By Duncan Innes
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Additional resources for Anglo American and the Rise of Modern South Africa
All the more vexing, then, that one part of the experiment has gone so wrong: with regard to the medium of exchange, we observe an I am grateful to Elena Loukoianova for providing the facts, quantitative or otherwise. 1 Ostroy and Starr (1974); Jones (1976) report early research on these issues; section 2 reports on more recent approaches. 15 16 Jayasri Dutta apparent U-turn. In this chapter, I argue that the rise of barter in Russia, or similar societies, is relatively simple to understand if we think of money as a store of value, in addition to a medium of exchange.
38 Canice Prendergast and Lars Stole of a monetised economy. The reason for this is that these unwanted goods serve, in part, the role of currency and one may ®nd `liquidity' value in them as a means of exchange. We also relate the resulting outcomes to discussions of pricing in chapters 10±13 of this volume, where we show how the terms of trade oered to those with `unwanted' goods depend on the trading relationship. Speci®cally, the price paid for valued goods (in terms of `unwanted' goods) gets worse as relationships become less important.
This is why it needs to be part of a perpetual social contract. To be sure, consensus can make such a thing acceptable for the moment. To function as money, it must be acceptable, and valuable, in the near future, and commonly believed to be so. This argument applied again and again to each such future implies that money must be valued in perpetuity, as futures cumulate without end. 2 How, then, does the present consensus of money enforce itself in the future? If we have already agreed to allow a government to rule, in 2 This is of course the `Hahn problem' (Hahn, 1965).
Anglo American and the Rise of Modern South Africa by Duncan Innes