts on WhatsApp will still be end-to-end encrypted but,
messages sent to businesses may be stored on Facebook servers and utilized for
advertising data. Additionally, the new terms would allow Facebook and WhatsApp
to share transaction and payment data in order to broaden e-commerce offerings
and better target ads.”(Showcel News)
The main point : WhatsApp will switch off messaging
for users who do not comply or agree to their new privacy terms and will be put
into inactive list until May 15,2021 and will be removed because of inactivity.
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| image from Showcel News website |
This post is taken from IZULAT blog repost here.
Spotify famous music and audio streaming website in
the internet with million free and premium users will spot new markets or
announced that it will expand to new 85 countries.
“Audio streaming service Spotify is planning to almost double
its geographic footprint and launch into 85 more countries, adding 36 languages
to its platform in the process. The Swedish firm announced the international
expansion on Tuesday at a livestreaming event that featured Justin Bieber,
Prince Harry and Meghan Markle. Spotify said the expansion into developing
countries across Asia, Africa, the Pacific and the Caribbean will enable an
additional billion people to use its platform. In the next few days, Spotify
will launch in countries including Nigeria, Tanzania, Ghana, Bangladesh, Pakistan,
Sri Lanka, Bhutan, Samoa, Jamaica, Bahamas, and Belize….. Following the
expansion, Spotify will be available in over 170 countries.”(CNBC)
“As part of our
ongoing commitment to building a truly borderless audio ecosystem— connecting
creators, listeners, and content—Spotify is embarking on a sweeping
expansion that will introduce the world’s most popular audio streaming
subscription service available to more than a billion people in 80+ new markets
around the world, and add 36 languages to our platform. These moves represent
Spotify’s broadest market expansion to date. As we shared during
today’s Stream On event, this expansion will help ensure that sounds
and stories that once remained local can reach a global audience…. By reaching
even more countries across Asia, Africa, the Caribbean, Europe, and Latin
America, we’re giving millions of new creators the opportunity to create,
discover, and build a career in audio creation—and giving a billion new fans
the opportunity to hear it.”(Newsroom Spotify)
New Markets : “Angola, Antigua and Barbuda,
Armenia, Azerbaijan, Bahamas, Bangladesh, Barbados, Belize, Benin, Bhutan,
Botswana, Brunei Darussalam, Burkina Faso, Burundi, Cabo Verde, Cambodia,
Cameroon, Chad, Comoros, Côte d’Ivoire, Curaçao, Djibouti, Dominica, Equatorial
Guinea, Eswatini, Fiji, Gabon, Gambia, Georgia, Ghana, Grenada, Guinea,
Guinea-Bissau, Guyana, Haiti, Jamaica, Kenya, Kiribati, Kyrgyzstan, Lao
People’s Democratic Republic, Lesotho, Liberia, Macau, Madagascar, Malawi,
Maldives, Mali, Marshall Islands, Mauritania, Mauritius, Micronesia, Mongolia,
Mozambique, Namibia, Nauru, Nepal, Niger, Nigeria, Pakistan, Palau, Papua New
Guinea, Rwanda, Samoa, San Marino, Sao Tome and Principe, Senegal, Seychelles,
Sierra Leone, Solomon Islands, Sri Lanka, St. Kitts and Nevis, St. Lucia, St.
Vincent and the Grenadines, Suriname, Tanzania, Timor-Leste, Togo, Tonga,
Trinidad and Tobago, Tuvalu, Uganda, Uzbekistan, Vanuatu, Zambia, and Zimbabwe.”(Newsroom
Spotify)
“Spotify
will offer free and premium across all the markets. In select markets, Spotify
will offer Individual, Family, Duo, and Student Plan options…. Upon launch, the
Spotify experience will be available on Mobile and Desktop Web Player.”(Telengana
Today)
The main point : The famous audio and music streaming website in the internet – Spotify- has announced it is now on new markets or new countries with still free and premium services
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| image from Telegana Today website |
This post is taken from IZULAT blog repost here
New York Stock Exchange or NYSE or the US stock exchange plan to kick
out and delist three Chinese telecommunication companies out of its stock
exchange. These Chinese companies are China Mobile, China Telecom and China
Unicom Hong Kong or China Unicom.The reason for
delisting is that these three telecoms have link to Chinese military as the
news said.
“The New York Stock Exchange will
end trading in the shares of three of China's largest state-owned telecom
companies this month. It says the move is needed to comply with an order
President Donald Trump signed late last year that bans Americans from investing
in firms that the US government suspects are either owned or controlled by the
Chinese military. China Mobile (CHL), China
Telecom (CHA) and China
Unicom (CHU) will
all be suspended from the NYSE by January 11, when the order goes into effect.”(CNN)
“All
three of the telecom companies have traded in New York for many years.
China Mobile, the country's largest telecom company, has been listed on the New
York Stock Exchange since 1997. Rivals China Telecom and China Unicom,
meanwhile, have been trading there since the early 2000s.”(CNN)
However, recently NYSE reverse and
scrapped its decision to delist the three Chinese telecoms.
“The New York Stock Exchange has reversed its decision to kick out three of China's largest state-owned telecom companies. The
exchange said late Monday that it no longer intends to delist the firms after
"further consultation with relevant regulatory authorities," and that
they will continue to be listed and traded on the NYSE "at this
time." The sudden about-face comes just days after the NYSE announced that
it would end trading in the shares of China Mobile (CHL), China
Telecom (CHA),
and China Unicom (CHU) —
a move it said was needed to comply with an order President Donald Trump signed
late last year that bans Americans from investing in firms that the US
government suspects are either owned or controlled by the Chinese military.”(CNN)
“The
New York Stock Exchange said it no longer plans to delist three Chinese
telecommunications giants: China Telecom, China Mobile and China Unicom.”(CNBC)
The
main point : New York Stock Exchange or NYSE will delist three Chinese
telecommunication companies which are China Mobile, China Telecom and China
Unicom in compliance with US president Donald Trump’s order because of their
link to Chinese military but recently, NYSE change its decision to delist the
three telecoms into no longer to delist them
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| image from CNBC website |
This post is taken from IZILAT blog repost here
Elon Musk is an entrepreneur or a businessman and known for Tesla Inc.
and SpaceX. Tesla Inc. or Tesla Motors Inc. is a company that make electric
vehicles and clean energy products while SpaceX or Space Exploration
Technologies Corp. is a company that make aircrafts and related and associated
products like spacecraft and rocket.
His Tesla job makes him climb the second riches man in the world
according to the news.
“Tesla's
skyrocketing share prices have made Elon Musk the world's second-richest
person, with a net worth of nearly $128 billion, according to the Bloomberg Billionaires Index. Musk edged past Bill Gates on
Tuesday…….Bloomberg reported that
the Tesla CEO has added more than $100 billion to his net worth in 2020,
propelling him from the 35th spot on the index up to No. 2. Most of Musk's
wealth is tied up in Tesla stock.
Instead of drawing a salary, he has been compensated in stock based on the
company's performance — a decision that has paid off handsomely for him so far.
Tesla stock has repeatedly defied skeptics and pushed to stratospheric heights.
So far, Musk has received four of the 12 bonuses negotiated in his executive
compensation package. After some production challenges, Tesla has massively
scaled up its output of electric cars, which have proved popular — the Model 3
is the bestselling luxury car in America. And Wall Street is feeling optimistic
about the future of electric vehicles and clean energy as companies and
governments around the world propose increasingly meaningful actions to tackle
climate change.”(NPR)
“Elon Musk has passed Microsoft co-founder Bill
Gates to become the world’s second richest person, according to the Bloomberg
Billionaires Index. The Tesla CEO’s net worth now sits at around $128
billion, after increasing by $100 billion this year. There is a sizable gap
between Musk and the number one spot, which is currently held by Amazon CEO
Jeff Bezos who has a reported net worth of around $182 billion. In January,
Musk ranked 35th on the list, Bloomberg reports.”(The
Verge)
“Musk’s rapid ascent up the list has mainly been
driven by Tesla’s share price. The car company currently has a market cap of
almost $500 billion, after starting the year at under $100 billion. The
Guardian reports that
Tesla has the highest market cap of any car company in the world, despite
producing a fraction of the cars of more established automakers. This year it
expects to produce 500,000 cars, compared to around 10 million for a company
like Toyota. Around three quarters of Musk’s net worth consists of Tesla
shares, according to Bloomberg.” (The Verge)
“Elon
Musk has officially overtaken Bill Gates to become the world's second-richest
person. Musk saw his net worth rise by about $7 billion to $128 billion on
Monday, according to the Bloomberg
Billionaires Index, as Tesla's market
value topped $500 billion…….The increase in Musk's wealth places him second to
Jeff Bezos, who is currently the world's richest person with a net worth of
$182 billion.”(Business Insider)
The main point : Elon Musk is now the second richest man in the world
beating Bill Gates on the second spot.
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| Elon Musk ( image from NPR website) |
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| Click to enlarge to see the Rankings |
The chairman of Samsung brand
products recently dies at age 78 he is Lee Kun-hee. He is credited for making
Samsung a successful global brand. He die last October 25,2020.He has been in
the hospital incapacitated since 2014 because of heart attack.
“Samsung Electronics has announced the death of its
chairman, Lee Kun-hee. The company says he died on October 25th with family
including his son, vice-chairman Lee Jae-yong, at his side. He was 78. A cause
of death was not given, but Lee had been incapacitated for many years after
suffering a heart attack in 2014, causing him to withdraw from public life. Lee
Jae-yong, also known as Jay Y. Lee, had been widely assumed to take over upon
his father’s passing and has been viewed as the de facto leader in recent
years.” (The Verge)
“Lee Kun-hee, the chairman of South Korean
electronics giant Samsung, died Sunday at the age of 78, the company said. He
had been comatose since suffering a heart attack in 2014."Chairman Lee was
a true visionary who transformed Samsung into the world-leading innovator and
industrial powerhouse from a local business," Samsung said in a statement.
"All of us at Samsung will cherish his memory and are grateful for the
journey we shared with him."” (CNN)
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| Lee Kun-hee (image from Philippine Daily Inquire website) |
The new mobile app that offers video bites, as its name derive from -that
is “quick” and “bites”- is also don’t last and gone “quickly”. After six months
of launching since April 2020,it is now shutting down.
The reason for its failure is its wrong timing of
COVID-19 pandemic or its mediocre said contents according to the news.
“Much like its content, Quibi didn't last
very long. Quibi, the app that staked its future on short videos, is
shutting down just six months after it launched, the company announced
Wednesday."We started with the idea to create the next generation of
storytelling and because of you, we were able to create and deliver the best
version of what we imagined Quibi to be," co-founders Jeffrey Katzenberg
and Meg Whitman wrote in an open letter. "So it is with an incredibly
heavy heart that today we are announcing that we are winding down the business
and looking to sell its content and technology assets."” (CNN)
“Quibi
— the shortform mobile-focused streaming service — is shutting down after just
over six months of operation, making it one of the shortest-lived streaming
services to date, according to The Wall
Street Journal. The company since
confirmed that it’ll be shutting down in a
Medium post from Jeffrey Katzenberg and Meg Whitman. “We feel that we’ve
exhausted all our options. As a result we have reluctantly come to the
difficult decision to wind down the business, return cash to our shareholders,
and say goodbye to our colleagues with grace,” the announcement reads.” (The
Verge)
“Quibi
launched on April 6th, 2020, just over six months ago, with two plans: $4.99
(with ads) or $7.99 (ad free). The company sought to distinguish itself by
focusing exclusively on mobile devices at launch, complete with an innovative
system where each show was filmed and edited in both portrait and landscape
formats, allowing it to be viewed in any orientation on a smartphone. There was
no free option, outside of a lengthy free trial, and no TV apps until just yesterday,
when the company launched apps for the Apple TV, Android TV, and Fire TV.”(The
Verge)
“There
is any number of factors that can be pointed to in unpacking Quibi’s demise:
the launch of a mobile-only streaming service at the height of a global
pandemic when users were stuck at home; the lack of any real breakout content
that was compelling enough to tempt subscribers; or the fact that shortform
video content has a nearly infinite amount of free competition in the form of
YouTube, TikTok, and other platforms. Quibi itself is chalking up the lack of
success because “the idea itself wasn’t strong enough to justify a standalone
streaming service or because of our timing.” The company will be notifying
current subscribers as to the final date that they’ll be able to access Quibi.”(The
Verge)
“Despite its glossy,
expensive production (and $1.75 billion of investment), A-list talent
(including the likes of Chrissy Teigen, Kevin Hart and Steven Spielberg) and
heavy marketing, Quibi was doomed. As Katzenberg and Whitman noted in
their open letter, the service was originally intended to fill the little bits
of time people have waiting in line at Starbucks or sitting on a bus for a
commute. The changes wrought by the COVID-19 pandemic has drastically
reduced the demand for entertainment while out and about. But if Quibi had
launched in an alternate version of 2020 where the pandemic never happened, it
likely still would have failed. The concept of expensively produced "quick
bites" of programming ("Quibi" is a portmanteau of the phrase)
sounds appealing, but in practice, Quibi did not speak to any audience, either
with its content or its technology.”(USA Today)
“The first problem was that the
shows were bad. Sure there were some that were fun…. but most were mediocre or
downright awful. There was nothing on the platform that was better than
content available for free on TikTok or YouTube. The technology that let you
flip your phone vertically or horizontally without losing the picture was cool,
but it wasn't that much better than TV series on Snapchat, which are
designed for vertical video. While the videos were all 10 minutes or
less, the series mostly paused the narrative at the end of episodes rather
than coming up with any kind of satisfactory ending. There was no story reason
for anything to be that short for most of these series and "movies in
chapters." Viewers can pause a Netflix show 10 minutes in and
come back to it later, if they want. Short, quick videos designed to only
be watched on a phone would naturally appeal to a younger, tech-savvy audience,
right? But Quibi seemed to not understand that demographic. Screenshotting, a
huge part of getting a streaming show into the online discourse, was blocked on
the app until very recently. How do you tweet about the weird golden arm if you
can't easily share a picture of it? There was no way to comment, easily share
videos with friends or grab clips or gifs. Quibi simply didn't work on the
internet of 2020, one designed for sharing and virtually communicating. There
might have been some version of Quibi that worked – one with a less silly
name, internet-fluent content creators, more social media integration, and
launched before a pandemic upended everyday life. But that's not the Quibi
we got. What we got was an ill-advised, way overpriced and over-produced
streaming service that launched into a world that had no need for it.” (USA
Today)
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| image from TV Series Finale website |
Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire.[1] It has been defined as the "...capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit."[2] While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a "...lack of funding, bad business decisions, an economic crisis -- or a combination of all of these"[3] or due to lack of market demand. In the 2000s, the definition of "entrepreneurship" has been expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them, whereas others do not,[4] and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.[5]
HISTORY OF MONEY
Better than barter
Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade. Without it there is only barter, a relationship between two people each of whom has something which the other wants.
Money (which everybody wants) provides an intermediary substance, enabling the seller to choose when and where he wishes to become a buyer.
All primitive societies invest certain things with a special value - particularly livestock, and items of rarity or beauty. They are presented on ceremonial occasions such as weddings. The possession of large numbers of cattle or pigs is clear evidence of wealth and prestige.
But these objects are not money in our sense, capable of easy use in everyday transactions.
The most often quoted example of primitive money is shells - in Africa cowries and wampum in America. The small cowrie shell, deriving from the Maldive Islands in the Indian Ocean, is a treasured item in the civilizations of China and India from very early times. From India these attractive objects are carried along the trade routes to Africa. Similarly the American Indians use a small white cylindrical shell for ceremonial gifts, embroidered on to decorated belts or other ornaments. Europeans give the name 'wampum' to these precious items.
Both wampum and cowries eventually become a market currency, in the conventional sense, but only after the arrival of Europeans.
The earliest currency used in commercial transactions appears in Egypt and Mesopotamia by the third millennium BC. It consists of gold bars which need to be weighed to establish their value each time they are exchanged. Later they are supplemented by gold rings for smaller sums. In about 2500 BC an extensive trade, at Ebla in modern Syria, is based on currency of this kind in silver and gold.
Gold rings and ornaments, which can be worn for safe keeping as well as display, approach the ideal of a portable currency. Many poor women in India today still wear their limited wealth in this way, even when working in the fields or on the roads.
Safe in the temple: 18th century BC
Wealth compressed into the convenient form of gold brings one disadvantage. Unless well hidden or protected, it is easily stolen.
In early civilizations a temple is considered the safest refuge; it is a solid building, constantly attended, with a sacred character which itself may deter thieves. In Egypt and Mesopotamia gold is deposited in temples for safe-keeping. But it lies idle there, while others in the trading community or in government have desperate need of it. In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple. The concept of banking has arrived.
The first mint: 7th century BC
The earliest known coins in the western world come from the city of Ephesus inIonia (in western Turkey) in about 650 BC. The metal used is electrum, a natural alloy of gold and silver found locally. The coins are bean shaped and are struck on one side with a distinguishing mark, such as the image of a lion. The underlying purpose is to ensure a stable value in this variable metal of exchange, previously traded by weight alone. The state mint adds silver to the alloy to guarantee a mix of 55% gold to 45% silver.
A century laterCroesus, king of neighbouring Lydia and famous for his wealth, becomes the first ruler to mint coins in pure gold and pure silver. Like the earlier coins, his are still stamped on just one side. They show the facing heads of a lion and a bull.
Greek cities, to the west of Lydia, and the great Persian empire to the east are quick to adopt the useful new technique of metal currency. By the end of the 6th century coinage is common throughout the region.
In distant Rome, as yet more backward, unworked lumps of bronze are now in use as currency. Their value is expressed in terms of sheep and cattle, a concept reflected still in the word 'pecuniary' in languages influenced by Latin. The Roman word for money,pecunia, derives frompecus, meaning cattle.
Bronze coins in China: 7th - 3rd century BC
By one of the strange coincidences of history, the idea of coinage occurs at the same period in two far separated parts of the world. While the craftsmen of Ephesusare striking coins in Asia Minor, the skilled casters of China are making coins by a different method - pouring moltenbronze into moulds.
The results look very different. The Chinese bronze-casters, accustomed to turning out elaborate shapes for ritual vessels, incline to something more complex than a simple round coin.
Two shapes in particular are characteristic of the first Chinese coins. Coins of one type resemble the metal part of a spade, while others are like a knife blade with a handle. In both cases the flat surfaces are decorated with Chinese characters. These designs are copied in nearly all the states of China during the later centuries of the Zhou dynasty.
Shi Huangdi, the first emperor of China, introduces the more rational round coin in the late 3rd century BC. Still cast in bronze rather than struck, they have a square hole in the middle - a shape characteristic of far eastern coins for the next two millennia.
Greek and Roman financiers: from the 4th century BC
Banking activities in Greece are more varied and sophisticated than in any previous society. Private entrepreneurs, as well as temples and public bodies, now undertake financial transactions. They take deposits, make loans, change money from one currency to another and test coins for weight and purity.
They even engage in book transactions. Moneylenders can be found who will accept payment in one Greek city and arrange for credit in another, avoiding the need for the customer to transport or transfer large numbers of coins.
Rome, with its genius for administration, adopts and regularizes the banking practices of Greece. By the 2nd century AD a debt can officially be discharged by paying the appropriate sum into a bank, and public notaries are appointed to register such transactions.
The collapse of trade after the fall of the Roman empire makes bankers less necessary than before, and their demise is hastened by the hostility of the Christian church to the charging of interest. Usury comes to seem morally offensive. One anonymous medieval author declares vividly that 'a usurer is a bawd to his own money bags, taking a fee that they may engender together'.
Origins of today's currencies: 7th - 16th century
Many of the units of currency in use today derive from Roman originals, and more specifically from versions of the Roman coins minted during the Middle Ages. The stable currency of the Byzantine empire is a gold coin, the solidus, linked in later history with the various forms of European shilling. From about 690 it is joined as a hard currency by another gold coin, the dinar(from the Latindenarius), first minted by the caliph Abd-al-Malik in Damascus in about 690.
In the following century the Frankish king Pepin III introduces a silverdenarius, or penny, which becomes the standard medieval coin in western Europe.
Later kings of the Carolingian dynasty standardize the penny, decreeing that 240 are to be struck from a pound of silver. It is subsequently established that twelve silver pennies are to be considered the equivalent of the Byzantine gold solidusor shilling.
Thus there evolves a monetary scale of 1:12:20 (penny:shilling:pound) which prevails in much of Europe until the decimalizing innovations of the French Revolution, and in Britain until 1971. At first the silver penny is the only local currency of the three. The shilling is a Byzantine gold coin used as a yardstick of value, while the pound is a measure of weight. Shillings and pounds later become European coins in their own right.
Subsequent coins of lasting resonance are the Venetian ducat, first minted in 1284, and Florence's famousfiorino d'oro ('golden florin') launched in 1252. Bearing the city's own name, this widely respected coin becomes a factor inFlorence's bankingsuccess.
One of the most resonant names among modern currencies, that of the dollar, derives from a somewhat later coin - the large silver Joachimsthaler, widely known as the thaler, which is minted from 1517 in Bohemia and is named from the silver mines at Joachimsthal.
Paper money in China: 10th - 15th century
Paper money is first experimented with in China in about910, during the Five Dynasties period. It is a familiar currency by the end of the century under the Song dynasty. Another three centuries later it is one of the things about China which most astonishesMarco Polo (seeBank notes in China).
He describes in great detail how the notes are authenticated, and then unwittingly touches on the danger lurking within the delightful freedom to print money. He says that the emperor of China makes so many notes each year that he could buy the whole treasure of the world, 'though it costs him nothing'. By the early 15th century inflation has become such a problem that paper currency is abolished in the Ming empire.
Bank notes: 1661-1821
Paper currencymakes its first appearance in Europe in the 17th century. Sweden can claim the priority (as also, a few years later, in thefirst national bank).
In 1656 Johan Palmstruch establishes the Stockholm Banco. It is a private bank but it has strong links with the state (half its profits are payable to the royal exchequer). In 1661, in consultation with the government, Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins.
Palmstruch's notes (the earliest to survive dates from a 1666 issue) are impressive-looking pieces of printed paper with eight hand-written signatures on each. If enough people trust them, these notes are genuine currency; they can be used to purchase goods in the market place if each holder of a note remains confident that he can indeed exchange it for conventional coins at the bank.
Predictably, the curse of paper money sinks the project. Palmstruch issues more notes than his bank can afford to redeem with silver. By 1667 he is in disgrace, facing a death penalty (commuted to imprisonment) for fraud.
Another half century passes before the next bank notes are issued in Europe, again by a far-sighted financier whose schemes come to naught. John Law, founder of the Banque Générale in Paris in 1716 (and later of the ill-fated Mississippi scheme) issues bank notes from January 1719. Public confidence in the system is inevitably shaken when a government decree, in May 1720, halves the value of this paper currency.
Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals.
Gradually public confidence in these pieces of paper increases, particularly when they are issued by national banks with the backing of government reserves. In these circumstances it even becomes acceptable that a government should impose a temporary ban on the right of the holder of a note to exchange it for silver. This limitation is successfully imposed in Britain during the Napoleonic wars. The so-called Restriction Period lasts from 1797 to 1821.
With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation. When the Restriction Period ends, in 1821, the British government takes the precaution of introducing the gold standard.
Minting shells: 16th - 18th century
The age of European exploration, from the 16th century, leads to interesting encounters between traders accustomed to a cash economy and traditional tribes valuing shells (cowries in Africa, wampum in America) as precious objects used primarily for ceremonial purposes. The Europeans, eager to trade in regions where there is no established coinage, make use of the value attached to these shells - and in doing so transform them, for a while, into a conventionalcurrency.
In both regions the result is massive inflation. The Europeans, finding they have the power to flood the market with shells, inevitably debase the currency.
In America the colonists in the 18th century go to the length of inventing a machine which can manufacture white shell beads accepted as wampum by their Indian trading partners.
The African market is even more easily flooded with shell currency. Cowries, previously brought with difficulty to India and then overland through Africa, are now imported in shiploads by Dutch and British ships calling at theMaldives on their way back from the far east. They become a standard part of the price for slaves in west Africa. It has been calculated that during the 18th century more than 10,000 tons of these shells are brought round the Cape. By 1770 the price of a single slave is about 150,000 cowries.
This History is as yet incomplete.
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