Just Money: Banking as if Society Mattered

<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@dc907cc62ba3492b985b1e8e49dfd5af" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">A History of Money</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@03f695291bc54ab78804c09bf690e696"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@03f695291bc54ab78804c09bf690e696" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In order to understand the role of money in banking and in our society more broadly, we will first take a brief look into the history of money.<span style="mso-spacerun: yes;">  </span>Where does money come from?<span style="mso-spacerun: yes;">  </span>What gives money its value?<span style="mso-spacerun: yes;">  </span>How does the history of money affect our understanding of the economy?</p> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><br /><span style="color: #000000;">To download the image created in this video, press the "Download Handout" button under the video player.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@b5d1f2c7281847d98b547c39d3177d71"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@b5d1f2c7281847d98b547c39d3177d71" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">A History of Money</h3> <div id="video_b5d1f2c7281847d98b547c39d3177d71" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@8ecaaf46a5614580b92db014f708961c" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">What is Money?</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@92e6295bb57b43a9ad3c95483532432a"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@92e6295bb57b43a9ad3c95483532432a" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In this video, we will take a closer look at different uses and qualities of money, money as a legal construct, and where it derives its value.</p> <p><span style="line-height: 25.6px;">To download the image created in this video, press the "Download Handout" button under the video player.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@ed8cc53db5834cde8d4b0a4b1e34eb67"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@ed8cc53db5834cde8d4b0a4b1e34eb67" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">What is Money?</h3> <div id="video_ed8cc53db5834cde8d4b0a4b1e34eb67" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, "recordedYoutubeIsAvailable": true, "ytTestTimeout": 1500, "poster": 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@60a1328499ea494f896638f3c7105464" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Voices from the Field: Ciaran Mundy</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@9e55e75617574bf18a20ed34a83a9cd8"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@9e55e75617574bf18a20ed34a83a9cd8" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In this video we will hear from Ciaran Mundy, CEO of the Bristol Pound, an alternative currency in Bristol, England.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Ciaran Mundy Interview</h3> <div id="video_4518f23dc1544c168beb3a9f847d2627" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, "recordedYoutubeIsAvailable": true, "ytTestTimeout": 1500, "poster": null, "streams": "1.00:UqSRmOpd47I", "saveStateEnabled": false, "end": 0.0, "speed": null, "completionPercentage": 0.95, "start": 0.0, "publishCompletionUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627/handler/publish_completion", "duration": 0.0, "autoplay": false, "savedVideoPosition": 0.0, "generalSpeed": 1.0, "autohideHtml5": false, "ytMetadataEndpoint": "", "transcriptTranslationUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627/handler/transcript/translation/__lang__", "showCaptions": "true", "completionEnabled": false, "captionDataDir": null, "ytApiUrl": "https://www.youtube.com/iframe_api", "saveStateUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627/handler/xmodule_handler/save_user_state", "transcriptAvailableTranslationsUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@4518f23dc1544c168beb3a9f847d2627/handler/transcript/available_translations", "sources": [], "transcriptLanguages": {"en": "English", "pt": "Portuguese"}, "transcriptLanguage": "en", "lmsRootURL": "https://openlearninglibrary.mit.edu"}' data-bumper-metadata='null' data-autoadvance-enabled="False" data-poster='null' tabindex="-1" > <div class="focus_grabber first"></div> <div class="tc-wrapper"> <div class="video-wrapper"> <span tabindex="0" class="spinner" aria-hidden="false" aria-label="Loading video player"></span> <span tabindex="-1" class="btn-play fa fa-youtube-play fa-2x is-hidden" aria-hidden="true" aria-label="Play video"></span> <div class="video-player-pre"></div> <div class="video-player"> <div id="4518f23dc1544c168beb3a9f847d2627"></div> <h4 class="hd hd-4 video-error is-hidden">No playable video sources found.</h4> <h4 class="hd hd-4 video-hls-error is-hidden"> Your browser does not support this video format. 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@6d0a54826c794126881eaa85320f3a8e" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Money in Economic Theory</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@23f5fb821421443495147595b0f17ff4"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@23f5fb821421443495147595b0f17ff4" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In this video we touch on three points for further exploration about how money is understood in mainstream economic theory.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@8a417ccb0f4b46bb95e3941a976c7af2"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@8a417ccb0f4b46bb95e3941a976c7af2" data-init="XBlockToXModuleShim" data-block-type="video" 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@7def20dfe86044f59edba0d480c83f2c" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Voices from the Field: Fran Boait</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@aabdadf4bdbc4165a7c2eb466ac3e2e4"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@aabdadf4bdbc4165a7c2eb466ac3e2e4" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><span style="color: #313131; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;">In this interview, we hear from Fran Boait, Executive Director of </span><a href="http://positivemoney.org/" target="[object Object]" style="text-rendering: optimizelegibility; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin: 0px; padding: 0px; border: 0px; outline: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: 1.4em; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; vertical-align: baseline; transition: color 0.25s ease-in-out 0s; text-decoration-line: none; color: #0075b4;">Positive Money</a><span style="color: #313131; font-family: 'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;">, an organization that draws attention to the money creation processes of commercial banks.</span></p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Interview with Fran Boait</h3> <div id="video_c14c031ae88343209404d2ab7c27a013" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, "recordedYoutubeIsAvailable": true, "ytTestTimeout": 1500, "poster": null, "streams": "1.00:Z1-czsqceiA", "saveStateEnabled": false, "end": 0.0, "speed": null, "completionPercentage": 0.95, "start": 0.0, "publishCompletionUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/publish_completion", "duration": 0.0, "autoplay": false, "savedVideoPosition": 0.0, "generalSpeed": 1.0, "autohideHtml5": false, "ytMetadataEndpoint": "", "transcriptTranslationUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/transcript/translation/__lang__", "showCaptions": "true", "completionEnabled": false, "captionDataDir": null, "ytApiUrl": "https://www.youtube.com/iframe_api", "saveStateUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/xmodule_handler/save_user_state", "transcriptAvailableTranslationsUrl": "/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/transcript/available_translations", "sources": [], "transcriptLanguages": {"en": "English", "pt": "Portuguese"}, "transcriptLanguage": "en", "lmsRootURL": "https://openlearninglibrary.mit.edu"}' data-bumper-metadata='null' data-autoadvance-enabled="False" data-poster='null' tabindex="-1" > <div class="focus_grabber first"></div> <div class="tc-wrapper"> <div class="video-wrapper"> <span tabindex="0" class="spinner" aria-hidden="false" aria-label="Loading video player"></span> <span tabindex="-1" class="btn-play fa fa-youtube-play fa-2x is-hidden" aria-hidden="true" aria-label="Play video"></span> <div class="video-player-pre"></div> <div class="video-player"> <div id="c14c031ae88343209404d2ab7c27a013"></div> <h4 class="hd hd-4 video-error is-hidden">No playable video sources found.</h4> <h4 class="hd hd-4 video-hls-error is-hidden"> Your browser does not support this video format. Try using a different browser. </h4> </div> <div class="video-player-post"></div> <div class="closed-captions"></div> <div class="video-controls is-hidden"> <div> <div class="vcr"><div class="vidtime">0:00 / 0:00</div></div> <div class="secondary-controls"></div> </div> </div> </div> </div> <div class="focus_grabber last"></div> <h3 class="hd hd-4 downloads-heading sr" id="video-download-transcripts_c14c031ae88343209404d2ab7c27a013">Downloads and transcripts</h3> <div class="wrapper-downloads" role="region" aria-labelledby="video-download-transcripts_c14c031ae88343209404d2ab7c27a013"> <div class="wrapper-download-transcripts"> <h4 class="hd hd-5">Transcripts</h4> <ul class="list-download-transcripts"> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/transcript/download" data-value="srt">Download SubRip (.srt) file</a> </li> <li class="transcript-option"> <a class="btn btn-link" href="/courses/course-v1:MITx+11.405x+2T2020/xblock/block-v1:MITx+11.405x+2T2020+type@video+block@c14c031ae88343209404d2ab7c27a013/handler/transcript/download" data-value="txt">Download Text (.txt) file</a> </li> </ul> </div> <div class="wrapper-handouts"> <h4 class="hd hd-5">Handouts</h4> <a class="btn-link" href="/asset-v1:MITx+11.405x+2T2020+type@asset+block@3.03_WhatIsMoney.png">Download Handout</a> </div> </div> </div> </div> </div> <div class="vert vert-2" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@6f7843976972465a9fa6cc5c887112d1"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="064c3e8203de11f0a0bf0affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@6f7843976972465a9fa6cc5c887112d1" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="font-size: 16px;"><strong>Biography</strong></p> <p style="font-size: 16px;"></p> <p style="font-size: 16px;"></p> <p class="MsoNormal" style="margin-right: 0in; margin-bottom: 0.0001pt; margin-left: 0in; font-size: 16px; font-family: Cambria;"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">Fran Boait is Positive Money’s Executive Director and a Director of the Board of Finance Watch. Fran studied Natural Sciences at the University of Cambridge and went on to complete a PhD researching carbon dioxide storage. Fran became interested in economics and money creation after realizing that the huge environmental and inequality crises we face could not easily be fixed without re-thinking how the current economic system works, and how to redesign it. Fran has worked at various global organizations including the United Nations, Greenpeace and BP.</span></p> </div> </div> </div> </div>