ABSTRACT
With much increased production in sectors beyond agriculture came lowered costs, increased sales, and higher profits. This generated wealth and capital, and trade on a larger scale became possible (Figure 22.1). As villages grew to become cities, more and more people were occupied in trades or activities not directly concerned with subsistence food production. In time, the use of money to represent goods and services became the standard practice for all economic systems. This means that anything can be given a “value” in monetary terms-but nothing has any real value beyond what someone is willing to pay for it at a given moment. Thus, a global system of banking and investment has developed since the beginning of the Industrial Revolution.
