Phenomenon of money

Taking an anthropological approach, The Phenomenon of Money identifies and explains the different ways in which money is used, the relationships which then arise, and the institutions concerned in maintaining its various functions. Thomas Crump examines the emergence of institutions with familiar and distinctive monetary roles: the state, the market and the banking system. However, other uses of money - such as for gambling and the payment of fines — are also taken into account.

The clear historical perspective allows for a treatment of money which is both exhaustive and encyclopedic, and extends far beyond the range of conventional treatises on monetary theory. Basing his analyses on specific examples drawn from monetary systems in almost every part of the world, the author argues that much contemporary thinking about money is culture bound. Hence the basic premise of economics that it is concerned with a general theory of universal application is itself brought into serious question. On the other hand, when considered as a phenomenon, as opposed to a theoretical construct, money is shown to be essentially uniform at an elementary level, but adaptable to use in a wide range of diverse institutions.