You'll Also Remember ...

• We followed Robert Hockett and Aaron James in defining "basic money"

  • Relationships of mutual obligation (debts) are fundamental to human society.

  • Money is a social relationship -- a way of keeping track of obligations

  • Money is represented in different forms in different eras

• Saw that "modern money" has these additional characteristics:

  • It is issued by the state to provision itself with resources to carry out the public purpose

  • The state taxes back a portion of the currency it issues

  • Hence, modern money is that which the state accepts in payment for taxes.