The Evolution of Money

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The Evolution of Money Page 42

by David Orrell


  Office of Naval Research, 151

  oil, 112

  100 percent banking, 181

  online gaming, 29

  online journals, 231

  On the Minting of Coin (Monetae cudendae ratio) (Copernicus), 80

  “On the Origins of Money” (Menger), 13

  open-access online journals, 231

  Opening of the Universe, The (Brahmagupta), 57

  open-source software, 230

  opposites, 35–36

  oracle, 22

  ordoliberalism, 96

  Oresme, Nicolas, 69, 88, 180

  Organisation for Economic Co-operation and Development (OECD), 3, 225, 267n27

  Orrell, David, 48

  “Other Bitcoin Power Struggle, The” (Clenfield and Alpeyev), 264n5

  Outline of Money, An (Crowther), 13

  Overstone (baron), 95

  Ovid, 25

  Oxford University, 62, 225

  Pacioli, Luca, 8, 57

  Palatinus, Marek, 210–13

  Palgrave, R. H. Inglis, 249n29

  pan-Arab currency, 136

  Panquetzaliztli, 76

  paper currencies, 82, 84–86, 250n6. See also banknotes; fiat currencies

  paradox of thrift, 148

  Paris, France, 61, 62, 208–9

  patriarchy, 115

  Patterson, Orlando, 27

  “Paul A. Samuelson, Economist, Dies at 94” (Weinstein), 139

  Paulson, Henry, 123

  Paym, 193

  peiron. See Limited

  Pennsylvania, 101, 188

  penny, 59

  Pense, Alan, 241n35

  People’s Bank of China, 116–17, 129

  per capita gross domestic product (GDP), 167

  Persia, 22

  personal property, 24–26

  persons, 243n8

  Peru, 77

  Peruzzi, 66, 70–71

  peso de ocho. See piece of eight

  Pfeffer, Jeffrey, 167

  Philadelphia, Pennsylvania, 188

  Philip IV (king), 61

  Philip of Macedon, 22

  physics, 45, 217. See also Newtonian physics; quantum physics

  piece of eight (peso de ocho), 79

  Piff, Paul, 73

  Piketty, Thomas, 156, 224

  Pingit, 193

  Plaso, 214

  Plato, 37, 39

  pleasure, 166

  Pliny the Younger, 25

  political influence purchasing, 124–25

  politics, 123–26

  Politics (Aristotle), 10

  Polo, Marco, 64–65

  Polyant, Karl, 72

  pope, 66

  Portugal, 77

  positive-feedback mechanism, 161, 181

  Post-Crash Economics Society, 172–73

  pound (libra), 32

  pound sterling, 32, 89–90, 128

  power, 52

  power relationships, 120–23, 225–26

  Pownall (governor), 140

  precious metals, 56, 75, 78. See also gold; silver

  prices: in economics, 154; of gold, 161–63, 162, 242n46, 243n10; as just, 62–63, 72, 78, 80, 234, 236; in neoclassical economics, 151–52; power relationships influencing, 225–26; revolution, 80; theory of, 244n14; value reflected by, 158, 226–27

  primary creditor, 67

  Princeton University, 180

  Principles of Economics (Marshall), 40, 157

  Principles of Political Economy (Mill), 143

  printing, 84–86

  private banks, 103, 121–22

  private companies (publicani), 25

  private debt, 112, 145, 147

  promissory notes, 56, 65

  proof-of-stake altcoins, 208–9

  property, 24–25, 27–28, 87–88. See also mortgage

  prosperity certificates, 185–86

  prostitutes, 52

  publicani. See private companies

  public debt, 111–12

  public memory, 209–10

  Putin, Vladimir, 128

  Pythagoreans, 34–37, 48, 57, 237

  Qatar, 136

  QE. See quantitative easing

  quachtli. See cotton capes

  quality of life, 68

  quantification, 9

  quantifying, 52–54

  quantitative easing (QE), 177–81, 225

  quantity theory of money, 143–45

  quantum coin, 45–48

  “Quantum Money and the Reserve Question” (Eisenstein), 245n37

  quantum physics, 45, 48, 163, 245n33, 260n95

  quarters, 38

  Quebec, Canada, 172

  Quinn, J. Kevin, 120, 234

  quinto real. See royal fifth

  Ra, 19

  Rabot-Blaisantvest area, 188

  Radia, Amir, 94

  Ragan, Christopher, 14

  Rand, 151

  rational animal, 62–63, 73

  rationality, 62–63, 121

  Reagan, Ronald, 145

  real estate market, 254n25

  reality, number versus, 51

  real wealth, virtual wealth confused with, 119

  recapitalization, 113–14

  recoinage, 69–70

  Reconstruction Finance Corporation, 251n17

  Records of the Grand Historian, 32

  redesign, 222–28

  reference currency, 106

  Reich, Justin, 171

  Reich, Robert, 123, 233–34

  relationships, 29, 120–23, 225–26

  relative wealth, 167

  remittances, 201–2

  Renaissance, 70, 78

  reserves, 249n39, 250n9

  resource curse, 81

  Resources for Human Development (RHD), 188

  Rethinking Economics, 172–73

  Reuters, 136

  reverse, 38

  revolving-door phenomenon, 123–24

  RHD. See Resources for Human Development

  Ricardo, David, 95

  Richardson, Gordon, 258n53

  Rickards, James, 252n36

  right hemisphere, 40

  rights, property, 27–28, 87–88

  Ripple Labs, 218

  risk models, 155–57

  Ritschl, Albrecht, 126

  Robbins, Lionel, 115–16

  Robinson, Joan, 150

  robots, 226

  Rockefellers, 122

  Role of Money, The (Soddy), 121–22

  Roman Empire, 24–28, 46, 50, 69, 77, 127; collapse of, 55, 56; soldier, 242n44

  Roman Senate, 24

  Roman system, 57

  Rome, Italy, 56

  Roosevelt, Franklin Delano, 8, 106, 123, 185

  Rothschild, Mayer Amschel, 139

  Rousseau, Jean-Jacques, 215

  royal fifth (quinto real), 77–78

  Royal Mint, 87, 88–90, 94

  ruble, 134, 182, 183

  Ruggle, John, 132

  Russell, Bertrand, 33

  Russia, 106, 134, 182, 193, 227, 250n6

  Rutherford, Ernest, 118

  Sacred Economics: Money, Gift, and Society in the Age of Transition (Eisenstein), 245n37

  Sahagún, Bernardino de, 76

  sakk. See checks

  Salvian of Marseille, 127

  Samuelson, Paul, 13, 42, 139, 149

  Sandel, Michael J., 227

  Sargent, Tom, 156

  Say, Jean-Baptiste, 141

  Scandinavia, 225

  scarcity, 169–70, 177

  Schneider, Nathan, 218–19

  Scholastic economics, 62–63, 78, 80

  Schopenhauer, Arthur, 55

  Schumpeter, Joseph, 95

  science, 78

  Scotland, 98–99

  Scott, Brett, 215

  scrips, 8, 101, 144, 185–86. See also shekels

  SDRs. See special drawing rights

  seal, 112

  Securities and Exchange Commission (SEC), 123, 124

  Sedláček, Tomáš, 229, 234, 255n2

  seignorage
, 58, 69, 200

  selling, 246n7

  Senate, U.S., 104

  SETLcoin, 210

  sex, 52

  Shakespeare, William, 64

  sharing, 232–34

  shekels, 17, 18, 32, 39

  shepherds, 11

  Shiller, Robert, 155

  Shock Doctrine: The Rise of Disaster Capitalism, The (Klein), 256n27

  shopping therapy, 168

  Siam. See Thailand

  Silk Road, 64–65, 70, 199

  silver, 11, 22, 23, 54, 59, 75, 76–78, 241n35; China importing, 82, 129; crisis, 86–88; demonetization of, 249n34; denier, 59; dollar, 79, 79–80, 90, 249n32; gold buying, 89; shekels, 17, 18, 32, 39

  Silver, Morris, 241n24

  simec, 189

  Simitiere, Pierre Eugene du, 121

  Simms, Andrew, 124

  Singer, Peter, 167–68

  Singh, Manmohan, 128

  single currency, 181–83, 194

  60 Minutes, 112

  skilled wages, 247n34

  slavery, 18, 28, 77

  slaves, 23, 27–28

  Slump Ahead in Bonds (Angas), 249n28

  small businesses, 184

  smallpox, 76–77

  Smith, Adam, 11, 15, 19, 92, 140–42, 151, 154, 172, 205, 207, 218, 266n45. See also invisible hand

  Smithin, John, 14

  social, 8, 168, 225, 229

  Social Credit government, 185

  Soddy, Frederick, 118–19, 120, 121–22, 126, 151, 164, 181

  solidus, 26

  Solow, Robert, 259n80

  Somalia, 193

  Somaliland, 193

  Soto, Hernando de, 209

  sous, 59, 65

  southern Italy, 35

  South Sea Bubble, 91

  sovereign, 67, 90

  Soviet Union, 67, 183, 233

  spaceman economy, 169, 221–22

  Spain, 80–81, 82, 129

  Spanish Armada, 81

  Spanish dollar, 100, 249n32

  Sparrow, John, 249n29

  Sparta, Greece, 227

  special drawing rights (SDRs), 108, 128, 130

  Sperry, Roger, 40

  square numbers, 57

  Srinivasiengar, K. R., 40, 244n14

  Stallman, Richard, 230–31

  Stamp, Josiah, 249n28

  stamps, 21, 38, 87, 88, 121, 201; prosperity certificate, 185–86; scrip needing, 144. See also chartalism

  Stamp Scrip (Fisher), 185

  Stanford University, 41

  Starbucks, 191, 192

  state, 29, 83–84, 85, 179–81

  stater, 20

  State Theory of Money, The (Knapp), 42–43

  Stein, Gertrude, 1

  Steuart, James, 83–84, 86

  stock market flotations, 91

  stores, 8, 9

  Strange, Susan, 118, 127

  subprime crisis. See Great Financial Crisis

  Subramanian, Arvind, 130

  Sumerians, 15–18, 52

  Summa de arithmetica (Pacioli), 57

  supercoin, 214

  superwealthy people, 167

  supply chains, 28, 267n26

  Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 155

  Sweat, 192

  Sweden, 205

  Swiss franc (CHF), 184

  Swiss Wirtschaftsring (WIR) Bank, 184

  Switzerland, 181, 202

  symbol, 38

  tails, 38, 243n8

  tallies, 60

  TARP. See Troubled Asset Relief Program

  taxes, 77–78, 228

  Taylor, Geoffrey, 217

  teachers, 62

  Temple of Artemis, 20

  temples, 52, 75, 86, 115

  Tencent, 193

  Tenochtitlan, Mexico, 76–77

  Terpin, Michael, 210

  tetradrachm, 23

  Texas International Airlines, 190

  Thailand, 15

  thalers, 79

  Thales, 33–34

  Thatcher, Margaret, 145

  Theory of Political Economy, The (Jevons), 142

  things, 243n8, 244n27

  This Changes Everything (Klein), 222

  Thomas, Ryland, 94

  Thus Spoke Zarathustra (Nietzsche), 118

  Tietmeyer, Hans, 261n10

  tokens, 20–21, 30, 192

  Tolstoy, Leo, 220

  Toner, Jerry, 27

  tool libraries, 232–33

  Torekes currency, 188

  Toronto Tool Library, 232

  total information awareness, 121

  trades, 64, 66, 80–82, 84, 246n23

  transactions, money object, 47–48

  travelers checks, 61

  Treasury Department, 202–3, 251n19

  TREZOR, 210

  Troubled Asset Relief Program (TARP), 123, 146

  Truck Acts, 8. See also barter

  trust, 66–68, 166

  Truth or Beauty (Orrell), 48

  tulip mania, 91, 116, 163

  Turkey. See Miletus, Greece

  Turner, Adair, 111, 155, 180

  Tversky, Amos, 166

  2007-2008 financial crisis. See Great Financial Crisis

  Two Treatises on Government (Locke), 87–88

  Uber, 232, 233–34

  UCLA. See University of California-Los Angeles

  U.K. Payments Council, 205

  Ukrainian crisis, 134

  Ulbricht, Ross, 199

  unbanked, 202

  uncertainty, 160–64, 162, 234

  Understanding Media: The Extensions of Man (McLuhan), 1

  unemployment, 101, 178–79, 249n46

  United Continental, 190

  United Kingdom (UK), 109, 113

  United States (U.S.), 8, 90, 96, 97, 100–110, 113, 123, 261n11; CEOs in, 225; dollar, 126–28, 136; economics influenced by, 151–52; elite running, 180; eye of providence influencing, 121; on gold, 249n38; gold standard influencing, 106; hyperinflation, 250n7; Louisiana purchased by, 100; QE in, 225; unskilled workers in, 225

  units of account, 9, 44, 59

  universe, 35–36

  university, 62

  University of California-Los Angeles (UCLA), 168

  University of Los Angeles, 229

  Unlimited (apeiron), 34, 35

  unskilled workers, 225

  upward social mobility, 225

  Ur, 16

  usury, 62, 63–64, 78, 234, 246n24

  utility, 142

  utopia, 220–38

  Valovaya, Tatiana, 135

  value, 40–42, 44, 74, 116; of cybercurrency, 216, 218–19; definition of, 244n14; exchange, 140–41; intrinsic, 86–88, 153–54, 205–6; investors, 161; labor as, 141; number’s relationship with, 229–30, 243n8; prices reflecting, 158, 226–27; quantifying of, 52–54

  value at risk (VaR) formula, 154

  Varoufakis, Yanis, 228

  Vasella, Daniel, 167

  Veblen, Thorstein, 168

  velocity, 144–45, 185

  Venezuela, 202, 214, 233

  Venice, Italy, 59, 64, 246n20

  Veracruz, Mexico, 75

  Vespucci, Amerigo, 75

  Vietnam War, 106

  Vilks, Andris, 134

  Virgin Mary, 115

  virtual: credit, 54; currencies, 39, 47, 55, 115; economy, 170–71; money, 39, 45, 55–73, 109, 112–15; particles, 45; wealth, 119. See also female principle; male principle

  Visa, 109

  Vodafone, 192–93

  Voltaire. See Arouet, François-Marie

  vouchers, 8

  wages, 28, 225, 242n44, 247n34

  Wallich, Henry, 226

  Walras, Leon, 141–42, 150

  war, 19, 21–22, 26, 106, 126, 186

  Wära, 185, 186

  Warburgs, 122

  WAT, 188, 189

  water, 33–34

  Watt, James, 169

  wealth, 56, 80–82; as absolute, 167; brain influenced by, 73; destruction, 119; distribution, 224; happiness’s r
elationship with, 3, 165–68; real, 119; as relative, 167; virtual, 119

  Wealth, Virtual Wealth, and Debt (Soddy), 119, 181

  Wealth of Nations, The (Smith), 11, 140–42

  weaponization, 126

  Weatherford, Jack, 115, 241n28

  WeChat, 193

  Weinstein, Michael M., 139

  Wellink, Nout, 163

  Wen (emperor), 32

  West African Communauté financière d’Afrique (CFA) franc, 134–35

  Western Union, 202

  Westminster, 60

  West Seattle Tool Library, 232

  Whalen, Christopher, 123

  What Is Money? (Smithin), 14

  “What Is Money?” (Mitchell-Innes), 14–15, 55

  “What Shall We Do Then?” (Tolstoy), 220

  “What Theory? The Theory In Mad Money” (Strange), 118

  wheat, 19

  White, William, 153, 172, 257n43, 260n94

  white gold, 20

  “Why This Crisis? And What To Do About It?” (Lietaer), 176

  Wikipedia, 237

  William III (king), 85

  Williams, Jonathan, 250n7, 250n9

  Wilson, Effingham, 42

  “Wisdom of Life, The” (Schopenhauer), 55

  witches, 70, 115

  Wolf, Martin, 156, 181

  women, 68, 70, 115–17

  Wonderful Wizard of Oz, The (Baum), 90

  worgl money, 185, 186

  work-on-demand services, 233–34

  World Bank, 127

  World of Yesterday, The (Zweig), 95–96

  World War II (WWII), 186

  Wray, L. Randall, 15, 111, 133, 164

  Xenophanes, 34

  Xenophon, 115

  XRP, 218

  yin-yang system, 35–36

  Young, Thomas, 217

  yuan, 128–31

  Zaad, 193

  zero, 57

  Zerocoin, 205

  Zero Hedge, 190

  zero-sum game, 83

  Zeus, 22

  Zimbabwe, 102, 137

  Zimmermann, Werner, 184

  Zinser, Michael, 171

  Zweig, Stefan, 95–96

 

 

 


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