Part 4/17:
In essence, money in the modern world can take various forms: physical coins and bills, bank balances, digital impulses, stocks, bonds, real estate, and even personal possessions. Yet, for practical purposes, can we genuinely say we understand what money is? The answer is that we cannot, and this confusion serves the interests of those who control the monetary system.
A Working Definition of Money
Given the tangled definitions, the speaker proposes a simplified yet comprehensive working definition: "Money is anything which is accepted as a medium of exchange." This broad delineation encompasses several forms:
- Commodity Money: Items with intrinsic value (e.g., gold, silver, cattle, wheat).