AMERICAN MONETARY INSTITUTE
A foundation dedicated to the study of monetary history, monetary theory and monetary reform. Stephen Zarlenga director.
This paper has been incorporated into Chapter 1 of The Lost Science of Money,
and is no longer sold seperately. The book can be found in bookstores or can be ordered at a discount direct from the AMI. (Click here to view the Lost Science of Money book details and order form)THE ORIGINS OF MONEY SYSTEMS
A paper examining monetary origins, especially focusing on method, and the role of history in monetary study, as the repository of the available data. Theorizing should start from there, not from a'priori beliefs. The tendency in the past for many economists from Adam Smith to the Austrian School, to minimalize and even deride historical study is discussed, and where that leads. The paper presents an overview of evidence connected with very early money systems indicating an institutional (fiat) nature of money, as an institution of the law rather than as a commodity. The probable role of the eastern Mediterranean temple cults in the monetization of gold is discussed. Lycurgus' numerary system of fiat iron money for Sparta is highlighted. The introduction and control of coinage by the Greek city states is examined, including the implication of at least a partial separation of "church" and state. The monetary views of Aristotle and Plato are examined; who uncharacteristically agreed on the nature of money. (15 pages, footnoted, $15 postpaid; students $7)
Papers available from AMI, PO. Box 601, Valatie, NY, 12184