Yves right here. I belief you’ll get pleasure from Michael Hudson’s ahead to a brand new translation of a exceptional previous e-book, Heinrich Schurtz’s Origins of Cash. You may obtain each Hudson’s textual content and Schurtz’s e-book totally free right here. Hudson’s intro under makes clear that this 1897 e-book mirrored anthropological work on using cash in historical societies and was early to “unlearn” all of the hoary modern-intuition-friendly notions about how using cash began. I have to confess I didn’t know that Schurtz was additionally the daddy of the idea of inside versus outdoors cash.
By Michael Hudson, a analysis professor of Economics at College of Missouri, Kansas Metropolis, and a analysis affiliate on the Levy Economics Institute of Bard Faculty. His newest e-book is The Future of Civilization
The late Nineteenth century noticed economists (primarily German and Austrian) create a mythology of cash’s origins that’s nonetheless being repeated in at this time’s textbooks. Cash is alleged to have originated as simply one other commodity being bartered, with metallic most well-liked because of being non-perishable (and therefore amenable to being saved), supposedly standardized (regardless of fraud if not minted in temples), and even considered simply divisible, as if silver might have been used for small market exchanges, which was unrealistic given the tough character of historical scales for weights of some grams.[1]
This mythology doesn’t acknowledge authorities as having performed any position as a financial innovator, sponsor or regulator, or as giving cash its worth by accepting it as a automobile to pay taxes, purchase public providers or make spiritual contributions. Additionally downplayed is cash’s perform as a regular of worth for denominating and paying money owed.[2] Though there is no such thing as a empirical proof for the commodity-barter origin delusion, it has survived on purely hypothetical grounds due to its political bias that serves the anti-socialist Austrian college and subsequent “free market” creditor pursuits opposing authorities cash creation.
Schurtz’s Remedy of Cash as A part of the Total Social System
As a founding father of financial anthropology, Heinrich Schurtz approached the origins of cash as being far more complicated than the “economic” view that it emerged merely because of households going to {the marketplace} to barter. Surveying a variety of indigenous ethnological communities, his 1897 Origins of Cash described their commerce and cash within the context of the institutional system inside which members sought standing and wealth.
Schurtz described this institutional system as forming the context for trade and commerce, and for financial techniques that concerned a wide selection of social capabilities and dimensions, which at this time’s “economic” theorizing excludes as “externalities,” that’s, exterior to its analytic scope. Inserting cash within the context of the neighborhood’s general system of social group, Schurtz warned that anybody who detaches “sociological and economic problems from the foundation on which they grew … in their native soil … only carries away a part of the whole organism and fails to understand the vital forces that have created and sustained it” (p. 117).
Taking a look at indigenous communities sufficiently remoted to have preserved presumably archaic traditions, Schurtz considered commerce with outsiders as main wealth to take an more and more financial kind that eroded social stability, even with out taking into consideration monetary wealth within the type of creditor claims for cost, tax obligationsand land hire. Setting “aside the difference between commodities and real estate, which is not considered here” (p. 124), Schurtz deemed the linkage between cash, debt and land tenure to lie past the world on which he centered, nor did he point out contributions to group feasts (which Bernard Laum would recommend because the germ from which Greek obols and drachmas might have advanced).[3]
Schurtz’s Non-Monetary and Non-Fiscal Idea of Cash
At difficulty was how a cash economic system differs from barter. Was indigenous trade and wealth pre-monetary, an archaic seed that led to cash’s extra “fully fledged forms” (p. 5)? The seed to which Schurtz referred concerned the trade of commodities on a comparatively small scale, principally for jewellery and different objects of non-public adornment, decorations and trophies within the type of shells and gems that gave their wearers or house owners standing.
These had been the paradigmatic types of indigenous wealth, particularly international unique merchandise or objects with a protracted and prestigious historical past. Thorstein Veblen would name the possession and show of such objects conspicuous consumption in his 1899 Principle of the Leisure Class. They’d an trade worth, as they do at this time, however that didn’t make them financial technique of trade. Schurtz noticed many gray areas of their monetization. “Beads made of clay and stone are also crafted by indigenous people and widely used as ornaments, but rarely as money” (p. 78).
The communities that Schurtz mentioned didn’t use written contracts, hold debt data or use account-keeping in a managerial position for useful resource allocation, so cash’s perform as a regular of valuation didn’t play a job in Schurtz’s survey. However subsequent archeological analysis has revealed that cash’s emergence as a part of an general institutional framework can’t be understood regardless of written account-keeping, denominating debt accruals and financial relations. Cash, credit score/debt and financial obligations have all gone collectively for the reason that origins of written data within the historical Close to East.[4]
Schurtz’s Distinction Between Inside Cash and Exterior Cash
Alternate with outsiders sometimes was carried out by chieftains because the face of their communities to the skin world. Commerce (and in addition cost of tribute) concerned fiscal and social relations whose financial capabilities differed from these of the home economic system however ended up dovetailing with them to provide cash a hybrid character. Schurtz distinguished what he referred to as outdoors cash from inside cash, with outdoors cash finally dominating the within financial system. “The concept of money,” he wrote (p. 6), originated
from two distinct sources: What capabilities as the muse of wealth and measure of worth for property inside a tribe and serves social ends is, in its origins, one thing completely totally different from the technique of trade that journey from tribe to tribe and ultimately remodel themselves, as universally accepted commodity, right into a type of cash.
Inside cash was used inside communities for their very own trade and wealth. Exterior cash derived from transactions with outsiders. And what was “outside” was a set of practices governing commerce outdoors the jurisdiction of native authorities.[5] Schurtz’s distinction emphasised a attribute of commerce that has continued down by means of at this time’s world: the distinction between home funds topic to checks and balances to guard fundamental wants and recognizing standing hierarchies however (ideally) limiting sharp wealth disparities, and trade with outsiders, usually carried out on islands, quay areas or different venues socially outdoors the neighborhood’s boundaries, topic to extra impersonal standardized guidelines.
All through the traditional world we discover offshore island entrepots wherever these are conveniently situated for conducting commerce with outsiders. They saved international contact at arm’s size in order to stop mercantile relations from disturbing native financial stability. Egypt restricted international contacts to the Delta area the place the Nile flowed into the Mediterranean. For the Etruscans, the island of Ischia/Pithekoussai turned the bottom for Phoenician and Greek retailers to cope with the Italian mainland within the eighth and seventh centuries BC. North Germans appear to have carried out the Baltic amber commerce by the use of the sacred island of Helgoland.
The Tendency of Exterior Cash to Turn out to be Basic-Function Cash
“The emergence of particular internal monetary systems is everywhere supported by the inclination to also transform the outside money into inside money,” Schurtz concluded (p. 111). And in his earlier chapter “Metal as Ornament and Money” he identified that it was international commerce that led metallic to turn into the first type of cash. “While most varieties of ornamental money gradually lose their significance, one of them, metal money, asserts its ground all the more, and finally pushes its competitors out of the field” (p. 82). He added that: “Precious metal money is not a pure sign money; it is simultaneously a valuable commodity, whose value depends on supply and demand, because it embodies, in its mature form, the fusion of inside money with outside money, of value signs and value ownership with the means of exchange” (p. 83).[6]
This merging of inside and outdoors cash is documented already within the third millennium BC within the Close to East. Silver cash was used for long-distance commerce and got here for use for home enterprise as effectively, whereas grain remained the financial automobile for denominating agrarian manufacturing, taxes and debt service on the land and for distribution to dependent labor in Mesopotamia’s temples and palaces.
Schurtz additionally posed the query of whether or not the dominance of metallic cash emerged spontaneously in lots of locations, or whether or not there was a diffusion from a singular origin, that’s, “whether a cultural institution has grown in situ or whether it has been transferred from other regions through the migration of and contact between societies” (p. 117). The diffusion of Mesopotamian weights related to silver factors to its diffusion from that area, as does the unfold of the area’s observe of setting rates of interest merely for ease of calculation when it comes to the native fractional arithmetic system (60ths in Mesopotamia for a shekel per mina a month, 10ths or percentages in decimalized Greece. and 12ths in Rome for a troy ounce per pound annually).
Checks and Balances to Stop the Egocentric Focus of Wealth
What do appear to have developed spontaneously had been social attitudes and insurance policies to stop the focus of wealth from injuring financial stability. Wealth focus, particularly when achieved by depriving cultivators of their technique of livelihood, would have violated the ethic of mutual support that low-surplus economies want as a situation for his or her resilience.
Viewing cash as a part of the general social context, Schurtz described “the social transformation brought about by wealth” because of monetizing commerce and its industrial
pursuit of revenue [Erwerbssinn]. … everyone seems to be now both compelled to hitch the competitors for property or they are going to be pulled into the vortex created by one of many newly rising facilities of energy and possession, and should work exhausting to have the ability to dwell in any respect. For the house owners, there is no such thing as a temporal boundary hindering the perpetual multiplication of their wealth (p. 38).
Schurtz characterised the financial mentality as a drive for “the unlimited accumulation of movable assets,” to be handed on to at least one’s kids resulting in the creation of a rich hereditary class. If archaic societies had this ethic, might civilization have taken off? How did they stop the expansion of wealth from fostering an oligarchy looking for to extend its wealth on the expense of the neighborhood at giant and its resilience.
Schurtz reviewed how indigenous communities sometimes prevented that destiny by shaping a social worth system that will steer wealth away from getting used to realize predatory energy over others. He cited quite a few examples during which “[i]mmense treasures often accumulate without reentering the flow of daily life.”
One widespread means to do that was merely to bury wealth. “The primitive man,” he wrote, “believes he will have access to the mass of goods given to him in the grave, even in the afterlife. Therefore, he also does not know a limit to acquisition” (p. 38). Taking his greed and wealth with him to make use of within the hereafter prevents hoarded wealth from being inherited “and eventually grow[ing] into a dangerous instrument of power” by turning into dynastic; “it operates on the belief that the deceased does not in any way give up his rights of ownership and jealously guards over his property, so that no heir helps themselves to it” (p. 42).
A much less damaging removing of wealth from its house owners was to create an ethic of peer strain during which people gained standing and standard acclaim by accumulating wealth to provide away. “Initially and for a long time,” Schurtz wrote,
remainders of the traditional communism are alive sufficient to successfully stop any makes an attempt to amass as many property as doable right into a single hand, and certainly in locations with out an precise system of debt and curiosity, the highly effective particular person, in whose home the tributes of the individuals stream collectively, finds himself with little alternative however to “display” his wealth or, in different phrases, to permit the individuals to take part in its enjoyment. (p. 39, italics added).
Such a person achieves philanthropic renown by generously distributing his possessions “to his friends and followers, winning their hearts and thereby establishing a popular and genuine power, based on loyal allegiance.” One widespread observe was to rejoice marriages, funerals and different rites of passage by offering nice feasts, “an extraordinary dissipation and squandering of owned value, particularly livestock and food, during those grand festivals of the dead that evolved out of sacrifices and are, among some peoples, not only an effective obstacle to the accumulation of wealth, but have turned into economic calamities” when households really feel obliged to tackle debt to host such extravagant shows (p. 43).
Non secular officers and temples usually performed a job in such rituals. Noting that “money, trade, and religion had a good relationship with one another” in antiquity (p. 35), Schurtz cited the observe of donating wealth to temples or their priesthoods. However he acknowledged that this may allow them to “gain overpowering influence through the ownership of money” underneath their management (p. 37).
“In general, the ancient communist countermeasures against wealth do not endure,” Schurtz wrote. “Certain kinds of property seem to favor greed directly, especially cattle farming, which can literally turn into a hoarding addiction” (p. 41). And he described communalistic values of mutual support as tending to interrupt down as economies polarized with the rise in industrial wealth. Schurtz additionally famous that the social checks on private wealth-seeking that he described didn’t apply to economies that developed a “system of debt and interest” (see p. 39 cited above). Wealth within the type of financial claims on debtors was not buried, and hardly might be redistributed to the inhabitants at giant, whose members sometimes had been debtors to the rising creditor curiosity.
The one method to stop such money owed from polarizing society was to cancel them. That’s what Close to Jap rulers did, however Schurtz’s era had no means of understanding about their Clear Slate proclamations. Beginning with the very outset of debt data ca. 2500 BC in Sumer, and persevering with down by means of Babylonia, Assyria and their neighbors down by means of the early first millennium BC, rulers annulled monetary claims on agrarian debtors. That prevented collectors from concentrating cash and land in their very own palms.
One may say that these debt cancellations and land redistributions had been the Close to Jap different to destroying materials wealth to protect stability. These royal acts didn’t destroy bodily wealth, however merely worn out the debt overhead in order to take care of widespread land tenure and liberty for the inhabitants at giant. Cancelling agrarian debt was politically possible as a result of most private money owed had been owed to the palace sector and its temples or their officers.
Royal Clear Slates appeared so unthinkable once they started to be translated across the flip of the final century that early readers hardly might consider that they really had been enforced in observe. Thureau-Dangin’s French translation of the Sumerian ruler Enmetena’s (ca. 2400 BC) proclamation in 1905 was believed by many observers to be too utopian and socially disruptive to have been adopted in observe, as was the Biblical Jubilee 12 months of Leviticus 25.[7] However so many such proclamations have been discovered, extending so repeatedly over hundreds of years – together with lawsuits during which judges upheld their growing element – that there is no such thing as a doubt that these acts did certainly reconcile the buildup of financial wealth with social resilience by blocking the creation of predatory oligarchies corresponding to would emerge in classical Greece and Rome and certainly survive into at this time’s world.
Financial Improvements within the Bronze Age Close to Jap Palaces and Temples
Financial documentation in Schurtz’s day was in a position to hint financial observe solely way back to classical Greece and Rome. There was a normal perception that their practices should have advanced from indigenous Indo-European audio system. Marcel Mauss would quickly deal with the present trade of the Kwakiutl tribe of the Canadian Pacific Northwest (with their aggressive one-upmanship) because the prototype for the concept of charging curiosity.[8] However financial curiosity has a selected stipulated price, with funds due on particular periodic dates set by written contracts. That observe stems from Sumer within the third millennium BC, together with silver (and grain) cash and associated monetary improvements within the financial Massive Bang that has formed subsequent Western financial evolution.
Close to Jap fiscal and monetary data describe a growth of cash, credit score and interest-bearing debt that neither the barter concept nor Schurtz’s ethnographic research had imagined. Mesopotamia’s “full-fledged” cash advanced out of the fiscal group of account-keeping and credit score within the palaces and temples of Sumer, Babylonia and their Bronze Age neighbors (3200-1200 BC).
These Close to Jap economies had been bigger in scale and far more complicated and multi-layered than the indigenous communities surveyed by Schurtz. In distinction to these largely self-sufficient communities, southern Mesopotamia was obliged to have interaction in large-scale long-distance commerce, as a result of the area’s river-deposited soil lacked metallic, stone and even hardwood. The area’s wants for uncooked supplies was far totally different from the commerce and “monetization” of luxuries by the comparatively small-scale and self-sufficient communities studied by Schurtz and hypothesized by economists imagining people bartering at their native market. In these communities, he famous: “Almost always the amount of metal shaped into ornaments far outweighs the amount transformed into practical tools”(p. 82). Mesopotamia’s commerce needed to go far past private ornamental luxuries and status commodities or trophy objects.
An entrepreneurial service provider class was wanted to acquire these uncooked supplies, together with a specialised labor power, which was employed by the temples and palaces that produced most export handicrafts, provisioned corvée labor to work on public infrastructure, served as mints and overseers of weights and measures, and mediated most money wealth and debt. Their giant scale required ahead planning and account-keeping to feed and provide labor (battle widows, orphans and slaves) of their weaving and different handicraft workshops, and to consign their output to retailers for export.
Calculating the price of distributing meals and uncooked supplies inside these giant establishments and valuing their consignment of products to retailers required designing commonplace weights and measures as the idea for this ahead planning. Deciding on financial items was mainly a part of this standardization of measuring prices and worth. This made doable calculation of anticipated rental earnings or shortfalls, together with profit-and-loss statements and stability sheets.
The everyday commodity to be distributed was grain, which served as a regular of worth for agrarian transactions and credit score balances that mounted up throughout the crop yr for advances to sharecroppers, consumption corresponding to beer from ale-women, and funds to monks for performing ceremonial capabilities. Their worth in grain was to be paid at harvest time. Calculation of meals rations for distribution to the varied grades of labor (male, feminine and youngsters) enabled the prices to be expressed in grain or in workday equivalents.
Schurtz would have referred to as this grain “inside money,” and considered “outside money” the silver minted by temples for coping with international commerce and because the fundamental measure of worth for enterprise transactions with the palace economic system and for settling industrial obligations. A mina (60 shekels) of silver was set as equal to a corresponding unit of grain as measured on the threshing ground. That enabled accounts to be saved concurrently in silver and grain. The end result was a bimonetary grain-silver commonplace reflecting the bifurcation of early Mesopotamian economies between the agrarian households on the land (utilizing grain “inside money”) and the palatial economic system with its workshops, international commerce and related industrial enterprise (utilizing silver “outside money”). Costs for market transactions with outsiders may differ, however costs for debt funds, taxes and different transactions with the big establishments had been fastened.
Schurtz’s conclusion that the rising dominance of economic cash tended to interrupt down home checks and balances defending the indigenous communities that he studied is certainly what occurred when industrial debt practices had been introduced from the Close to East to the Aegean and Mediterranean lands across the eighth century BC. Having no custom of royal debt cancellations as had existed within the Close to East ever for the reason that formative interval of interest-bearing debt, the ensuing decontextualization of credit score practices fostered monetary oligarchies in classical Greece and Rome. After early debt cancellations and land redistribution by populist “tyrants” within the seventh and sixth centuries BC, the following classical oligarchies resisted standard revolts demanding a revival of such insurance policies.
The dynamics of interest-bearing debt and the pro-creditor debt legal guidelines of classical antiquity’s creditor oligarchies triggered financial polarization that led to 5 centuries of civil warfare. These upheavals weren’t the results of the coinage that started to be minted across the eighth century BC, as many Nineteenth-century observers believed, mistakenly pondering that Aegean coinage was the primary metallic cash. Silver cash had been the norm for 2 millennia all through the Close to East, with out inflicting disruption like that skilled by classical antiquity. What polarized classical antiquity’s economies had been pro-creditor debt legal guidelines backed by political violence, not cash as such.
Conclusion and Dialogue
Schurtz’s start line was how communities organized the legal guidelines of movement governing their distribution of wealth and property. He considered cash as rising from this institutional perform with a mainly communalistic ethic. A key attribute of indigenous financial resilience was social strain anticipating the rich to contribute to social assist. That was the situation set by unwritten customs for letting some people and their households turn into wealthy. Schurtz and subsequent ethnologists discovered a common answer for reconciling wealth-seeking with community-wide prosperity to be social strain for rich households (that was the fundamental unit, not people) to distribute their wealth to the citizenry by present trade, mutual support and offering giant feasts, particularly for rites of passage.
This was a much wider view than the individualistic financial assumption that private gain-seeking and certainly selfishness was the driving power of general prosperity. The concept of monetizing financial life underneath communalistic mutual-aid or palace course was and stays anathema to mainstream economists, reflecting the worldview of contemporary collectors and monetary elites. Schurtz acknowledged that mercantile wealth-seeking required checks and balances to stop economies from impoverishing their members. The issue for any efficiently rising society to unravel was stop the undue focus of wealth obtained by exploitative signifies that impaired general welfare and the power of neighborhood members to be self-supporting. In any other case, financial polarization and dependency would lead members to flee from the neighborhood, or maybe it merely would shrink and find yourself being defeated by outsiders who sustained themselves by extra profitable mutual support.
As famous above, Schurtz handled the monetization of wealth within the type of creditor claims on debtors as too post-archaic to be a attribute of his ethnographic topics. However what formed the context for monetization and led “outside money” to take precedence over inside cash had been wealth accumulation by moneylending and the fiscal and navy makes use of of cash.
Schurtz appropriately rejected (p. 6) the characterization of cash as creating in levels, from small-scale barter to monetized economies turning into extra subtle as they advanced into financialized credit score economies.[9] And in reality the precise historic sequence was the reverse. From Mesopotamia to medieval Europe, agrarian economies operated on credit score throughout the crop yr. Financial cost occurred at harvest time to settle the obligations that had amassed for the reason that final harvest and to pay taxes. This must pay money owed was a significant factor requiring cash’s growth within the first place.
Barter turned antiquity’s last financial “stage” as Rome’s economic system collapsed after its creditor oligarchy imposed debt bondage and took management of the land. When emperors had been unable to tax this oligarchy, they debased the coinage and life all through the Empire devolved into native subsistence manufacturing and quasi-barter. Overseas commerce was primarily for luxuries introduced by Arabs and different Close to Easterners. The optimistic sequence that Hildebrand imagined not solely mistakenly adopted the barter delusion of financial origins, however did not take debt polarization into consideration as economies turned monetarized and financialized.
Schurtz described how the purpose of stopping the maldistribution of wealth was on the coronary heart of indigenous social structuring. But it surely broke down for numerous causes. Economies during which household wealth took the type of cattle, he discovered, tended to turn into more and more oppressive with a purpose to keep the polarizing inequality that developed. The identical may be stated of credit score economies underneath the rising burden of interest-bearing debt. Schurtz famous the observe of charging debtors double the mortgage worth – and any price of curiosity certainly includes an implicit doubling time. That exponential dynamic is what polarizes financialized economies.
Mainstream economists of Schurtz’s era prevented coping with the impact of financial innovation and debt on the distribution of wealth. The tendency was to deal with cash as merely a “veil” of worth adjustments for items and providers, with out analyzing how credit score polarizes the economic system’s stability sheet of property and debt liabilities. But the distinguishing function of credit score economies was using moneylending as a lever to complement collectors by impoverishing debtors. That was greater than only a financial downside. It was a political creditor/debtor downside, and finally a public/non-public downside. At difficulty was whether or not a ruler or civic public checks would steer the rise in financial wealth in ways in which prevented the creation of creditor oligarchies.
Most Nineteenth-century and even subsequent financial writers shied from confronting this political context, leaving it essentially the most obtrusive hole in trendy financial evaluation. It was left to the invention of cuneiform documentation to grasp how cash first turned institutionalized as a automobile to pay money owed. This monetization was accompanied by a exceptional success in sustaining rising wealth whereas stopping its focus within the palms of a hereditary oligarchy.
That Close to Jap success highlights what the smaller and extra anarchic Western economies failed to realize when interest-bearing debt practices had been delivered to the Mediterranean lands with out being checked by the custom of standard cancellation of non-public non-business debt. Credit score and financial wealth had been privatized within the palms of what turned an more and more self-destructive set of classical oligarchies culminating in that of Rome which fought for hundreds of years in opposition to standard revolts looking for safety from impoverishing financial polarization.
The devastating results of transplanting Close to Jap debt practices into the Mediterranean world’s much less communalistic groupings exhibits the necessity to talk about the political, fiscal and social-moral context for cash and debt. Schurtz positioned financial evaluation within the context of society’s political establishments and ethical values, and defined how cash is a product of this context, and certainly, how monetization tends to rework it – in a means that tends to interrupt down social safety.
His e-book has remained comparatively unknown during the last century largely as a result of his institutional anthropological perspective is simply too broad for an economics self-discipline that has been narrowed by pro-creditor ideologues who’ve applauded the “free market” destruction of social regulation aimed toward defending the pursuits of debtors. That perspective avoids recognizing the challenges that led the indigenous communities studied by Schurtz, and later the formative Bronze Age Close to East, to guard their resilience in opposition to the focus of wealth, a phenomenon that has plagued economies ever since classical antiquity’s decontextualization of Close to Jap debt practices.
_______
[1] Carl Menger, “On the Origins of Money,” Financial Journal, 2 (1892):238-255 [Original in 1871]. The barter concept has been refuted by trendy analysis uncovering the Bronze Age Close to Jap institutional origins of cash, which I talk about in Chapters 1 and three of Temples of Enterprise: Creating Financial Order within the Bronze Age Close to East (Dresden, ISLET, 2024), esp. my criticisms of this concept in “Origins of Money and Interest: Palatial Credit, not Barter,” in Battilossi, S., Cassis, Y., Yago, Okay., eds., Handbook of the Historical past of Cash and Foreign money(Springer, 2020):45-65.
[2] See the papers collected in L. Randall Wray, ed., Credit score and State Theories of Cash: The Contributions of A. Mitchell Innes (Cheltenham UK, 2004).
[3] Marcel Mauss, The Reward (New York, 1952 [1925]), and Bernard Laum, Heiliges Geld: eine historiche Untersuchung über den sakralen Ursprung des Geldes (Tübingen, 1924). Schurtz mentions spit-money in passing however finds commerce in meals comparatively unimportant.
[4] See “The Development of Money-of-Account in Sumer’s Temples,” in Michael Hudson and Cornelia Wunsch, eds., Creating Financial Order: File-Maintaining, Standardization and the Growth of Accounting within the Historical Close to East (CDL Press, Bethesda, 2004, now ISLET, Dresden, 2023):303-329.
[5] I talk about this in “From Sacred Enclave to Temple to City,” in Urbanization and Land Possession within the Historical Close to East (ed. with Baruch Levine, Cambridge, Mass: Peabody Museum (Harvard), 1999):117-146, and Chapter 10 of Temples of Enterprise.
[6] Schurtz (pp. 28-29) cited for instance of how financial authorities might substitute signal cash for metallic cash the case of “Kublai Khan, the ruler of the Mongolian empire, [who] drove out metal money with sign money, specifically stamped pieces of paper, evidently following the Chinese example; Marco Polo’s accounts indicate that the endeavor must have temporarily succeeded in light of the tremendous power and authority of the ruler, with the result being a vast accumulation of gold and silver in the Khan’s residence.” However he made disparaging remarks in regards to the French authorities’s paper cash assignats and referred to as John Legislation a fraudster, dismissing authorities cash creation.
[7] Francois Thureau-Dangin, Les Inscriptions de Sumer et d’Akkad (Paris, 1905):86-87 translated the Sumerian time period for justice (amargi) to imply particularly that officers and rich people (“the powerful”) would don’t have any authorized claims for debt foreclosures.
[8] Marcel Mauss, The Reward (New York, 1952 [1925]).
[9] Bruno Hildebrand, “Natural-, Geld- und Kreditwirtschaft,” Jahrbücher für Nationalokönomie und Statistik 6 (1864) categorized economies as passing from Naturalwirtschaft (barter economic system) to Geldwirtschaft (gold/commodity cash economic system) and at last Kreditwirtschaft (credit score economic system).
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