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Q: Why did the system of fixed exchange rates eventually become obsolete?
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The Butts


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Medieval society no longer centered around the castle. The towns and cities (population centers) grew.


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By Grant ending the system of prisoner-exchange, knowing that the Confederates would eventually run out of manpower.


Why barter system become obssolete?

The barter system became obsolete because of the problem of Double Coincidence of Wants. This means that for a transaction to take place both parties must require what the other party has to offer and be able to agree on the relative values of each others goods. If I have ten chickens and want a cow, I may not be able to find someone with a cow wanting to exchange it for ten chickens. Society found that to be able to better fulfil our wants, another method of exchange was required, hence money was developed.


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