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The Function of Banks in the Economy

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Division of labor and specialization has led to the formation of a global economy in which nobody in principle purely works for himself, but for a market, i.e., for other people. Th e element unifying and integrating all of this is money, and as managers of money, banks play a central role in economic life where the material basis for society is created. In addition to providing the financial basis for further development of the economy, banks may in the future find themselves compelled to assume co-responsibility for the qualitative development of society.
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Keywords: The Function of Banks in the Economy

Document Type: Research Article

Publication date: January 1, 2007

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