Bitcoin, Money, and Trust Lecture 3 Notes

Bitcoin, Money and Trust - Lecture 3 Study Notes

Money in the Ancient World (Part I): Mesopotamia 3000 BC to c. 650 BC

• Discussion revolves around the origins and evolution of money within ancient societies.

• The historical context is crucial to understanding the development of economic systems.

Money in the Ancient World (Part II): Ancient China

• Examination of early Chinese currency practices.

• Emphasis on the management of money systems by centralized authorities.

Money in the Ancient World (Part III): The Decline of Rome & Emergence of Computers and Internet in the 70s/80s

• Analysis of factors contributing to the decline of Roman monetary systems.

• Introduction of computing technology and its implications for currency and transactions.

Money in Mesopotamia (3000 BC)

• Mesopotamia regarded as one of the earliest civilizations where formal monetary systems started.

• Use of commodity money, such as grain or livestock, which had intrinsic value in society.

Ancient Greece: Money as a Commodity (c. 350 BC)

• Aristotle's Perspective:

  • Suggested that money was a mutual compact: a society agrees to use certain commodities as money.

  • These commodities were inherently useful.

  • Examples include iron, silver, and other metals.

• Defining Money:

  • Money doesn't exist naturally; it exists by social convention.

  • This opens the door for societal changes influencing what is accepted as money.