The Origins of Money, by Carl Menger. Chapter 2: Attempts at Solution Hitherto
Chapters:
0:00 - Chapter 1 - Introduction
3:18 - Chapter 2 - Attempts at Solution Hitherto
7:41 - Chapter 3 - The Problem of the Genesis of a Medium of Exchange
11:13 - Chapter 4 - Commodities as More or Less Saleable
18:29 - Chapter 5 - Concerning the Causes of the Different Degrees of Saleableness in Commodities
22:43 - Chapter 6 - On the Genesis of Media of Exchange
30:50 - Chapter 7 - The Process of Differentiation between Commodities which have become Media of Exchange and the Rest
36:58 - Chapter 8 - How the Precious Metals became Money
44:28 - Chapter 9 - Influence of the Sovereign Power
Written in the same year that he testified before the Currency Commission in Austria-Hungary, Carl Menger (1840 - 1921) explains that it is not government edicts that create money but instead the marketplace. Individuals decide what the most marketable good is for use as a medium of exchange. "Man himself is the beginning and end of every economy," Menger wrote, and so it is with deciding what is to be traded as money.
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