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Chapter 2: Primitive moneys

Through examples such as Yap's stone discs, shells and glass beads, the chapter shows how monies fail when outsiders find a cheaper way to produce more. When new supply floods in, holders lose their savings and wealth moves to whoever can produce the money cheaply. The lesson the author draws: a money is only as good as its resistance to new supply.

Summary in our own words, not a quote from the book. The author's arguments, not investment advice. Book · Author's course