Economics, Anthropology and the Origin of Money as a Bargaining Counter

Description

For many decades economists have disputed with economic anthropologists over the origins of money. Economists claim that money emerged from barter exchange; anthropologists claim that it originated as a ‘unit of account’ in the temples and palaces of ancient Mesopotamia. This book argues that money originated as a bargaining counter in a system of money-bargaining, emerging almost seamlessly from barter-bargaining. This is not the ‘money’ of mainstream economic conception – a ‘veil’ cast over a system of resource allocation defined in mathematical terms. Confidence in the bargaining counter is sustained through ‘support-bargaining,’ a process in which individuals seek the support of their associates but seek at the same time to advance their own interests. A comprehensive ‘Introduction to Support-Bargaining and Money-Bargaining’ is provided by the work. The arrival of coin-money is recognised by many as a crucial event in the history of mankind, and it is argued here that the distinctive character of support-bargaining in ancient Greek city statesmade possible the introduction of coin-money. The dependence of coin-money on a particular form of support-bargaining also suggests the reason why coin-money was not introduced much earlier, given that the technology for producing coins was available long before their adoption. This book will be of great interest to researchers in the history and origins of money, banking and economic theory more broadly. Cover Half Title Series Information Title Page Copyright Page Dedication Table of Contents Introduction Notes References Introduction to Support-Bargaining and Money-Bargaining Support-Bargaining… …and Money-Bargaining… …their Interlinking… …and Their Evolution Notes References 1 Support, Support-Bargaining and Social Debt Childhood and the Assumption of Social Debt Situation and Interests Loyalty and Rigidity Notes References 2 Support, Violence, Homer, Malinowski Material Aspects of Violence Military Organisation The Homeric Code and Material Intrusions A Pacific Alternative: The Kula Code Notes References 3 Support and the Organisation of Faith Religious Organisation Notes References 4 Intellectual Support-Bargaining and Frames of Reference The ‘Frames of Reference’ Idea Theories, Frames and Situations Socialism, Polanyi and Economic Anthropologists Support-Bargaining and Money-Bargaining as Frame of Reference Historical Frames Notes References 5 Polanyi, Gifts and Markets Speaking Frankly Polanyi: Reciprocity and Redistribution Polanyi: Embedding and Interlinking Theory and Practice: Microeconomics and Macroeconomics Transformation By Companies Markets as Confluence Notes References 6 Words, Maths and Money Linguistic Codification of Information Word Association in the Acceptance of Money Sin, Debt and the Christian Church By Association: Compensation and Taxation Graeber’s Word Association Visual Codification in the Acceptance of Money Mathematical Codification of Information Ingham’s Sociological Approach Notes References 7 Barter, Credit and Money Money as Credit Commodity and Credit Complement and Conflict in Support-Bargaining and Money-Bargaining Barter and the Origins of Money Deferred Barter ‘Primitive Money’ and National Money The Purchasing Power of Money Barter in Modern Times The Emergence of Money From Barter Barter in Congo and New Guinea Makeshift and Money Money and Coin-Money French Institutionalist Theories of Money Notes References 8 Graeber, Smith and Capitalism Barter, Credit and Politics Not Ending Capitalism Notes References 9 State Money and Corporate Budgets Hudson and Heichelheim Organisations and Budgeting Organisational Debt and the Origin of Money Money Valued in Taxation Attitudes to Taxation Mercenaries and the Origin of Money Notes References 10 Knapp, Keynes and the State Theory of Money Knapp’s State Theory of Money Categories and Chartalism Chartalism and Politics Support-Bargaining, Acceptance and Purchasing Power Keynes and the State Theory of Money Definitions and Frames of Reference The Sparkle of Precious Metals Definitions and the Significance of Coinage Definition and Redefinition in the Thesis and General Theory The Influence of the Frame of Reference Notes References 11 Coins and Greek Feasts Greek Flux and Mesopotamian Stability Greek Feasts and the Adoption of Coinage Opponents of Coinage Pre-Coinage Money in the Near East Retail Trade and the Denominations of Coins Coinage and the State Coinage and Individual Advantage The Individualism of Credit Exchange and Definitions in Finley’s Ancient Economy Alternative Definitions Economics, Money-Bargaining and Slavery Notes References 12 Conclusion: Money as a Bargaining Counter Putting Bargaining Counters Into Circulation The Earliest Bargaining Counters Gold and Silver Paper Representing Gold Credit, Purchasing Power and Dependable Debtors Circulation of a ‘Money of Account’ Notes References Index