China’s Song Dynasty Pioneered Global Fiat Currency Centuries Early
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Reported Facts
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- •The Song dynasty ruled China from 960 to 1279 AD.
- •During this period, China introduced government-issued paper money as a medium of exchange.
- •This early fiat currency was backed by the state rather than physical commodities like gold or silver.
- •The use of paper money facilitated trade and economic expansion within and beyond China.
What Could Happen If...
- ▸historians and economists increase study of Song dynasty currency there could be a deeper understanding of early monetary policy that informs modern economic theory and education
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