There is the issue of double coincidence of wants, and common measure of value. Barter system will not work in large economies. Hence the barter system failed. You can read about the Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money) in the given link.
Further readings:
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Related Links |
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Money Supply in Economy – Types of Money, Monetary Aggregates, Money Supply Control |
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Monetary Policy Committee (MPC) – Structure, Objectives UPSC Notes |
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