- Capitalism and Alternatives -

Not-so-swift...

In Reply to: Swift. posted by Red Deathy on July 07, 1999 at 16:32:29:

: Thats a regression to barter, it would still take some form of social authority to decide what was the *universal* unit of exchange, otherwise free markets break down. Just as measurements need authority- Le Grand K in France, for example- so to does money need authority to affix it (else how many pounds of silver to the Gold?).

The market determines the number of pounds of silver to gold, just as it does now on international markets without some "social authority." Free banking has flourished in markets where governments have not opposed it (which they typically do as a way to control the populace.) See the internet for one example, 17th century Scotland for another, the Medici banks for still another.

Follow Ups:

• Not right neither... Red Deathy Socialist Party UK July 08 1999 (2)
  • They are worth whatever someone else will give for them. Flynn July 08 1999 (1)
    • Not unviersal that... Red Deathy Socialist Party UK July 09 1999 (0)