L. Randall Wray, “Introduction to an Alternative History of Money,” Working Paper No. 717, Levy Economics Institute of Bard College, May 2012.From p. 4 onwards there is a very useful discussion of the origins of money. One minor thing that strikes me is that the remarks on what mainstream theory says about the goldsmiths and the origin of fractional reserve banking could have used the critique of George Selgin:
Selgin, G. “Those Dishonest Goldsmiths,” revised January 20, 2011But otherwise this is an excellent paper.
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