Barter
Barter
Barter (/ˈbɑːrtər/) is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways; one of them is that the reciprocal exchange is immediate and not delayed in time.
Etymology
The term 'barter' comes from the Old French word 'barater' which means "to exchange or trade".
History
Barter is an ancient method of trade, mentioned in the texts of Ancient Egypt as early as 2900 BC. It was used extensively in pre-money economies and continues to be used in areas where currency is not widely available or trusted.
Modern Usage
In modern times, barter is often associated with economic crises when money becomes unreliable. It is also used in situations where people cannot access or do not trust the monetary system, such as in prison economies or among groups with alternative lifestyles.
Related Terms
- Trade: The action of buying and selling goods and services.
- Exchange: The process by which goods or services are traded.
- Gift economy: A mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards.
- Money: Any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts.
- Currency: A system of money in general use in a particular country.
External links
- Medical encyclopedia article on Barter
- Wikipedia's article - Barter
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