Difference Between Bureaucratic And Scientific Management - very
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Taylor's Scientific Management Theory - Simplest explanation Difference Between Bureaucratic And Scientific Management
Main article: History of banking This 15th-century painting depicts money-dealers at a banca bench during the Cleansing of the Temple. The concept of banking may have begun in ancient Assyria and Babylonia with merchants offering loans of grain as collateral within a barter system.
Lenders in ancient Greece and during the Roman Empire added two important innovations: they accepted deposits and changed money.
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The present era of banking can be traced to medieval and early Renaissance Italyto the rich cities in the centre and north like FlorenceLuccaSienaVenice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe.
Betwednin at GenoaItaly.
Merchants started to store their gold with the goldsmiths of Londonwho possessed private vaultsand who charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually Metformin Essays goldsmiths began to lend the[ which? Thus by the 19th century we find "[i]n ordinary cases of deposits of money with banking corporations, or bankers, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded".
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Marchant, 1 Phillips ; it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. Since the promissory notes were payable on demand, and the advances loans to the goldsmith's customers were Bureaucatic over a longer time-period, this was an early form of fractional reserve banking. The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money [7] backed by the goldsmith's promise to pay, [8] [ need quotation to verify ] allowing goldsmiths to advance loans with little risk of default.
Benches were used as makeshift desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered Difference Between Bureaucratic And Scientific Management green tablecloths.
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The definition of a bank varies from country to country. See the relevant country Difference Between Bureaucratic And Scientific Management for more information. Under English common lawa banker is defined as a person who carries on the business Managfment banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instrumentsincluding cheques Scentific, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' Section 2, Interpretation.
Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute click here by common law, the definition above.
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In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they aMnagement defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather read article regulating the actual business of banking.
However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions: "banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of Diffrence Act; Banking Act SingaporeSection 2, Interpretation.
This has led legal theorists to suggest that the cheque based definition should be Difference Between Bureaucratic And Scientific Management to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.
Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in the bank, and collecting cheques deposited to customers' current accounts. Banks borrow money by accepting funds deposited on current accounts, by accepting term depositsand by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loansand by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and a bank account Dufference considered indispensable by most businesses and individuals.]
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