Money as a Global Public Good

Liliana Donath and Alexandra-Codruta Popescu
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Alexandra-Codruta Popescu: West University of Timisoara, Faculty of Economics and Business Administration, Romania

Timisoara Journal of Economics, 2009, vol. 2, issue 3(7), 137-140

Abstract: The main objective of this paper is to discuss a complex and yet not taken in consideration global public good: money. Money is a social convention created and accepted by people in order to facilitate economic transactions, being a symbol, without an intrinsic value (fiduciary money). It is universally used and it has value only in connection with the products and services that can be acquired, based on people’s consent and their psychological acceptance. In other words, its value lies in the purchasing power given by the quantity of commodities and services that can be bought with money. During history, as people began to become fully aware of the importance of money for their own survival, economic growth and development, institutions were created to manage and pass the necessary rules and regulations to grant stability to the financial intermediation process. The entire process was possible because money were always perceived as a particular “asset”: to society as a whole and to each individual as well. The strength of each currency reflects the strength of the public authorities that contribute to its creation (central banks, government, and society) as well as the strength of the economy it reflects. Besides its social value, money bear psychological value for each individual, as they serve in facilitating the fulfilment of necessities, dreams, of all people could ever want or need in their lives. Moreover, money can be regarded as a constant throughout history: changeable over time and yet the same, of vital importance in people’s lives.

Keywords: money; global public good; social and psychological value (search for similar items in EconPapers)
JEL-codes: A14 E40 H41 (search for similar items in EconPapers)
Date: 2009
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