i) What is fiat money? ii) At the beginning of the 20th century, Bank Notes (Convertible...

i) What is fiat money?

ii) At the beginning of the 20th century, Bank Notes (Convertible to Commodity Money) were used as the accepted means of payment. Why now days instead fiat money is used? (explain the transition).

iii) What could go wrong with fiat money? Has fiat money been always generally been accepted as a means of payment?

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Rahul Sunny answered 1 year ago

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