Credit money
From Mises Wiki, the global repository of classical-liberal thought
Credit money is non-commodity money which consists of non-interest bearing claims that are not redeemable on demand. Usually, credit money is money that was originally issued as a redeemable money-substitute but whose redemption was later suspended either indefinitely or until some future date. It retains value because it has general acceptance as a medium of exchange. Credit money is money in both the broader and narrower senses.[1]
References
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-06-30.
