Why did the barter system fail?

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:

  1. Indian Economy Notes for UPSC Civil Service Exam
  2. Monetary Policy – Objectives, Role, Instruments 

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