Planet Money Summer School History 1: Money and the stone coin at the bottom of the sea
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Jul 11, 2024 Embark on a journey to uncover the origins of money, from giant stone coins on Yap Island to banking innovations in 18th-century France. Discover how these unique stones evolved into a medium of exchange, reflecting community values and identities. Dive into the chaotic life of John Law, a gambler turned financial revolutionary, whose ambitions fledged a paper currency regime. Explore how the abstract nature of currency shapes societies, power, and economic systems throughout history.
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The Mysterious Nature of Money
- Money's definition is complex and multifaceted, encompassing various forms and purposes.
- It has evolved over time and across cultures, without a single inventor or origin point.
Yap Stone Money
- The Yap islanders used large stone discs called Rai as currency, demonstrating a unique form of money.
- Rai's value was based on size, craftsmanship, and oral history of ownership, even if lost at sea.
Prestige Goods
- Yap stones, like inherited jewelry, function as prestige goods outside the market economy.
- They hold cultural and social significance beyond monetary value and are rarely exchanged.