Money’s Value Comes from Institutional Acceptance

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Dr. Michael Hudson is President of the Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of several books, including Temples of Enterprise: Creating Economic Order in the Bronze Age Near East.

In this episode, we focus on Temples of Enterprise. We talk about the origins of the economy in the ancient Near East, and the origins of money. We discuss the role of temples and palaces, and whether there has ever been a “free market”. We talk about urbanization in the ancient Near East. Finally, we discuss Mesopotamia’s role in innovating and shaping civilization’s basic economic institutions, and what modern Western democracies can learn from Bronze Age economic policy.

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