The barter system had such a problems that they could be removed only by inventing money. Role and Importance of Money: We know about barter system and its demerits. The Role of Banks. The late bank robber named Willie Sutton was once asked why he robbed banks. He answered: “That’s where the money is.” While this may have been true at one time, from the perspective of modern economists, Sutton is both right and wrong. This view does not adequately stress the role of money in the process of economic development. The role of money in an economy is very critical as money serves as the backbone of the economy. Therefore, the importance of money can be judged from the followings: (i) It has put to an end the demerits of barter system. Economic development is generally believed to be dependent on the growth of real factors such as capital accumulation, technological progress, and increase in quality and skills of labour force. […] ADVERTISEMENTS: Role of Money in Economic Development of Developing Countries!

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