Lecture: History of Money

Introduction

• Instructor: Professor Barth, History Professor at Arizona State University
• Course Title: History of Money
• Course Overview:
  • Survey and analysis of the history of money
  • Covers from ancient world to modern times
  • Focuses globally till the 19th century, then on the U.S. and the history of the U.S. dollar in the second half
  • Emphasis on significant transition points in the history of money
  • Aims to understand currency issues in the modern world

Course Structure

1. Ancient World
2. Late Antiquity and Medieval Period
3. Renaissance and Early Modern Period
4. 19th Century
5. U.S. Dollar and Modern Times
6. Bitcoin

Key Themes

• Money as a Controversial Subject: Money has long been a controversial topic in civil society.
• Understanding Money: By end of the course, students will have a strong understanding of money's history and modern currency issues.

Foundational Question: What is Money?

• Ubiquity and Elusiveness: Despite its ubiquity, the precise definition of money is often elusive.
• Abstract Existence: We take the abstract existence of money for granted.

Economic Definitions of Money

1. Medium of Exchange: Instrument of trade to acquire things of want or need
2. Universal Measure of Value: Goods, services, labor are valued in terms of money
3. Store of Value: Satisfies future needs and defers pleasure, linking present potential to future actualization

Broader Perspectives on Money

• Market Metaphor: Market is the engine, money is the oil that lubricates it
• Money as Power:
  • Power over goods and services
  • Greater wealth often equates to greater power
• Historical Views on Money:
  • Karl Marx: Money as the god of commodities
  • Max Weber: Money as the father of private property
  • The Bible: Money as a root of all evil
• Relationship Impact: Money creates and destroys relationships
• Modernity: Money is inseparable from modern life and responsible for material benefits and corruption

Monetization of Modern Life

• Penetration of money into nearly all spheres of exchange
• Money's role in material benefits and historical corruption
• Specialized language and advanced mathematics often used to discuss money

Course Approach

• Avoids jargon and specialized languages
• Aims for broader understanding of money

Reflection of Society and Politics Through Money

• Monetary systems reflect:
  • Strength and weakness of the state
  • Victory and defeat in war
  • Revolutions
  • Class structure
  • Cultural life and moral system

Conclusion

• Money provides significant insight into society, economy, and government
• Professor Barth looks forward to teaching this history