Thursday, January 19, 2012

Bibliography on the Origins of Money

I will start a bibliography here on the origins of money, and I will attempt to update it.

For the standard Classical, Austrian and neoclassical accounts of the origin of money, see Smith (1811): 16–17, Jevons (1875), Menger (1892), Menger (1909): 555–610 (translation in Menger 2002 [1909]: 25–108), Mises (1998) [1949]: 402–404, Kiyotaki and Wright (1989), Kiyotaki and Wright (1991), Kiyotaki and Wright (1992), and Iwai (2001).

For heterodox theories on the origins of money in ancient Egypt, see Henry (2004). See also Bogoslovsky (1987) (cf. Holtz 1984), and for the history of Egyptian media of exchange, see Curtis (1951). For Mesopotamia, see Hudson (2004) and Hallo (1996): 18-25. For Greece, see the review of the work of Laum (1924) in Economica 14 (1925): 218–222; see also Peacock (2003–2004), Peacock (2006), Peacock (2011), and Semenova (2011).

Grierson (1977) and Grierson (1978) provide important analysis of the role of wergeld-like social customs in the origin of money, by arguing that wergeld provided societies with tariffs of compensation in which heterogeneous types of injury and damage were measured by means of abstract and concrete units of account. Peacock (2003–2004) develops the thesis of Grierson.

For a good starting point for anyone wishing for a specialist treatment of the origins of money from the heterodox economics perspective, see Semenova 2011.


BIBLIOGRAPHY

Arestis, P. and M. Sawyer (eds.), 2006. A Handbook of Alternative Monetary Economics, Edward Elgar, Cheltenham.

Ashley, W. M. 1925. “Heiliges Geld: Eine Historiche Untersuchung über den Sakralen Ursprung des Geldes by Bernhard Laum” (Review), The Economic Journal 35.138: 288–289.

B[?], A. R. 1925. “Heiliges Geld: Eine historische Untersuchung über den sakralen Ursprung des Geldes by Bernhard Laum” (Review), Economica 14: 218–222.
N.B. The surname of the author is not listed.

Bell, D. 1991. “Modes of Exchange: Gift and Commodity,” Journal of Socio-Economics 20.2: 155–167.

Bell, S. and J. F. Henry, 2001. “Hospitality versus Exchange: the Limits of Monetary Economies,” Review of Social Economy 59.2: 203–226.

Bogoslovsky, E. S. 1987. “On the Process of Appearance of Money in Ancient Egypt,” Altorientalische Forschungen 14: 227–236.

Crump, T. 1981. The Phenomenon of Money, Routledge & Kegan Paul, London.

Curtis, J. W. 1951. “Media of Exchange in Ancient Egypt,” The Numismatist 64.5: 482-491.

Davies, J. K. 2001. “Temples, Credit, and the Circulation of Money,” in A. Meadows and K. Shipton (eds.), Money and its Uses in the Ancient Greek World, Oxford University Press, Oxford. 117-128.

Dowd, K. 2001. “The Emergence of Fiat Money: A Reconsideration,” Cato Journal 20.3: 467–476.

Einzig, Paul. 1966. Primitive Money: In Its Ethnological, Historical, and Economic Aspects (2nd edn.), Pergamon Press, Oxford.

Goodhart, C. A. E. 1998. “The Two Concepts of Money: Implications for the Analysis of Optimal Currency Areas,” European Journal of Political Economy 14.3: 407–432.

Graeber, D. 2011. Debt: The First 5,000 Years, Melville House, Brooklyn, N.Y.

Grierson, P. 1977. The Origins of Money, Athlone Press and University of London, London.

Grierson, P. 1978. “The Origins of Money,” Research in Economic Anthropology 1: 1–35.

Hallo, W. W. 1996. Origins: The Ancient Near Eastern Background of Some Modern Western Institutions, Brill, New York. pp. 18-25.

Hart, K. 1986. “Heads or Tails? Two Sides of the Coin,” Man n.s. 21.4: 637-656.

Heidel, W. A. 1926. “Heiliges Geld, eine historische Untersuchung über den sakralen Ursprung des Geldes by Bernhard Laum” (Review), Classical Philology 21.2: 191–192.

Henry, J. F. 2004. “The Social Origins of Money: The Case of Egypt,” in L. R. Wray (ed.), Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Edward Elgar, Cheltenham, UK. 79–98.

Holtz, J. 1984. Kritik der Geldentstehungstheorien. Carl Menger, Wilhelm Gerloff und eine Untersuchung über die Entstehung des Geldes im alten Ägypten und Mesopotamien, Dietrich Reimer Verlag, Berlin.

Hudson, M. 2004. “The Archaeology of Money: Debt Versus Barter Theories of Money’s Origins,” in L. R. Wray (ed.), Credit and State Theories of Money: the Contributions of A. Mitchell Innes, Edward Elgar, Cheltenham. 99–127.

Humphrey, C. 1984. “Barter and Economic Disintegration,” Man 20.1: 48–72.

Ingham, G. 2004. “The Emergence of Capitalist Credit Money,” in L. R. Wray (ed.), Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Edward Elgar, Cheltenham. 173–222.

Ingham, G. 2006. “Further Reflections on the Ontology of Money,” Economy and Society 36.2: 264–265.

Ingham, G., 2000. “Modern Money,” in J. Smithin, J. (ed.), 2000. What is Money?, Routledge, London and New York.

Innes, A. M. 1913. “What is Money?,” Banking Law Journal May: 377–408.

Iwai, K. 2001. “The Evolution of Money,” in A. Nicita and U. Pagano (eds.), The Evolution of Economic Diversity, Routledge, London and New York. 396–431.

Jevons, W. S. 1875. Money and the Mechanism of Exchange, H.S. King & Co., London.

Jevons, W. S. 1923. Money and the Mechanism of Exchange (25th edn.), Kegan Paul, Trench, Trubner, London.

Kim, H. S. 2001. “Archaic Coinage as Evidence for the Use of Money,” in A. Meadows and K. Shipton (eds.), Money and its Uses in the Ancient Greek World, Oxford University Press, Oxford. 7-21.

Kim, H. S. 2002. “Small Change and the Moneyed Economy,” in P. Cartledge, E. E. Cohen and L. Foxhall (eds.), Money, Labour and Land. Approaches to the Economies of Ancient Greece, Routledge, London and New York. 52-66.

Kiyotaki, N. and Wright, R. 1989. “On Money as a Medium of Exchange,” Journal of Political Economy 97: 927–954.

Kiyotaki, N. and Wright, R. 1991. “A Contribution to the Pure Theory of Money,” Journal of Economic Theory 53: 215–235.

Kiyotaki, N. and Wright, R. 1992. “Acceptability, Means of Payment, and Media of Exchange,” Federal Reserve Bank of Minneapolis Quarterly Review 2–10.

Knapp, G. F. 1973 [1924]. The State Theory of Money, Augustus M. Kelley, Clifton, NY.

Kraay, C. M. 1964. “Hoards, Small Change and the Origin of Coinage,” Journal of Hellenic Studies 84: 76–91.

Laum, B. 1924. Heiliges Geld: eine historische Untersuchung über den sakralen Ursprung des Geldes, Mohr, Tübingen.

Lo Cascio, E. 2003. Credito e moneta nel mondo romano: atti degli Incontri capresi di storia dell'economia antica: Capri, 12-14 ottobre 2000, Edipuglia, Bari.

Mastromatteo, G. and L. Ventura, 2007. “The Origin of Money: A Survey of the Contemporary Literature,” International Review of Economics 54. 2: 195–224.

Mauss, Marcel. 2002. The Gift: The Form and Reason for Exchange in Archaic Societies (trans. W. D. Halls), Routledge, London.

Menger, C. 1892. “Geld,” in Handwörterbuch der Staatswissenschaften (vol. 3). 730–757.

Menger, C. 1892. “On the Origin of Money” (trans. C. A. Foley), Economic Journal 2: 238–255.

Menger, C. 1909. “Geld,” in J. Conrad et al. (eds.), Handwörterbuch der Staatswissenschaften (vol. 4; 3rd edn.), Fischer, Jena. 555–610.

Menger, C. 1923. Grundsätze der Volkswirtschaftslehre (2nd rev. edn.), Hölder-Pichler-Tempsky, Vienna.

Menger, C. 2002 [1909]. “Money” (trans. L. B. Yeager and M. Streissler), in M. Latzer and S. W. Schmitz (eds.), Carl Menger and the Evolution of Payments Systems, Edward Elgar, Cheltenham, UK. 25–108. [N.B. this is a translation of Menger 1909.]

Menger, C. 2007. Principles of Economics (trans. Grundsätze der Volkswirtschaftslehre [1st edn. 1871] by J. Dingwall and B. F. Hoselitz), Ludwig von Mises Institute, Auburn, Alabama.

Minnen, P. van. 2008. “Money and Credit in Roman Egypt,” in W. V. Harris (ed.), The Monetary Systems of the Greeks and Romans, Oxford University Press, Oxford. 226-241.

Mises, L. von. 1998 [1949]. Human Action: A Treatise on Economics. The Scholar’s Edition, Ludwig von Mises Institute, Auburn, Ala.

Mises, L. von. 2009 [1953]. The Theory of Money and Credit (trans. J. E. Batson), Mises Institute, Auburn, Ala.

Moini, M. 2001. “Toward a General Theory of Credit and Money,” Review of Austrian Economics 14.4: 267–317.

Müller-Wollermann, R. 1988–1991. “Funktionsträger von Geld im Alten Ägypten,” in S. Schoske (ed.), Akten des vierten Internationalen Ägyptologen Kongresses: München 1985 (vol. 4), Helmut Buske, Hamburg. 147–158.

Murphy, Robert P. 2003. “The Origin of Money and Its Value,” Mises Daily, September 29, http://mises.org/daily/1333

Peacock, M. S. 2003–2004. “State, Money, Catallaxy: Underlaboring for a Chartalist Theory of Money,” Journal of Post Keynesian Economics 26.2: 205–225.

Peacock, M. S. 2006. “The Origins of Money in Ancient Greece: The Political Economy of Coinage and Exchange,” Cambridge Journal of Economics 30: 637–650.

Peacock, M. S. 2011. “The Political Economy of Homeric Society and the Origins of Money,”Contributions to Political Economy 30: 47–65.

Powell, M. 1978 “A Contribution to the History of Money in Mesopotamia Prior to the Invention of Coinage,” in B. Hruška and G. Komoróczy (eds.), Festschrift Lubor Matouš, Eötvös Loránd Tudományegyetem, Ókori Történeti Tanszekek, Budapest. 211–243.

Pryor, F. L. 1977. “The Origins of Money,” Journal of Money, Credit and Banking 9.3: 391–409.

Robert, R. 1956. “A Short History of Tallies,” in A. C. Littleton and B. S. Yamey (eds.), Studies in the History of Accounting, Richard D. Irwin, Homewood, Il. 75–85.

Roberts, K. 2011. The Origins of Business, Money, and Markets, Columbia University Press, New York.

Rothbard, M. N., 2009, The Essential von Mises, von Mises Institute, Auburn, Alabama.

Schaps, D. M. 2001. “The Conceptual Prehistory of Money and its Impact on the Greek Economy,” in M. S. Balmuth (ed.), Hacksilber to Coinage: New Insights into the Monetary History of the Near East and Greece. A Collection of Eight Papers Presented at the 99th Annual Meeting of the Archaeological Institute of America, The American Numismatic Society, New York. 93-104.

Schaps, D. M. 2004. The Invention of Coinage and the Monetization of Ancient Greece, University of Michigan Press, Ann Arbor

Schaps, D. M. 2008. “What Was Money in Ancient Greece?,” in W. V. Harris (ed.), The Monetary Systems of the Greeks and Romans, Oxford University Press, Oxford. 38-48.

Seaford, R. 2004. Money and the Early Greek Mind: Homer, Philosophy, Tragedy, Cambridge University Press, Cambridge.

Semenova, A. 2011. “Would You Barter With God? Why Holy Debts and not Profane Markets Created Money,” American Journal of Economics and Sociology 70.2: 376–400.

Semenova, A. 2011. The Origins of Money: Evaluating Chartalist and Metallist Theories in the Context of Ancient Greece and Mesopotamia, PhD dissert. University of Missouri-Kansas City, Kansas City, Missouri.
https://mospace.umsystem.edu/xmlui/bitstream/handle/10355/10843/SemenovaOriMonEva.pdf?sequence=1

Smith, A. 1811. An Inquiry into the Nature and Causes of the Wealth of Nations (11 edn; vol. 1), Oliver D. Cooke, Hartford.

Smithin, J. (ed.). 2000a. What is Money?, Routledge, London and New York.

Smithin, J. 2000b. “‘Babylonian Madness’: On the Historical and Sociological Origins of Money,” in J. Smithin, J. (ed.), 2000. What is Money?, Routledge, London and New York.

Tymoigne, É. and L. R. Wray. 2006. “Money: An Alternative Story,” in P. Arestis and M. Sawyer (eds.), A Handbook of Alternative Monetary Economics, Edward Elgar, Cheltenham. 1–16.

von Reden, S. 1997. “Money, Law and Exchange: Coinage in the Greek Polis,” Journal of Hellenic Studies 117: 154–176.

von Reden, S. 2002. “Money in the ancient economy: A survey of recent research,” Klio 84.1: 141–174.

Wittenburg, A. and B. Laum, 1995. “Bernhard Laum und der sakrale Ursprung des Geldes,” in H. Flashar (ed.), Altertumswissenschaft in den 20er Jahren. Neue Fragen und Impulse, Franz Steiner Verlag, Stuttgart. 259-274.

Wray, L. R. 1998. Understanding Modern Money: The Key to Full Employment and Price Stability, Edward Elgar, Cheltenham.

Wray, L. R. 2002. “State Money,” International Journal of Political Economy32.3: 23–40.

Wray, L. R. (ed.). 2004. Credit and State Theories of Money: The Contributions of A. Mitchell Innes, Edward Elgar, Cheltenham.

Wray, L. R. 2008. “Banking, Finance and Money,” in J. B. Davis and W. Dolfsma (eds.), The Elgar Companion to Social Economics, Edward Elgar, Cheltenham. 478–495.


Appendix: Bibliographical Resources for the Ancient Near East

The first money we know of emerged in the ancient Near East in Mesopotamia. For those interested in resources for searching the research literature on the ancient Near East, the following are useful:
(1) “Elenchus Bibliographicus Biblicus,” 1920–1967, Biblica, Rome.
Elenchus Bibliographicus Biblicus, 1968–1984, Rome.
Elenchus of Biblica, 1985–, Editrice Pontificio Istituto Biblico, Rome.

A comprehensive annual bibliography, which covers nearly all relevant journals for the ancient Near East. This work contains extensive indices. For 1920–1967, the index was published in the journal Biblica (Pontificium Institutum Biblicum, Rome). Then it became a separate publication, the latest version of which is Elenchus of Biblica (1985 onwards).

(2) “Keilschriftbibliographie,” 1932–, Orientalia (published quarterly), Pontificium institutum biblicum, Rome.

Published in the Journal Orientalia, this is an index for work on the Ancient Near East. The index has subject and name indices, and is published as the last article in one volume of Orientalia biannually. The index provides bibliographical references to publications in the previous year under ten subject areas, viz., General, Writing and Epigraphy, Language and Philology, History of the Ancient Middle East, Religion and Mythology, Law, Science and Technology, Geography, and Archaeology.

(3) Hupper, W. G., 1987–, An Index to English Periodical Literature on the Old Testament and Ancient Near Eastern Studies. Metuchen, N. J.

This index contains citations for over six hundred journals in English for Near Eastern archaeology, history, language, science, and theology from 1793 to 1970. Five volumes have appeared, and a further five are planned.

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