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A society without money

by John MacBeath Watkins

In this post, we explored what money is. Short version, money is a sign that the holder of it is owed favors. But what if you had a society that didn't have money?

Money is an ancient institution, Standardized coinage goes back almost 3,000 years, commodity money, representing a given weight of a commodity such as copper, further than that. But most people living in ancient civilizations never saw money. Most were peasants who paid their taxes in commodities and labor, or slave who labored without pay and we given what little they had by their masters, or serfs who were in some cases little better off than slaves.

Some societies, such as the Inca civilization, had no money system at all. The Inca had a centralized system of government, and people worked for the government and were given what they needed by the government. Ancient Egyptians paid their taxes in grain and labor. While we use money to track almost all of our economic obligations, these societ…

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