Exchange gone wrong

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Chapter 6 in Aristotle’s Economics, 2024, pp 72-84 from Edward Elgar Publishing

Abstract: The introduction of token money facilitates exchange for use but makes possible divisive profit-seeking, accumulation, acquisition and speculation. It is an invitation to the greedy to play a zero-sum game against their fellows which, similar to Simmel on money, undermines social solidarity and substitutes anonymity for cohesion. Money turns loose the worst in innate human nature. Aristotle, minimising the harm, restricts money to the precious metals which are easily recognised and in limited supply. He does not propose a monetary constitution to defend the currency against untrustworthy tyrants or short-horizoned democrats. He is (as Aquinas and others saw) clearly uncomfortable with lending at interest but does not explicitly demand its suppression.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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