THE FUTURE OF MONEY Bernard A. Lietaer - library.uniteddiversity ...

civilisation to grow or even survive. On the negative side, when a
society loses confidence in its money, it loses confidence in itself.
'The debate about the future of money is not about inflation or
deflation, fixed or flexible exchange rates, gold or paper standards; it
is about the kind of society in which money is to operate.’
APPENDIX A
Other functions of money
The functions of today's money system - other than as a medium of
exchange or payment - are recalled here to complete the descriptions
of the Primer and Chapter 2.
National currencies today fulfil functions in addition to the one of
medium of exchange. The most important of these other functions are
a standard of measure, a store of value, an instrument for
speculation, and in some cases a tool of empire.
Standard of Measure: The value of the proverbial apples and
oranges can be compared by expressing each of them in the same
standard, typically dollars for Americans, euros for Europeans, etc.
Historically, many cultures have had standards of measure different
from the medium of exchange. For instance, one important unit of
measure in ancient Europe used to be cattle Homer (8th century BC)
would invariably express values in oxen for example. However,
payments were often made in a more practical medium of exchange
such as bronze artefacts, gold or silver bars and later coins.
Store of Value: Currency was not the preferred store of value in
most civilisations. For example, the word capital derives from the
Latin capus, capitis, which means head. This referred to heads of cattle
just as in Homer, and still happens today in Texas or among the