The Real Reason Money Was Created? Everyone was taught that money was invented to replace the messy business of barter. It’s hard work walking my cow all the way to your village to trade for firewood … and then carrying all of that firewood back home. And what if no one wants my cow? But economist Charles Goodhart – a former member of the Bank of England’s Monetary Policy Committee – anthropologist David Graeber, and other experts on the history of money say that this is a myth. (Bloomberg has written on this issue.) Instead, they say that money was invented to finance war, and to keep score while armies went about pillaging and looting. (Were not vouching for their theory, or saying that money is inherently bad. We just think its interesting that there are alternatives to the cumbersome barter theory.).
Posted on: Tue, 15 Oct 2013 02:14:31 +0000
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