The Phenomenon of Money by Thomas Crump

By Thomas Crump

First released in 1981, this ebook matters itself with different ways that funds is used, the relationships which then come up, and the associations involved in maintaining its numerous features. Thomas Crump examines the emergence of associations with widely used and certain financial roles: the nation, the industry and the banking process. even though, different makes use of of cash - reminiscent of for playing or the cost of fines - also are taken under consideration, in an exhaustive, encyclopedic therapy of the topic, which extends some distance past the diversity of traditional treatises on funds.

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Equally, there is no need at all to play with chips; ordinary money, in the form of specie, does just as well. In this case a poker school may continue to exist as a sphere of payment, but its boundaries will then be open to the flow of money in both directions. The same will be true where the game is played with chips with a recognized monetary equivalence, with the possibility of conversion—in both directions—according to prescribed rules. These may impose some form of penalty, so that every conversion operation involves some loss of specie: this will tend to reduce the volume of boundary transactions, and maintain the integrity of the sphere of payment.

The property is obviously important for any perpetual money game, for without it certain transactors would be excluded from play, as much by a surfeit as by a lack of success. The difficulty is that the rules of any significant money game, such as that based, for instance, on exchange (chapter 3 below), do not necessarily ensure that it is homeostatic. If such a game is not to be purely marginal (as money-based exchange may well be at an early stage in the economic development of peasant societies), then, if it is to continue to be played, either it must be combined with some other game (by means of historical process discussed in chapter 7) or its rules must be made stricter.

10, and Simmel, 1978, pp. 98, 126). The maintenance of the value of medium of exchange in terms of a commodity standard of value depends, in principle, on certain conditions, including not only the fixed system of prices, but also unrestricted commerce in the commodity itself, combined with complete freedom to manufacture specie out of it (Hennequin, 1974a, p. 41), which seldom occur in practice, if only because of the way in which the state tends to control the money supply (chapter 9 below). In practice, the standard can sometimes be maintained, even if these conditions are not satisfied (Hennequin, 1977b, p.

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