| OCR Text |
Show COLLEGE OF SOCIAL & BEHAVIORAL SCIENCE UNDERGRADUATE RESEARCH ABSTRACTS COMMODITY MONEY IN MODERN TIME Van Le (Luciano Pesci) Department of Economics University of Utah For the bulk of human civilization, commodity currency was the preferred money method. Gold and other commodities were money that multi-functioned as food, income sources, and even units of weight. Paper money, backed by the intangible trust, was not a sensible alternative for the pre-20th century, and only when the world progressively globalized did paper money gained popularity. Since then, fiat currency has been regarded as an inherent societal component, continually being promoted and preserved by consumerism. Even when fiat currencies are proven to be more convenient and adaptive, there are still contemporary communities that resist the existing modern system, opting to transact with another local commodity. The conditions that allow such alternative currency to emerge, exist, and even compete with paper money are the subject of this research. To better understand the phenomenon of modern commodity money, the paper expands on the definition of commodity currency to be money, not only possessing intrinsic values, but also embed with high level of human incentives and commitments. This research examines the economic history of relevant western communities to discern the traits of survivable money. Human consumption patterns and consumption utilities are the driving forces shaping those traits. The research paper finishes with the discussion of virtual currency: the development that makes "virtual" commodity possible and its role in a world that is growing more technology dependent. Luciano Pesci |
