Randall Wray's MMT Lecture Distorts History
The Human Action Podcast
The Intricacies of Yap Island's Stone Money
This chapter explores the unique stone money of the Yap Islanders, examining its cultural significance and how it served as a form of social contract rather than merely currency. It contrasts the islanders' perceptions with that of German colonizers, highlighting the complexities surrounding value, taxation, and economic behavior. Through engaging anecdotes, the discussion challenges conventional understandings of wealth and the fluidity of monetary value across different cultures.
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