Paper currency or banknotes are pieces of paper that carry a payment promise for the currency written on them and which is payable to the bearer on demand. At the beginning, banknotes were issued by commercial banks that backed their value by holding reserves of gold and silver coins. Nowadays, its value is fiduciary, it is not backed by any physical good of the same value.
The development of paper currency by Song's dinasty meant a considerable improvement from merchants and traders at those times. Paper money was much easier to transport if compared to coins, both in terms of size and weight. Merchants could travel for a longer time carrying their profits with them on the way and became more efficient in their businesses.
In a prisoner's dilemma, the type of behavior that provides the most benefit for each individual is to cooperate.
If the prisoners cooperate, it means that the police won't have enough proof against these criminals given that they will give the same account of what actually happened. Instead of remaining silent, confessing, or betraying each other, the wisest decision for them is to cooperate and thus reduce their punishment.
Answer:
War of 1812, (June 18, 1812–February 17, 1815), conflict fought between the United States and Great Britain over British violations of U.S. maritime rights. It ended with the exchange of ratifications of the Treaty of Ghent.
