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Currencies are Commodities in Chicago

In: Money Hard and Soft

Author

Listed:
  • Brendan Brown

Abstract

The nature of money has been debated with as much fervour by economists as has the nature of God by theologians. Both concepts are abstract. Everyone can identify commodities such as copper, silver, gold, platinum, coffee, cocoa and sugar. We can visualise them in physical form. But what about a US dollar bank deposit? Its possession gives the owner the right to acquire goods. Without the back-up of a legal contract between the depositor and his bank the deposit would be worth no more than the paper on which his account statement is rendered.

Suggested Citation

  • Brendan Brown, 1978. "Currencies are Commodities in Chicago," Palgrave Macmillan Books, in: Money Hard and Soft, chapter 3, pages 66-93, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03659-2_3
    DOI: 10.1007/978-1-349-03659-2_3
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