CHAPTER ONE HISTORY OF BANKING, BANKING LAW AND BANKING PRACTICE Historical origins, development & functions of banks • How did banking come about? Have banks always been there, i.e., has the institution of banking been there from the first day the world was created? • The rise & development of banking is closely linked with private ownership of property • How did private property come about? - There were days when : ownership of means a production was communal – property was communal : membership in a community was very important : in order to get a share of communal property one had to be a member of the community : a member of a community was entitled to amenities of life – shelter, food and clothing : a community took care of the sick, old, pregnant women etc. : there was no family – children belonged to the community – trace mothers ...
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