Date of publication: 2017-08-23 10:27
To concentrate attention on money traits independently of underlying [social] organization leads writers to use the traits of Western money as a model of the real thing (while ignoring the structure of Western economy which accounts for the money traits). Then any primitive money which does not have all the traits of the Western model money is simply ruled out by definition-it is not money. This does not get us very far towards understanding primitive and peasant economies…
The Ancient Egyptians, who had easy access to gold, used Cypriot copper for their religious offerings while the Cypriots used Egyptian gold. In Mesopotamia, the metal of choice was silver. When ‘Currency Cranks’ or ‘Bullionists’ argue that the economy would be improved by reverting to a Gold Standard because gold has an ‘inherent value’ they need to explain where is the value in gold, apart from its inherent symbolic, representative, value.
The subsistence sphere included food such as yams, grains, vegetables, and small livestock, as well as eating utensils, farming tools and tools for food-preparation. The second sphere of wealth included brass rods, cattle, white cloth, and slaves. A third and most prestigious sphere was marriageable female relatives.
Today, as you know, everything is “innovation.” We have problems, and people are looking for fairy-tale solutions—innovation like manna from heaven falling on the Israelites and saving them from the desert. It’s like, “Let’s not reform the education system, the tax system. Let’s not improve our dysfunctional government. Just wait for this innovation manna from a little group of people in Silicon Valley, preferably of Indian origin.” You people at WIRED—you’re the guilty ones! You support these people, you write about them, you elevate them onto the cover! You really messed it up. I tell you, you pushed this on the American public, right? And people believe it now.
So the tally sticks themselves became a kind of money, a particular sort of debt that could be traded freely, circulating from person to person until it utterly separated from Bishop Basset and a farm in Wycombe.
If money is simply tradable debt, then tally sticks weren 8767 t some weird form of quasi-money. They were simply money in a particularly unvarnished form. Like an engine running with the cover off, or a building with the scaffolding still up, they 8767 re money with the underlying mechanism laid bare. Of course, we still naturally think of money as those discs of metal in the Ashmolean Museum. After all it 8767 s the metal that survives, not the cheques or the tally sticks
In mediaeval society, currency depreciation would take place all at once, even in a single day. While historians and economists alike have long told stories about monarchs who purposely debased coins (by reducing gold content)…[i]nstead, nominal value was announced by the monarch and maintained at government pay offices. A coin 8767 s nominal value in circulation would be determined by its value in acceptance of payments to government. When the monarch found he had already issued too much credit (such that he was unable to purchase desired goods and services), he would simply reduce the official value of the coins already issued (such that, say, two coins would have to be delivered at public pay offices rather than one).
The economic surplus collected in the form of taxes was directed toward the priests who then redistributed some portion through the various levels of the bureaucracy, the temple artisans, and the workers who laboured on the various religious and hydraulic projects. Hence, Egyptian society (along with others of this type) can be labelled an economy based on 8766 redistribution 8767 .
Matters were greatly aggravated after 697 BC when an ambitious military officer, Diodotus Tryphon, led a revolt to break Cilicia (in what is now southern Turkey) and neighboring Syria away from their Seleucid rulers. He organized the Cilicians into pirate fleets, and his freebooters managed to take over such government as there was in the region.