The Invention of Money-Drew Mueller

There is no topic quite as nimble and obscure as money. Currency, conceptually, has been around for millennia. It is used a symbol representing a noun’s value. However, a key component to the monetary system is the unconditional support and belief of the contributors. Capital has now become an abstraction used to maintain order where there would otherwise be anarchy.

To accurately conceptualize capital we must first briefly summarize its advent. Human’s superior intellect allowed us to dominate the food-chain and spread throughout the world. In their progress, humans’ basic survival instincts became somewhat second nature; we advanced to understand how to manipulate life necessities. Those who gained proficiency over one aspect, would trade what they owned for other valuables they did not. This is bartering, the seed of foundation of which modern economies sprang forth.

Human curiosity virtually assured that appealing commodities with no intrinsic value became involved this system. An NPR broadcast by Jacob Goldstein and David Kestembuam, reporters for the program, briefly describe an example of this scenario. “But hundreds of years ago, explorers from Yap found limestone deposits on an island hundreds of miles away. And they carved this limestone into huge stone discs, which they brought back across the sea on their small bamboo boats.” The people of Yap admired the physical qualities of this limestone and held them in the highest regard. Not only did they place high value on these fei, they also used them as a representation of their wealth, currency.

Though it seems logical for systems of trade to be conjured, monetary systems are almost entirely illogical. Creating imaginary value and placing it on meaningless objects seemingly makes no sense. Without it people would quickly feel lustful. Without a means to gain what others have, society would crumble.

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3 Responses to The Invention of Money-Drew Mueller

  1. muellera0's avatar muellera0 says:

    Honestly I became very lethargic at the end, when I realized that this was not supposed to be an essay, and more of a reflection. Sorry, Feedback is always appreciated

    Feedback provided, —DSH

    • davidbdale's avatar davidbdale says:

      You had me at nimble and obscure, Drew. By all means write an essay. The parameters are flexible to permit a wide range of responses, not to restrict you from a narrower approach.

      A couple of specific questions. 1) Do you mean manipulate life’s necessities or something else similar but different? 2) Why does curiosity make it inevitable that items of no intrinsic value would be used?

      What story did I just hear about pilgrims and letters of credit? Oh. Check to see if anybody credits the Knights Templar with inventing modern banking. I think they provided pilgrims(?) or crusaders(?) with letters that could be redeemed in the destination country for funds deposited with the Knights back home. This way, travelers couldn’t be robbed of their currency. Nobody but the owner could redeem the accounts.

      Anyway, you clearly know how to write an essay. Remove your post from the Author category, please.

  2. davidbdale's avatar davidbdale says:

    Lucky for you, you can snap out of your lethargy on the Rewrite, which is in fact supposed to be “more like an essay” and less of a reflection. And I will return to provide feedback on that. What if anything did you discover about the Knights Templar?
    —Watch

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