 Barter, in trade, barter derived from barator is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using the medium of exchange, such as money. Economists distinguish barter from gift economies in many ways. Barter, for example, features immediate reciprocal exchange, not delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral i.e., mediated through a trade exchange. In most developed countries, barter usually only exists parallel to monetary systems to a very limited extent. It's actors use barter as replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable e.g., hyperinflation or a deflationary spiral are simply unavailable for conducting commerce. Economists since the times of Adam Smith 1723-1790 looking at non-specific pre-modern societies as examples, have used the inefficiency of barter to explain the emergence of money, of the economy, and hence of the discipline of economics itself. However, ethnographic studies have shown that no present or past society has used barter without any other medium of exchange or measurement. Barter anthropologists found evidence that money emerged from barter, instead finding that gift giving credit extended on a personal basis with an inter-personal balance maintained over the long term was the most usual means of exchange of goods and services.