,NOTE WOR?Y3 :AT IS ! MEAN+ ( MONEY8 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,IT AFFECTS EV]Y ASPECT ( \R LIVES1 IS (T5 SAID TO BE ! ROOT ( ALL EVIL1 & ! ANALYSIS ( ! WORLD ?AT IT MAKES POSSIBLE - :AT WE CALL 0! ECONOMY0 - IS SO IMPORTANT TO US ?AT ECONOMI/S HAVE BECOME ! HI< PRIE/S ( \R SOCIETY4 ,YET1 ODDLY1 !RE IS ABSOLUTELY NO CONS5SUS AMONG ECONOMI/S AB\T :AT MONEY REALLY IS4 

,SOME SEE IT PRIM>ILY AS A COMMODITY TRAD$ AGA9/ O!R COMMODITIES1 O!RS AS A PROMISE1 AN ,I,\1 & /ILL O!RS AS A GOV]NM5T $ICT1 OR A K9D ( RATION C\PON4 ,MO/ SEE IT AS A K9D ( *AOTIC AMALGAM ( ALL ( !SE4 ,ECONOMICS TEXTBOOKS1 :OSE AIM IS TO REASSURE US ?AT EV]Y?+ IS UND] CONTROL1 BOIL MONEY D[N TO ?REE ?+S3 IT'S A 0M$IUM ( EX*ANGE01 A 0MEASURE ( VALUE0 & A 0/ORE ( VALUE04 ,! PROBLEM H]E1 ?\<1 IS ?AT ECONOMI/S CANNOT AGREE ON ! MEAN+ ( 0VALUE0 EI!R4 

,P]HAPS ?IS ISN'T ?AT SURPRIS+4 ,IF ECONOMI/S >E HI< PRIE/S1 !N ISN'T IT ! ROLE ( ! PRIE/ TO PRESIDE OV] SOME FUNDAM5TAL MY/]Y8 ,NO SY/EM ( UNQUE/ION+ AU?ORITY CAN REALLY WORK UNLESS !RE'S SOME?+ AT ! CORE ( IT ?AT NOBODY C\LD POSSIBLY UND]/&4 ,! EFFECTIV5ESS ( ?IS APPROA* CAN BE MEASUR$ BY H[ DIFFICULT IT IS = CRITICS ( ! CURR5T ECONOMIC SY/EM TO COME UP ) A CONV9C+ ALT]NATIVE4 ,?IS IS CRUCIAL BECAUSE ?OSE DEF5D+ CAPITALISM HAVE LONG S9CE GIV5 UP >GU+ ?AT IT IS A P>TICUL>LY GOOD ECONOMIC SY/EM1 9 ! S5SE ( ONE ?AT HAS ANY POSSIBILITY ( CREAT+ WIDESPREAD HUMAN HAPP9ESS1 SECURITY1 OR EV5 BROADLY %>$ PROSP]ITY4 ,! ONLY >GUM5T !Y HAVE LEFT IS ?AT ANY O!R SY/EM W\LD BE EV5 WORSE1 OR1 9CREAS+LY1 ?AT NO O!R SY/EM W\LD EV5 BE POSSIBLE4 ,! *ALL5GE IS ALWAYS3 TELL US EXACTLY H[ A DIFF]5T SY/EM W\LD WORK4 ,?IS IS ESPECIALLY DIFFICULT :5 WE DON'T EV5 KN[ H[ ?IS ONE WORKS4 7,HAD ANYONE TRI$ TO EXPLA9 CONTEMPOR>Y CAPITALISM TO ANYONE :O HAD NEV] EXP]I5C$ IT1 !Y W\LD NEV] IMAG9E IT C\LD POSSIBLY WORK EI!R47 

,MONEY HAS ALWAYS BE5 A P>TICUL> PROBLEM = REVOLUTION>IES & ANTI-CAPITALI/S4 ,:AT WILL MONEY LOOK LIKE 0AFT] ! REVOLUTION08 ,H[ WILL IT FUNCTION8 ,WILL IT EXI/ AT ALL8 ,IT'S H>D TO ANSW] ! QUE/ION IF Y\ DON'T KN[ :AT MONEY ACTUALLY IS4 ,PROPOS+ TO ELIM9ATE IT 5TIRELY SEEMS UTOPIAN & NAIVE4 ,SUGGE/+ MONEY WILL /ILL EXI/ S\NDS AS ?\< ONE IS ADMITT+ TO ! 9EVITABILITY ( SOME K9D ( M>KET4 ,! ACTUAL EXP]I5CE ( REVOLUTION>Y EXP]IM5TS IS CONFUS+ - NO /ATE SOCIALI/ REGIME EV5 ATTEMPT$ TO ELIM9ATE MONEY 7ASIDE FROM ,POL ,POT'S ,CAMBODIA1 A DECID$LY UN9SPIR+ EXCEPTION72 NONE1 9 FACT1 EV5 ATTEMPT$ TO ELIM9ATE WAGE LABOR4 

,9 A WAY ?AT'S NOT SURPRIS+4 ,= ,K>L ,M>X1 MONEY ULTIMATELY REPRES5T$ ! VALUE ( HUMAN LABOR1 ( ?OSE 5]GIES ?R\< :I* WE CREATE ! WORLD4 ,IT WAS A WAY ( MEASUR+ & P>CEL+ IT \T1 ?\<1 9 ! PROCESS1 ALL[+ ?OSE :O CONTROLL$ ! RES\RCES TO PLAY ALL SORTS ( TRICKS & GAMES4 ,S9CE SOCIALI/ SY/EMS 9SI/$ ?AT LABOR WAS 9DE$ SACR$ & ! S\RCE ( ALL VALUE1 IT W\LD HAVE BE5 H>D = !M TO SIMPLY /OP PAY+ PEOPLE = !IR WORK4 ,! USUAL IDEA WAS TO KEEP ! MONEY1 JU/ REMOVE ! GAMES4 ,EV5 MO/ EXP]IM5TAL MONEY SY/EMS SU* AS 0,LOCAL ,EX*ANG+ ,TRAD+ ,SY/EMS0 7,LETS71 OR ! ,>G5T9E TRUEQUE SY/EM FOLL[ ! SAME PR9CIPLE3 ! *ITS1 :E!R PHYSICAL OR ELECTRONIC1 REPRES5T H\RS ( LABOR1 & V>I\S MEANS >E 9TRODUC$ TO MAKE IT IMPOSSIBLE TO PLAY ! SY/EM = PR(IT3 BY ALL[+ 9T]E/-FREE CR$ITS1 = EXAMPLE1 OR 5SUR+ ! *ITS EXPIRE AFT] A SET TIME SO !Y CAN'T BE HO>D$ OR MANIPULAT$4 

,BUT !RE'S NO NE$ TO />T FROM LABOR4 ,MONEY C\LD EQUALLY BE CONCEIV$ AS A RATION *IT4 ,H]E'S A C\PON R$EEMABLE = SO MANY LOAVES2 H]E'S ONE = BUTT]2 H]E'S ONE ?AT CAN BE TRAD$ = ANY?+4 ,?IS HAS V]Y DIFF]5T IMPLICATIONS4 ,:AT !Y'RE CALL+ A 0FREE M>KET0 TURNS \T TO BE ONE :]E EV]Y?+ IS RATION$4 ,IT'S PROBABLY IMPOSSIBLE TO IMAG9E A SOCIETY :]E NO?+ IS RATION$1 BUT W\LDN'T WE WANT TO KEEP IT TO A M9IMUM8 ,SO WE'D REALLY WANT TO LIMIT ! MONEY SPH]E3 P]HAPS MAKE BASIC NECESSITIES FREELY AVAILABLE1 & PROVIDE C\PONS = ! MORE :IMSICAL /UFF1 SO PEOPLE CAN PLAY :ATEV] GAMES !Y LIKE ) *ITS )\T GETT+ !MSELVES 9 S]I\S TR\BLE4 ,OR MAYBE1 BETT]1 LOTS ( DIFF]5T SORTS ( C\PONS4 

,BUT :O W\LD ISSUE !SE8 ,SOME C5TRAL AU?ORITY8 ,?AT'S ! NEXT PROBLEM4 ,AFT] ALL1 ANO!R DEF9ITION ( MONEY IS AN ,I,\1 A PROMISE - MONEY IS JU/ ! WAY WE PRODUCE PROMISES ?AT CAN BE PRECISELY QUANTIFI$ & !RE=E PASS$ >\ND4 ,BUT :O GETS TO MAKE SU* PROMISES8 ,9 ! CURR5T SY/EM IT'S NOT ! GOV]NM5T BUT BANKS - C5TRAL BANKS SU* AS ! ,U,S ,F$]AL ,RES]VE OR ,BANK ( ,5GL&4 ,ULTIMATELY ! :OLE CONTRAPTION IS SUPPOS$ TO BE AU?ORIZ$ BY SOME?+ CALL$ 0! PEOPLE04 ,& ! AU?ORITY TO MAKE UP MONEY DOES COME FROM ALL ( US1 BUT WE'RE ALSO NOT REALLY SUPPOS$ TO UND]/& H[ IT ALL WORKS1 SO AS TO 5SURE ?AT WE CONT9UE TO TREAT DEBTS WE [E 9 ?IS MONEY ?AT WE JU/ AU?ORIZ$ BANK]S TO MAGIC 9TO BE+ AS SACR$ OBLIGATIONS1 ON :I* NO DEC5T P]SON C\LD EV] DEFAULT4 ,SO !N ! QUE/ION IS3 ONCE WE GET WISE & BL[ UP ALL ! BANKS1 :O GETS TO MAKE SU* PROMISES8 ,EV]YBODY8 

,IT'S NOT UNPREC$5T$4 ,!RE WAS A TIME1 EV5 9 ,5GL&1 :5 MO/ CA% TOOK ! =M ( TOK5S ISSU$ BY %OPKEEP]S1 TRADESM51 EV5 WID[S :O DID ODD JOBS4 ,& 9 A TRULY FREE SOCIETY1 :O C\LD /OP SOMEONE FROM MAK+ UP ANY SORT ( *IT OR C\PON !Y WANT$ TO8 ,9 SOME ,*9ESE T[NS1 MAH-JONGG TOK5S US$ TO OP]ATE AS *ANGE 9 M>KETS4 ,:Y NOT8 ,!Y W]E ALWAYS ACCEPTABLE AT ! LOCAL CAS9O4 

,PEOPLE WILL ALWAYS PLAY GAMES4 ,SOME WILL 9VOLVE SAY+ #ab ( ?IS IS WOR? FIVE ( ?AT1 & ONCE Y\ SAY ?AT1 Y\'VE GOT A =M ( MONEY4 ,P]HAPS ! BE/ SOLUTION W\LD BE TO 5SURE EV]YONE HAS ! FRE$OM TO CREATE :ATEV] SORT ( GAME !Y FANCY1 :I* W\LD PROBABLY MEAN AN 5DLESS PROLIF]ATION ( TYPES ( MONEY1 BUT ALSO ?AT ! LOS]S WILL /ILL NEV] WANT = FEA!R PILL[S & SOME?+ NICE TO EAT4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,JANU>Y #f1 #bba 3 ,NOTE WOR?Y3 :AT IS ! MEAN+ ( MONEY8 -- ,ADD$4 
,JANU>Y #d1 #bbb 3 ,NOTE WOR?Y3 :AT IS ! MEAN+ ( MONEY8 -- ,UPDAT$4 

 FILE G5]AT$ FROM 3  
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