Narx – jamiyatning mollar qiymatiga bergan bahosi, ish haqi esa jamiyatning xizmatlar qiymatiga bergan bahosidir. Pul esa bu bahoni ifodalaydigan vositadir. Aynan pul yordamida turli mollar va xizmatlarni o‘lchash va ularni bir umumiy asosga keltirish mumkin bo‘ladi; shu tariqa turli mollarni va turli xizmatlarni umumiy standart vazifasini o‘taydigan yagona birlikka solishtirish osonlashadi. Mollar uchun narx, ishchilar uchun esa ish haqi shu birlik asosida to‘lanadi.

The price is the society’s estimate of the value of goods and the wage is the society’s estimate of the value of services. Money is the medium by which this estimate is expressed. It is the medium which enables us to measure various goods and services and refer them to one common basis, thus facilitating the process of making a comparison between various goods and between various services by referring them to one general unit which serves as the general standard. Prices are paid for goods and wages are paid for workers on the basis of this unit.

Pulning qiymati uning xaridorlik qobiliyati, ya'ni shu pul bilan odam mol yoki xizmat jihatidan qancha narsaga ega bo'la olishi bilan baholanadi. Shuning uchun jamiyat mollar va xizmatlar qiymatini baholaydigan vosita pul sifatida o'tishi uchun xaridorlik qobiliyatiga ega bo'lishi kerak, ya'ni har qanday shaxs mol va xizmatlarga ega bo'la oladigan kuchga ega bo'lishi lozim.

The value of money is estimated by its purchasing power i.e. by how much a person could acquire with it in terms of goods or services. Therefore, the medium by which the society estimates the value of goods and services must have a purchasing power in order to qualify as money i.e. a power with which any person could acquire goods and services.

Ushbu vosita asli o'zida ichki qadrga ega bo'lishi yoki ichki qadrga bog'liq bo'lishi, ya'ni jamoatchilik tomonidan tan olingan qiymatga ega bo'lishi kerak, shundagina u pul sifatida qaralishi mumkin. Biroq amalda pul chiqarish dunyoning turli mamlakatlari o'rtasida farq qiladi. Ba'zi mamlakatlar o'z pullarini ichki qadrga ega yoki ichki qadrga bog'liq qilib qo'ygan, boshqalari esa pullarini shartli pul (konvertatsiya qilib bo'lmaydigan) qilib qo'ygan, ya'ni ular pul sifatida qaraladigan vositani kelishib olganlar va unga xarid qobiliyatini berganlar.

This medium must originally have an intrinsic power, or be dependent on an intrinsic power i.e. it should itself have a value recognised by the public, in order to be considered as money. However, in reality the issuing of money differs among the various countries of the world. Some countries have made their money an intrinsic power or dependent on an intrinsic power, while others have made their money a conventional money (inconvertible) i.e. they have agreed upon a medium to be considered as money and they gave it a buying power.

Pul chiqarishda davlatlar oltin-kumush standartini yoki almashtirib bo‘lmaydigan qog‘oz pulni qabul qilishi mumkin. Oltin-kumush standartini qo‘llaydigan davlatlar chiqarishning ikki usulidan foydalanadi: metall pul usuli, ya’ni yagona yoki ikki metalli standart, yoki qog‘oz pul usuli. Metall usuli shundan iboratki, turli qiymatlarni ifodalash uchun oltin yoki kumush parchalari zarb qilinib, oltin va kumush tangalar chiqariladi, lekin barcha pul va tovar qiymatlari unga nisbatan belgilanadigan bitta pul birligiga asoslanadi. Har bir tanga shu birlikka asoslanib zarb qilinadi va bu tangalar mamlakatning pul muomalasida aylanadi. Oltin-kumush standartini qo‘llaydigan davlatlarda qog‘oz usuli esa oddiygina shuni anglatadiki, davlat talab qilinganda oltin va kumushga almashtirilishi mumkin bo‘lgan qog‘oz pul, ya’ni qog‘oz valyutadan foydalanadi. Bunday standartni ikki usulda yuritish mumkin. Birinchi usulda davlat qog‘oz pulni ma’lum joyda pul yoki xom metall sifatida saqlanayotgan ma’lum miqdordagi oltin va kumushni ifodalashga majburlaydi. Bunda bu miqdorning metall qiymati qog‘oz pul ifodalagan nominal qiymatga teng bo‘ladi va banknotalar talab qilinganda almashtirilishi mumkin. Bu ichki qiymatga ega qog‘oz pul deb ataladi. Ikkinchi usul esa davlat qog‘oz pul ega bo‘lgan hujjatni ifodalashi kerak deb hisoblaganda qo‘llaniladi, bunda imzo qo‘ygan shaxs hujjat egasiga talab qilinganda ma’lum miqdordagi pulni to‘lashni va’da qiladi. Bunday holda qog‘oz pul chiqarilgan nominal qiymatga metall qiymati teng bo‘lgan oltin va kumush miqdorini ifodalamaydi; biroq pul chiqaruvchi muassasa, ya’ni bank yoki davlat xazinasi, nominal qiymatdan kamroq miqdordagi oltin va kumushni saqlaydi, masalan, qiymatning uch chorak, uch ikki, uch bir, to‘rtdan bir yoki nominal qiymatning boshqa har qanday foizi miqdorida. Masalan, bank yoki davlat xazinasi 500 million dinor qiymatidagi qog'oz pul chiqaradi va o'z sayfalarida faqat 200 million dinor qiymatidagi oltin va kumushni saqlaydi. Bu turdagi qog'oz pul fiduciar qog'oz pul deb ataladi. Metall zaxiralari oltin zaxiralari yoki oltin qoplama deb ataladi. Har holda, bunday shartlar asosida pul chiqaradigan mamlakat aslida oltin standartida ish yuritayotgan bo'ladi.

When issuing money, countries may either adopt the gold and silver standard, or the non-exchangeable paper money. As for the countries which operate the gold and silver standard, they follow two methods of issuing: the metallic money method, i.e. either the single/dual metallic standard or the paper money method. The metallic method is where gold and silver coins are issued by minting pieces of gold or silver to represent various values, but based on one monetary unit to which all the various values of money and goods would be referred. Each piece would be coined to be based on this unit, and these pieces would be circulated as the country’s currency. The paper method used in the countries which operate the gold and silver standard means simply that a country would use paper money i.e. paper currency that can be exchanged to gold and silver upon demand. Two methods can be used in operating such a standard; the first method is when a country makes the paper money represent a certain amount of gold and silver deposited in a specific place as money or bullion. In this case, this amount would have a metallic value equal to the nominal value which the paper money holds and the notes can be exchanged on demand. This is known as intrinsic paper money. As for the second way, this would be used when a country decides that the paper money should represent a document in which the undersigned, promises to pay the bearer on demand a certain amount of money. This paper money would not in this case represent the amount of gold and silver which has a metallic value equal to the issued nominal value; the issuing house, be it a bank or a government treasury, would however maintain a lesser amount of gold and silver than its nominal value, for example, three-quarters of the value, two thirds, one third, a quarter or any other percentage of the nominal value. For instance, a bank or the State’s treasury would issue paper money worth 500 million Dinars and maintain in its safes 200 million Dinars worth of gold and silver only. This type of paper money is known as fiduciary paper money. The metallic reserves are known as gold reserves or gold cover. In any case, a country which issues money under these conditions would in fact be operating the gold standard.

Bu shuni ko'rsatadiki, o'zida ichki qiymatga ega bo'lgan vositalar, ya'ni oltin va kumush, o'zlari pul hisoblanadi va pulning asosi bo'lib xizmat qiladi. Lekin har bir davlat o'ziga xos usulni, shaklni, og'irlikni, zarb qilish tartibini va boshqa jihatlarni tanlaydiki, shu orqali uning pulini boshqa pullardan ajratib turish mumkin bo'ladi. Davlat, shuningdek, oltin va kumushga asoslangan, ichki qiymatga ega qog'oz pulni kelishishi mumkin, bu pul mamlakat ichida va tashqarida muomalada bo'lishi yoki faqat xorijiy ayirboshlashlarda ishlatilishi mumkin. Davlat, shuningdek, nominal qiymatining ma'lum qismi oltin bilan ta'minlangan, ya'ni oltin zaxirasi uning oltindagi qiymatidan kam bo'lgan fiduciar qog'oz pulni ham kelishishi mumkin. Bu qog'oz pullar muomalaga chiqarayotgan davlatning puliga aylanishi va boshqa valyutalardan farqlanishi uchun o'ziga xos shakl va bosmaga ega bo'lishi kerak.

This demonstrates that the media which possess an intrinsic power i.e. gold and silver, are in themselves money and are the basis upon which money is based. However each country chooses her own specific method, shape, weight, mint, etc. so that she can distinguish it from other money. A country may also agree on an intrinsic paper currency based on gold and silver either circulating in the country and abroad, or used only in foreign exchanges. A country could also agree upon fiduciary paper money, backed by gold for a certain amount of its nominal value i.e. it would have a gold reserve less than its value in gold. These papers would have a specific shape and print so that they become the currency of the issuing country and so that they are distinguished from other currencies.

Qog'oz pul standarti almashtirilmaydigan mamlakatlarga kelsak, ular oltin, kumush yoki boshqa qimmatbaho metallga belgilangan kurs bo'yicha almashtirilmaydigan banknotalarni chiqaradi. Shu sababli, bu banknotalarni chiqaruvchi muassasa talab qilinganda ularni oltinga ma'lum narxda almashtirishga majbur emas. Bunday mamlakatlarda oltin boshqa har qanday tovar kabi, talab va taklifga ko'ra vaqti-vaqti bilan narxi o'zgarib turadigan mol sifatida qaraladi. Bu banknotalar metall zaxirasi bilan ta'minlanmagan va metall pulga almashtirilmaydi. Ular faqat qonuniy qiymatga ega bo'lib, o'zida ichki kuch mavjud emas va ichki kuchga tayanmaydi. Ular muomala vositasi sifatida kelishib olingan birlikni ifodalaydi, va uni muomala vositasiga aylantirib, uning yordamida shaxs tovarlar va xizmatlarni sotib olishi mumkin bo'lgan kuchni qonun beradi. Uning kuchi uni chiqargan va o'z valyutasi sifatida ishlatayotgan Davlatning kuchidan kelib chiqadi.

As for the countries who operate a non-exchangeable paper money standard, they issue bills which are not exchangeable to gold or silver or any precious metal with a fixed rate. Therefore, the institution which issues these bills is not liable to exchange these bank notes for gold at a specific price on demand. Gold in such countries is treated just like any other commodity whose price fluctuates from time to time according to supply and demand. These bank notes are not backed by a metallic reserve, nor are they exchangeable to metallic money. They only hold a legal value and do not possess an intrinsic power, nor do they depend on an intrinsic power. They merely represent a unit that has been agreed upon as a means of circulation, and it is the law that gives it the power to become a means of circulation, with which a person may acquire goods and services. Its power is derived from the power of the State who issues it and who uses it as her currency.

Shunday qilib, pul yuqorida zikr etilgan usullarda chiqarilganligi sababli, har qanday davlat jamiyatning mol va xizmatlarga bo‘lgan bahosini ifodalovchi biror narsa to‘g‘risida kelishib olishi mumkin, agar bu narsa xarid qobiliyatiga ega bo‘lsa, ya’ni shu narsa yordamida kishi o‘sha davlatdan mol va xizmatlarni sotib ola olsa. Demak, har qanday davlat jamiyatning mol va xizmatlar qiymatiga bergan bahosini ifodalovchi, aniq va o‘ziga xos xususiyatga ega bo‘lgan valyutani chiqarishi mumkin, ya’ni shunday pulki, u orqali har qanday kishi chiqaruvchi davlatda, o‘sha pulga berilgan qiymatga ko‘ra, mol va xizmatlarni sotib ola oladi. Boshqa davlatlar esa, o‘z navbatida, uning mol va xizmatlarini sotib olish uchun, aynan chiqaruvchi davlatning valyutasini tan olishga majbur bo‘ladi.

Since money is issued in the above mentioned ways, any country could therefore agree upon something which expresses the society’s estimate of goods and services, as long as this thing has purchasing power with which a person could acquire goods and services from that country. Therefore, any country could issue a currency that has a fixed and a distinguished quality, which expresses the society’s estimation of the value of goods and services i.e. a money with which any person could acquire goods and services in the issuing country, according to the value given to that money. It is the issuing country which forces other countries to recognise her currency so that these countries could acquire from her goods and services.

Davlat Xalqaro valyuta fondi, Jahon banki, markaziy bank yoki boshqa biron-bir muassasaga muhtoj bo‘lmas edi. Birlikning tovarlar va xizmatlarni olishdagi kuchi uni o‘zi bilan pul birligiga aylantirishga yetarli bo‘lar edi: oltin va kumush kabi o‘z-o‘zidan, yoki oltin va kumushga bog‘liqligi orqali, masalan, o‘zining nominal qiymatini oltin va kumushda ifodalaydigan ichki qiymatga ega qog‘oz pul, yoki zaxirada ma’lum miqdordagi oltin va kumushga ega bo‘lish orqali, xuddi fiduciar qog‘oz pulda bo‘lgani kabi. Bu, shuningdek, majburiy qabul qilinishi bilan qonuniy to‘lov vositasi bo‘lganligi tufayli ham bo‘lishi mumkin, bu esa odamga u bilan tovarlar va xizmatlarni sotib olish imkonini beradi, masalan, almashtirilmaydigan qog‘oz pul, ya’ni banknot kabi.

A country would not need to depend on the International Monetary Fund, the World Bank, a central bank or any other institution. The strength of the unit in obtaining goods and services would be sufficient to turn it into a currency either by itself, such as gold and silver, or by its dependence on gold and silver e.g. intrinsic paper money which represents its nominal value in gold and silver, or through having a certain amount of gold and silver held in reserve, as is the case with fiduciary paper money. This may also be due to it being a legal tender with enforced acceptability which allows a person to acquire with it goods and services, such as the non-exchangeable paper money i.e. the banknote.

Avvallari davlatlar oltin va kumush bilan savdo qilar edi, bunda har bir davlat o‘z pulini boshqa davlatlar pullaridan ajratish uchun oltin va kumushiga belgilangan aniq tamg‘a (belgi) kelishib olardi. So‘ngra har bir davlat oltin va kumush bilan birga, aniq ajratilgan belgiga ega qog‘oz pul chiqarardi. Keyinchalik davlatlar oltin va kumush zaxiralarini saqlagan holda qog‘oz pul chiqarish to‘g‘risida kelishib olishdi. Shunday qilib, dunyoda uch turdagi pul mavjud edi: oltin va kumushdan yasalgan metall pul, ichki qiymatga ega qog‘oz pul va almashtirib bo‘lmaydigan banknotalar.

Countries in the past used to deal in gold and silver, whereby each country would agree upon a specific fixed character for her gold and silver in order to distinguish her money from other countries’ money. Each country would then issue alongside the gold and silver paper money with a fixed distinguished character. Then the country would agree upon the issuing of paper money while maintaining gold and silver reserves. There was therefore three types of money in the world: metallic money made of gold and silver, intrinsic paper money and non-exchangeable banknotes.

Ikkinchi jahon urushining tugashidan 1971 yilgacha butun dunyo asosan ikki asosiy turdagi pulda, ya'ni metall pul va uch turdagi qog'oz pulda muomala qilgan. Biroq 1971 yildan boshlab butun dunyo faqat majburiy qabul qilinadigan, ayirboshlanmaydigan qog'oz pul standartiga, ya'ni qonuniy to'lov vositasiga o'tdi. Shu vaqtgacha AQSh prezidenti Nikson Bretton-Vuds deklaratsiyasini haqiqiy emas deb e'lon qildi va shu bilan dollar bilan oltin o'rtasidagi bog'liqlikni uzdi.

Since the end of the Second World War and until 1971, the whole world used to operate two main types of money, the metallic and the paper money with its three types. However, since 1971 the whole world began operating exclusively the non-exchangeable paper money standard i.e. the legal tender with enforced acceptability, until the U.S. president Nixon declared the Bretton Woods Declaration null and void, thus severing the link between the dollar and gold.