Barter
Barter is a system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a very limited extent. Barter usually replaces money as the method of exchange in times of monetary crisis, such as when the currency may be either unstable (e.g., hyperinflation or deflationary spiral) or simply unavailable for conducting commerce.
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Famous quotes containing the word barter:
“The first place he went into was the Royal Exchange .... where men of all ages and all nations were assembled, with no other view than to barter for interest. The countenances of most of the people showed they were filled with anxiety; some indeed appeared pleased, but yet it was with a mixture of fear.... [David] resolved to stay no longer in a place where riches were esteemed goodness, and deceit, low cunning, and giving up all things to the love of gain were thought wisdom.”
—Sarah Fielding (1710–1768)
“The propensity to truck, barter and exchange one thing for another ... is common to all men, and to be found in no other race of animals.”
—Adam Smith (1723–1790)
“I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I’ll be all right; I’ve got a few veg.”
—Margaret Drabble (b. 1939)