Had a fascinating discussion with a history buff.
He was mentioning that after the US Civil War, the plantation owners paid their newly freed slaves in credit notes which could be spent at the plantation store that sold overpriced goods.
If they wished to purchase goods from a different plantations store, they would have to barter/exchange credit notes.
The plantation owners in the meantime dealt in gold for large transactions.
Jokingly, I suggested that if you exchanged plantation owners for countries, you now have the current economic system.
On reflection, I think that joke was pretty close to the truth.....
Comments?
Economics meets History
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