Question

Why did cavemen not need money?
(b) Ali is a young doctor who lives in a country with a legal and financial system that is inefficient. When Ali applied for a mortgage (house loan), he discovered that most banks demanded up to 300% of the loan sum as collateral (Security). Explain why banks in such a financial system would need so much collateral. Consider the implications of such a scheme for economic development in such country.
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Answer 1

Answer:

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Answer 2

Answer:

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