What is Money? Bitcoins and Cryptocurrency

Most things in life--- automobiles, lovers, cancer --- are essential only to those who have them. Money, in contrast, is equally important to those who have it and those who don't. Both accordingly have a concern for understanding it. Both should proceed in the complete confidence that they can.", so writes John Kenneth Galbraith in his famous book "Money: Whence It Came, Where It Went."

But what is money? This question may seem obvious at first glance; however, as we discover in this episode, there is more to it than meets the eye. Some claim that we are now entering a new monetary world with cryptocurrencies like Bitcoin. To make sense of all of this, this week the dialectic goes to work to explore the question of 'money' with Prof. Wolff.

About

The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxian theory. It utilizes the dialectical mode of reasoning, that is the method developed over the millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis via a dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work intending to solve the urgent life crises that we face as a global community.

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