History of Money

In this episode, we explore the history of money, from early gift economies and debt-based recordkeeping to the rise of commodity money, metal coins, and circulating banknotes. The discussion traces how societies moved from exchanging goods like grain and livestock to creating standardized currencies that made trade easier and wealth easier to measure. We also look at major turning points, including fractional reserve banking, the shift away from the gold standard in 1971, the rise of fiat currency, and the modern transformation brought by digital payment cards and cryptocurrencies like Bitcoin.