Money & Debt: Crash Course World History 202

The video explores the history and functions of money, challenging traditional views on its origins. It discusses the roles of barter, credit, and debt in economic systems, and examines anthropological perspectives that question the natural evolution of money from barter. The video also links money to state formation, slavery, and warfare, critiquing the idea that money is a natural human development. It emphasizes the importance of understanding multiple perspectives on economic history.

What are the three primary functions of money according to economics textbooks?

• Medium of exchange, unit of account, store of value

• Unit of account, store of value, measure of wealth

• Medium of exchange, store of value, measure of wealth

• Medium of exchange, unit of account, measure of wealth

Why did Adam Smith believe barter was cumbersome?

• It required a common language

• It was difficult to find someone with matching needs

• It was only possible in large communities

• It required a written agreement

According to David Graeber, what was the primary method of exchange in societies without money?

• Barter

• Credit

• Precious metals

• Coinage

In ancient Sumer, what was the basic monetary unit?

• Pound

• Dollar

• Shekel

• Dinar

What does Graeber argue was a consequence of the introduction of coinage?

• The decline of barter systems

• The rise of chattel slavery

• Increased trade with neighboring regions

• The development of new languages

What was the primary use of money in West African social orders before European arrival?

• Everyday transactions

• Symbolic purposes in ceremonies

• Military funding

• International trade

According to Graeber, what led to the rise of coinage in ancient states?

• The expansion of trade routes

• The invention of new mining techniques

• The need for a stable currency

• The requirements of professional armies

What does the Arthashastra suggest about the relationship between the treasury and the army?

• The treasury is irrelevant to the army

• The army relies on the treasury

• The treasury is based on agriculture

• The army is independent of the treasury

What does the video suggest about the necessity of money for exchange?

• Exchange can occur without physical money

• Exchange is impossible without coins

• Money is only necessary for international trade

• Money is essential for all forms of exchange

What is the main argument against Adam Smith's origin myth of money?

• Barter was more efficient than money

• Money evolved from credit systems, not barter

• Money was unnecessary in ancient societies

• Barter economies were widespread