The Rise of Money and Class Society: The Contributions of John F. Henry Cover Image
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Powstanie pieniądza i społeczeństwa klasowego: pisma Johna F. Henry’ego
The Rise of Money and Class Society: The Contributions of John F. Henry

Author(s): Alla Semenova, L. Randall Wray
Subject(s): History, Economy
Published by: Stowarzyszenie Czasu Kultury
Keywords: nature of money;chartalism;metallism;origins of money;origins of coinage;inequality;class;ideology;religious ideology;state formation;state theory of money;Modern Money Theory;

Summary/Abstract: This paper explores the rise of money and class societyin ancient Greece, drawing historical and theoreticalparallels to the case of ancient Egypt. In doingso, the paper examines the historical applicability ofthe chartalist and metallist theories of money. It willbe shown that the origins and the evolution of moneywere closely intertwined with the rise and consolidationof class society and inequality. Money, class society,and inequality came into being simultaneously,so it seems, mutually reinforcing the development ofone another. Rather than a medium of exchange incommerce, money emerged as an “egalitarian token”at the time when the substance of social relationswas undergoing a fundamental transformation fromegalitarian to class societies. In this context, moneyserved to preserve the façade of social and economicharmony and equality, while inequality was growingand solidifying.While the origins of money are to be found in theorigins of inequality, a well-functioning democraticsociety has the power to subvert the inequality-inducingcharacteristic of money via the use of moneyfor public purpose, following

  • Issue Year: XXXVII/2021
  • Issue No: 01
  • Page Range: 14-22
  • Page Count: 9
  • Language: Polish