#132 Phil Armstrong: Greece, The Euro & Getting The Money Story Right
The MMT Podcast with Patricia Pino & Christian Reilly
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What's the Point of Difference?
In your paper, you write that the authors suggest that commodity exchanged between communities where foreignness is significant results in the emergence of a universal equivalent. So could you unpack that for us so that we understand where they are coming from? Yes, right. Well, the word foreignness is like two communities who don't really know each other very well, so they aren't built up like community relationships. They trade with each other and hit upon some form of common unin,. A weight of gold, say, a value of gold, that they can equate everything that they trade with. And once people get used to this inter community trade with the weight ofGold, that monatizes the society
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