Barter System of Ancient India
Barter Tradition The barter system refers to the exchange of goods or services without the use of money. This is not just a subject of "MBA" studies but an ancient tradition in India that has been practiced for hundreds of years. We still use it today, albeit under different names. To explain in detail - when goods or services are exchanged for other goods or services, it is called bartering. For example, giving 10 goats in exchange for one bull. In this method, currency (money) is not used. Before the advent of currency, all transactions were carried out in the form of barter. Even nowadays, in situations of monetary crisis (when the value of currency becomes very unstable; currency has been devalued due to inflation), barter is resorted to. Some inter-state sites like Craigslist also operate on a barter system. In many villages, I have observed that essential services such as those provided by barbers, blacksmiths, and potters still operate with this barter system. The farm...