On Jul 15, 2010, at 4:35 PM, c b wrote:
> In none of these societies did money- mediated exchange play a major
> role. Money was invented by them for the denomination and payment of
> debt over time. Its essential nature was (and still is) as means and
> standard for deferred payment (the words on a dollar bill that define
> it as *money* are "This note is legal tender for all debts public and
> private"). The second major function of commodity-money, as medium of
> exchange, followed and quickly became widespread once its
> debt-denominating function had been securely established with the
> institution of coinage. In inverting the historical sequence Marx and
> Engels were merely repeating Aristotle, but in this, as in many other
> things, Aristotle was just wrong.
>
> Shane Mage
>
> ^^^^^
> CB: Were the exchanges that resulted in debts barters ?
Barter gives rise to no debt.
Shane Mage
The communist creed: From each according to his ability, to each according to his need.
The capitalist creed: From each according to his gullibility, to each according to his greed.
Joe Stack (1956-2010)