The Changing Face of Money

Authors

Christopher M. Bruner, Washington and Lee University School of LawFollow

Document Type

Essay

Publication Title

Review of Banking & Finance Law

Publication Date

2011

Abstract

In this essay I argue that widespread failure to comprehend the intrinsic nature of modern money loomed large in the recent financial and economic crisis, and that broader comprehension of its meaning is a precondition for effective post-crisis reforms. First, I provide a brief history of money, emphasizing its gradual divergence from inherent value. I then consider the value of today's dollar in economic, legal, and psychological terms, arguing that each perspective conveys a single over-arching lesson - that better comprehending our money requires better comprehending ourselves. The introspection that this exercise demands reveals with unique clarity some of the critical lessons of the crisis and its aftermath.

Comments

Posted with permission from the copyright owner.

Recommended Citation

Christopher M. Bruner, The Changing Face of Money, 30 Rev. Banking & Fin. L. 383 (2010-2011).