The nature of money is tragically one of the most unexamined and vital questions in modern society. Over the course of history, different monetary systems have risen and fallen as technology progressed and new forms of money emerged that were superior to what came before. To help us understand money, we must examine the question: “who controls the ledger?” As we explore the technological history of money and its various incarnations, from informal social credit to commodity-backed systems, we can gain insight into how control over the monetary ledger impacts individual liberty, economic prosperity, and human flourishing.
In the Austrian tradition, figures like Carl Menger, Ludwig von Mises, and many others have written extensively about the function of money. At its core, money enables indirect exchange as a medium to facilitate transactions. In small communities, social credit systems can adequately regulate resources through direct exchange. However, as these communities grow, i
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