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TOEFL ITP Preparation - Paket 12
TOEFL-ITP
TOEFL ITP - Reading Comprehension
121. Read the following passage, then answer the question below.
Economics textbooks often tell a simple story about the origin of money: people at first traded goods directly, found it tiresome to match what each person wanted, and therefore agreed on a common item to serve as currency. The story is tidy, but historians and anthropologists have found little evidence for it. In many early societies, exchange took place through gifts, obligations, and credit rather than through haggling. A farmer might receive tools from a neighbor in spring and repay them with grain after the harvest, with a village memory serving as the ledger.
The earliest records point to a different origin. In Mesopotamia, around five thousand years ago, temples and palaces kept written accounts of grain and livestock that they collected and distributed. These accounts needed a common unit, and the standard measure of barley, which later became the shekel, served that purpose. Money, on this view, began as a unit of account before it ever passed from hand to hand.
Coins came much later. The kingdom of Lydia, in what is now Turkey, produced stamped pieces of a natural gold and silver alloy around the seventh century BCE. The stamp guaranteed weight and purity, which saved merchants from weighing metal at every sale. Other societies preferred other forms. Cowrie shells served as currency across parts of Africa and Asia, and in China, merchants of the Song dynasty began to carry paper notes because bundles of copper coins were too heavy to transport.
Seen together, these examples suggest that money has never been a single invention. It appeared wherever societies needed a shared way to record debts, measure value, and settle accounts, and it took whatever form local conditions allowed.
What is the main idea of the passage?
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