Citation – notoriousfate

Richard Davis, in the New York Times article,”The Fiction That Makes the World Go Round” discusses the concept of money and explores its abstractness. Davis concludes that money only has value “When everyone in an economy agrees [it] will.” This idea that money is a social agreement in a society is essentially how all things in the world work and have worked. Davis uses examples of “Kublai Khan” as an early example of a monetary system being established and continues on to use an example from just under 15 years ago: the recession that took place in 2008. Davis illustrates how money has evolved since the 1200s, yet society can just decide that money is useless and the whole economy would crash.

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