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Importance of credit in the American colonial economy : ウィキペディア英語版 | Importance of credit in the American colonial economy
Importance of credit in American colonial economy Much of the success and prosperity of the American colonies and its inhabitants was due to the use of credit. Credit allowed colonists to defer their payments for goods and services until a later time, which was a more favourable payment option than cash or barter. Although extending credit carried risks, most notably the inability of a debtor to repay the loan, the concept was accepted very well by all institutions in the American Colonial Economy. Furthermore, a variety of loans were invented to service a wide spectrum of trades. Overseas and domestic loans, as well as credits of various payment options, durations and sizes were developed to aid the economic growth of the American Colonies. == Credit, cash and barter ==
The advantages of purchasing goods on credit over cash in the Colonial Economy was avoiding currency exchanges and facilitating faster trades. The American Colonies did not have a centralized monetary system and a well defined currency until the 1780s. With many currencies and coins in circulations, there were additional costs to facilitating some trades which was avoided by the use of credit. The advantages of credit over barter are even more pronounced, as there was a chance that trades would not happen at all if the match between the good demanded and supplied was not achieved in the marketplace.
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