- Capitalism and Alternatives -
Posted by: Red Deathy ( Socialist party, UK ) on July 07, 1999 at 16:32:29:
In Reply to: quick posted by Gee on July 07, 1999 at 15:12:11:
: Unless it is representative of, or actually made of (!), something of consistent exchangeable value. Then its not so reliant upon government authority - hence goverments dont like gold standards, or any such tying of money to actual exchangeable value.
Thats a regression to barter, it would still take some form of social authority to decide what was the *universal* unit of exchange, otherwise free markets break down. Just as measurements need authority- Le Grand K in France, for example- so to does money need authority to affix it (else how many pounds of silver to the Gold?).