Course Syllabus
Welcome to ECON120: Monetary History
Specific information about this course and its requirements can be found below. For more general information about taking Saylor Academy courses, including information about Community and Academic Codes of Conduct, please read the Student Handbook.
Course Description
Explore the past, present, and potential future of money through the lens of a layered framework.
Course Introduction
The international monetary system is on the precipice of change. This course suggests a topography of money at this crossroads. Maps help us navigate geographies and terrains, but they have never been associated with money until now. This course walks through a map of the financial system throughout time and a preview of what the map of digital money might look like in the future. It suggests a framework called "layered money" to describe the evolving monetary system, which seeks to explain how different forms of money relate to each other.
By tracing the evolution of layered money, we gain a fascinating perspective on how and why humans interact with currencies. Along with dissecting currency progression, this course asks what the future of money entails. Many will say, "it's digital", but to most of us, money already seems digital. We use smartphone applications to manage checking accounts, make contactless payments, and move to a cashless existence. But with the growth of Bitcoin, digital money has taken on a whole new meaning.
The study of money has thus far lacked a vernacular that incorporates Bitcoin. This course seeks to look at money in the past to contextualize Bitcoin's potential effects on the future of money. This course attempts to explain how Bitcoin might integrate with and change the monetary system. This course aims to explain the monetary system from the beginning.
This course makes the claim that money is a "layered system". This course will attempt to explain why human beings began using monetary systems, how these systems evolved, and how complicated and multilayered they have become today. It will attempt to explain which layer of money certain types of assets are located on and how individuals can navigate between the "layers" of money.
This course includes the following units:
- Unit 1: Introduction to Monetary History
- Unit 2: The Hierarchy of Money
- Unit 3: Money Market History (16th–19th century)
- Unit 4: Federal Reserve System (1913–1944)
- Unit 5: Eurodollar System (1944–Present)
- Unit 6: Bitcoin (2009–Present)
- Unit 7: Cryptocurrencies, Stablecoins, and Central Bank Digital Currencies (2013–Present)
Course Learning Outcomes
Upon successful completion of this course, you will be able to:
- Explain why humans use monetary systems;
- Summarize the evolution of the money hierarchy from 16th-century Europe until today;
- Explain the Federal Reserve system and describe how money is created by non-central bank financial institutions;
- Compare Bitcoin to the layered system of money;
- Outline how Central Bank Digital Currencies (CBDCs) and stablecoins will function within a monetary system; and
- Explain from an economic perspective what digital money portends for citizens worldwide.
Throughout this course, you will also see learning outcomes in each unit. You can use those learning outcomes to help organize your studies and gauge your progress.
Course Materials
This course's primary learning materials are articles, lectures, and videos.
All course materials are free to access and can be found in each unit of the course. Pay close attention to the notes that accompany these course materials, as they will tell you what to focus on in each resource and will help you understand how the learning materials fit into the course as a whole. You can also see a list of all the learning materials in this course at this link.
Some parts of this course may have been created or reviewed with the support of artificial intelligence (AI). To make sure you receive accurate, high-quality, and academically sound learning materials, all AI-assisted content is carefully checked and approved by Saylor Academy's faculty and subject matter experts.
Evaluation and Minimum Passing Score
Only the final exam is considered when awarding you a grade for this course. To pass this course, you will need to earn a grade of 70% or higher on the final exam.
Your score on the exam will be calculated as soon as you complete it. Be sure to study in between each attempt! If you do not pass the exam, you will not complete this course or receive a certificate of completion. You can attempt the exam as many times as you want.
There are end-of-unit assessments in this course that are designed to help you study and do not factor into your final course grade. You can take them as many times as you want until you understand the concepts they cover.
You can see all of these assessments at this link.
Continuing Education Credits
The certificate earned by passing this self-paced course displays the program hours you completed and continuing education credits (CEUs). CEUs document successful completion of courses that are designed to improve the knowledge and skills of working adults. Many industries value CEUs, and now your certificate reflects them clearly, and they may be used to support career advancement or to meet professional licensing standards. This course contains 1.1 CEUs.
Tips for Success
ECON120: Monetary History is a self-paced course, meaning you can decide when to start and complete the course. We estimate the "average" student will take hours to complete. We recommend studying at a comfortable pace and scheduling your study time in advance.
Learning new material can be challenging, so here are a few study strategies to help you succeed:
- Take notes on terms, practices, and theories. This helps you understand each concept in context and provides a refresher for later study.
- Test yourself on what you remember and how well you understand the concepts. Reflecting on what you've learned improves long-term memory retention.
Technical Requirements
This course is delivered entirely online. You will need access to a computer or web-capable mobile device and consistent internet access to view or download resources and complete auto-graded assessments and the final exam.
To access the full course, including assessments and the final exam, log into your Saylor Academy account and enroll in the course. If you don't have an account, you can create one for free here. Note that tracking progress and taking assessments require you to log in.
For more details and guidance, please review our complete Technical Requirements and our student Help Center.
Optional Saylor Academy Mobile App
You can access all course features directly from your mobile browser, but if you have limited internet connectivity, the Saylor Academy mobile app provides an option to download course content for offline use. The app is available for iOS and Android devices.
Fees
This course is entirely free to enroll in and access. All course materials, including textbooks, videos, webpages, and activities, are available at no charge. This course also contains a free final exam and a free course completion certificate.