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July 2005 * ric Tymoigne is Ph D Candidate at the University of

July 2005 * ric Tymoigne is Ph D Candidate at the University of-2025

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The document 'Money: An Alternative Story' by Éric Tymoigne and L. Randall Wray explores the complex origins and nature of money, arguing against traditional views that see money primarily as a medium of exchange derived from barter. Instead, it posits that money is fundamentally a social institution rooted in credit and debt relations, with its origins linked to obligations imposed by authorities. The authors emphasize the importance of the unit of account function of money and suggest that historical monetary systems have always involved state authority in defining and enforcing monetary units. They critique the conventional narrative surrounding the evolution of money, highlighting that early economies relied more on credits and debits than on coins or commodities.

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