Dear friend of the FMF
In this week’s feature article, Luke Muller gives a brief history of money, describes the various forms it has taken, and explains that inflation is a monetary phenomenon that can be very destructive if the issue of money is not properly controlled. According to the author South Africa’s inflation target of 3% to 6% is too high and should be slowly reduced to strengthen the rand. Exchange controls should be abandoned to facilitate foreign trade and investment.
Reinforcing the rand – LUKE MULLER
The invention of money allowed people to replace their original system of trade, which was barter. Instead of swapping one good or service for another, the creation of money allowed people to buy what they wanted on credit. Money is essentially an exchange of an (IOU) I-owe-you token. A person holding IOUs has credit, and can then exchange them for goods or services within the community that accepts them. Money is thus a contractual obligation on an incomplete exchange. It can take the form of anything, from commodities to printed notes or even digitally encrypted tokens, provided that people recognise it and accept it.
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Wednesday, 30 May 2018 EVENING EVENT – Cecelia Kok (FNS) – Are you free to be you? A talk on individual freedom and identity politics @ FMF – RSVP http://www.freemarketfoundation.com/View-Event?i=179
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Publish date: 30 May 2018
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.