The Evolution of Money
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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