The Origins of Money and the Development of the Modern Financial System

@inproceedings{Wray1993TheOO,
  title={The Origins of Money and the Development of the Modern Financial System},
  author={L. Randall Wray},
  year={1993}
}
The origins of money and banking are explained in nearly every introduction money and banking course, but Wray proposes an alternative approach that emerges from a comparative analysis of economic institutions. Orthodox theory suggests that barter replaced self-sufficiency and increased efficiency by fostering specialization- subsequently, establishing some object as a medium of exchange permits greater efficiency. In essence, the orthodox economist espouses the view that we operate in a free… Expand