Etymology
From
Proto-Bantu *-gàba.
Verb
-gawa (infinitive kugawa)
1.
divide (split or separate into two or more parts)
2.
share, distribute
Derived
terms
Verbal
derivations:
Applicative:
-gawia
Causative:
-gawisha
Passive:
-gawiwa
Reciprocal:
-gawana
Stative:
-gawika
Other
formations: -gawanya
Nominal
derivations:
Gawo - fraction, piece, portion, share.
Gawio 1 - talent.
Gawio 2 - dividend.
Kigawanyi
- divider.
Kigawanyo
- dividend.
Kigawo
- divisor, factor.
Before
any trade, first, there’s division of labour according to talent (Gawio),
after which, exchanges are made via methods of weighing of value of goods/services
offered. The weighing is done in scales which are graded according to devised
universal fractions/portions (Mgawo/Gawo). The most rudimentary form of exchange
is barter. This method is, however, quite inefficient, and consequently by
necessity, systems of contract/agreement were “put down on paper” following the
invention of the printing press. These contract papers functioned in a similar
way to the cowries, gold, silver, salt, copper - of older and also later times - as a common
denominator for a pricing system.
“Money
is as money does”. This aphorism sheds light on money as a primarily functional
tool, which it is. Money is a medium of exchange. People accept money in
exchange for the goods and services they offer in the expectation that they can
subsequently change the money for goods and services they wish to acquire. It
is a system and cycle based on mutual trust. The most difficult system of trust
to maintain is international trust, hence it is the most delicate level and
must be maintained by strict, non-partisan and justice-based adherence to
international trade and financial laws.
Breakdown
of the financial system/law does not necessarily mean breakdown of trade. Trade
will continue, albeit maybe in slightly inefficient methods for a period of
time in the process of building up another system.
Two
factors determine efficient and effective distribution of modes of exchange
such as money. They balance out on two sides of a weighing scale. They are natural
scarcity and law. Natural scarcity preserves value and stimulates activity/competition,
while law preserves trust and stimulates ideas.
1.
Modes
like gold, cowries and silver are scarce and localized and hence may lead to
imbalanced, obstructive trade. Their own systems of trust are also localized by
default.
2.
Modes
like paper money, contracts and shares are essentially law-based hence more
flexible and balanced but with lack of enforcement, are prone to abuse by rogue elements in the trusteeship
system due to the easy methods of printing papers (tokens) which can easily be
done “in the dark”.
3.
Electronic
modes like cryptocurrencies only differ from the paper-based legal tender
system by publicly providing records of each token created and each transaction
made. The methods of creating tokens for cryptocurrencies consume way more energy
by way of electricity than paper printing but probably less than the equivalent
mining in gold and silver. It is also potentially more decentralized because some
level of trusteeship can be embedded in the record system and not people. This
creates another layer of people controlling the record system. The potential of
rogue elements among this layer is a matter of speculation at this stage. Only crypto-token
creditors/bankers have been fingered in fraud, exhibiting similar activities to
their counterparts in the paper-token banks. The trustees of the crypto-tokens
is yet to receive sufficient scrutiny akin to their counterparts in the trusteeship
system of paper-tokens, that is, central banks. The trustees of the
crypto-record-system technology have two options: either to avail themselves to
scrutiny or go to war to try to enforce the system. The outcomes of the second
option are more unpredictable and uncontrollable than ever. The first option
demands humility. Delay tactics increase crisis.
Short
story:
The
treaty of Utrecht served for a long while as basis for all subsequent treaties
between the Hanseatics and the English, and well or ill observed, it survived
until the reign of Edward vi.
The
position held by the Hanseatics in England certainly has no counterpart in the
international intercourse of the Eurasian middle ages. The only exception,
perhaps, is the position of Genoa, Venice, and Pisa in the Byzantine and Latin
empires.
The
chief depot of the hanseatics in England was in London and was known first as “the
guildhall of the Germans”, then as the Easterlings’ Hall, and finally, as its
dimensions grew, as the “Steelyard”. It was situated in Thames Street, on the
left bank of the river, close to downgate, just above London bridge, in earlier
times the only city gate that commanded the water. The whole length of this
street leading to the post gate was lined with the wharves, warehouses, and
dwelling-houses of the Germans. It is therefore easy to comprehend how they
held, by their positioning alone, the key to the whole commerce of the city of
London in days when goods were almost entirely transported by water-ways. They operated
as a bottleneck in the entire trade. As at Bergen, so here, they dominated the
whole commercial situation.
There have been many disputes as to the origin of the name “steelyard”. It has now pretty well established that it took its rise from the fact that on this spot stood the great balance of the city of London, known as the steelyard, on which all exported and imported merchandise had to be officially weighed. It was after the treaty of Utrecht in 1474 that the German factory first took its name, from the circumstance that its domain was then greatly enlarged. The whole place was surrounded by a high strong wall, fortress fashion, and there were few windows towards the front. This was a protection from the frequent attacks of the London mob, and also as a defence against the robbers anxious to penetrate into a storehouse of riches. The chief building, still called guildhall, was a massive stone structure, of which, until 1851, some of the main wall still remained. The northern front, which looked towards Thames street was especially imposing with its many stories, its high gabled roof, surmounted by the double eagle of the empire with its outspread wings. Three round portals, well protected and clamped with iron, were seen on its northern frontage. The centre one, far larger than the others, was rarely opened, and the two others were walled up. Above these three portals were to be read, in later days, the following characteristic inscription:
Translation:
“this house is
happy, always filled with goodness;
here is peace, here is rest, here is ever honorable joy.”
“gold is the
father of flattery and the birth of pain;
he who lacks this mourns, he who holds this fears.”
“he who
refuses to comply with the good falls into the flame as if he had avoided the
smoke”
Trade can only
thrive in a just system(goodness). Exploiting ignorance only goes short distance
with short results.
References
Hubbard
Glen, (1994). Money, the Financial System, and the Economy. Addison-Wesley
publishing company
TUKI (2001),
Kamusi Ya Kiswahili-Kiingereza; Swahili-English Dictionary. Published by
Taasisi ya Uchunguzi wa Kiswahili (TUKI), Chuo Kikuu cha Dar es Salaam,
Tanzania.
Zimmern.
H. (1889). The story of the nations: The Hansa towns. Chap vii, The Steelyard
in London, 179-201
Comments
Post a Comment