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Center Search Center ← Back to Home Absolutist Economies @adam August 8, 2017 View on gablog ↗ A partial summary of David Graeber on markets and money, with some additions: Markets are created and maintained by sovereigns. Money is used first of all for internal bureaucratic accounting in the ancient empires. Money is then used to pay soldiers in the imperial army, and markets are created in order to enable soldiers to spend that money. The accepted currency is whatever is accepted by the sovereign for the payment of taxes. Debt is monetized (beyond the gift economy) when standardized payments
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