Library of Mistakes EP 33: Money – The Unauthorised Biography (with Felix Martin)
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Feb 13, 2025 Felix Martin, author of "Money – The Unauthorised Biography," delves into the complexities of money's role in society. He discusses the fascinating Irish Bank Strike of 1970, demonstrating how communities adapt to crises through alternative currencies. Martin critiques traditional economic views, elaborating on historical figures like William Lowndes and John Locke to illustrate the evolution of monetary thought. He also highlights the vital connections between trust, political power, and the stability of money, emphasizing the relevance of leadership in shaping financial systems.
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Irish Bank Strike of 1970
- During the 1970 Irish bank strike, a private money system emerged.
- Pubs and shops became clearinghouses for IOUs, demonstrating trust-based economics.
Argentine Crédito
- Argentina's government restricted access to money during a financial crisis.
- Citizens created alternative currencies, highlighting resilience.
Locke's Monetary Mistake
- John Locke's view of money as a fixed commodity like gold has negatively impacted economic thought.
- This ignores money's role as a social construct and tool for policy.
