Money and Nature: Lapham's Quarterly I-2 & I-3

 

    Lewis Lapham, ed. Lapham’s Quarterly: Vol.1:2 “About Money” & Vol.1:3 “Book of Nature” (2008) The excerpts about money are in roughly historical order. They form a summary of the developing understanding of money, as well as a sometimes entertaining account of what can go wrong when people mistake money for wealth. Money is either the elixir of life or the worst invention of humankind.
     The earliest ideas ascribed intrinsic value to money: a gold coin had some objective value simply because it was gold. That idea began to unravel when the Spaniards brought tons of the stuff from South America and promptly triggered almost ruinous inflation. The latest ideas about money emphasise that it’s information: Almost all money these days exists as electronic data about some account balance. Money is a system of abstract IOUs. Instead of an IOU for, say, 10 bushels of wheat, we have an IOU for, say, $50. That $50 could be used to buy 10 bushels of wheat Or 8 measures of oil. Or a cask or two of wine. Or whatever.
     There are several accounts of bubbles, eg, the Dutch tulip mania of the 1600s. Ponzi schemes and other frauds also appear. These debacles occur because people want money. They see the bubbling trade in tulips as a means of amassing money. They see the fraudster’s con as a means of amassing money. Since both bubbles and frauds depend on credit for their initial success, they debase the value of money: they are one of the drivers of inflation.
  

There’s more, but I won’t enlarge further. See my other posts aboiut money for further
comments.
     Lapham claims he doesn’t understand the concept of  “The Book of Nature”. This collection belies the claim. It records the full range of human responses to the natural world, from denial that we are part of it (we “have dominion” over it, after all) to acceptance that we wholly depend on it (but on current evidence are destroying it). These two responses are present in the earliest myths. For example, Genesis records that God made Adam from the dust of the ground. That make humans part of the natural order. It also records that God gave humankind dominion over the every living thing. That puts humans above and outside the natural order. Or so the standard interpretation goes. More recent theology argues that “dominion” means stewardship. We rule the Earth on behalf of the Creator.
     Lapham’s quarterly collections add up to a history of the ideas that govern our choices. They show that our ancestors expressed every current notion about how the world works and how we should live. ****