One function of banks is to make it possible for you and me to consider our IOU's as equivalent even though they are owed by different banks or the government. Most of my "dollars" are actually numbers in a bank account, which record an IOU from the bank to me. If I give you a dollar, the Government owes you one more dollar and me one dollar less. A dollar bill is an IOU from the Government. All the great apes seem to behave in this way to some degree.īringing the discussion into the 21st century, we see that money is just a standardized form of an "IOU". It is embedded in a wider set of customs that add up to encouragement of behaviors that tend to bind he community together while discouraging freeloaders and cheaters. It's based on sharing, generosity and reciprocity between friends and neighbors. Such a system is not "communism", where all goods are held in common, no matter how and by whom they were produced. If I'm in bad shape and have nothing to give in return, it would not be unusual for the fish to keep appearing at my door (perhaps even more frequently). Perhaps at some point, I'd mow your lawn or give you a basket of berries, or jam from my last berry picking trip. On the other hand, we would tacitly understand that this establishes a debt.
It would not be unusual at all for you to show up at my door and offer me a fresh salmon "for free". Say, you go fishing and catch 5 nice big salmon. Rough standards might emerge (eggs for field work), but the underlying sentiment was "we're all in this together". We also have times, such as the "Dirty 30's" where, for technical reasons, nobody had "money" but everybody had more than they need of some things and/or spare time available to "work". This can be seen when "cash" is in short supply or in small groups (families, neighbors) who exchange goods and services without cash, even indignantly refusing cash when it would be perfectly sensible when interacting with a stranger. There is scant evidence that "cash" arose out of this situation. Otherwise, so the story goes, you and I would simultaneously want something somebody else had (say, you have more fish than you need and I have extra sheep). It turns out that I don't have much more to say about the "Zen of Value".ĭiscussions about how money originates often start with the fable that it evolved to facilitate trade and "store value".
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