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by eesmith
969 days ago
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Was there money in pre-1778 Hawaii? Not that I have been able to figure out. I believe it was a gift economy. There certainly was specialization in Hawaii, and with a population of over 100,000 would seem like a good counter-example. > Barter economy cannot sustain any of that, because barter economy does not scale. From https://en.wikipedia.org/wiki/History_of_money , "There is no evidence, historical or contemporary, of a society in which barter is the main mode of exchange;[23] instead, non-monetary societies operated largely along the principles of gift economy and debt." https://en.wikipedia.org/wiki/Non-monetary_economy#Other_mon... list other money-less systems including "the Incas and possibly, also the empire of Majapahit". Both were empires. |
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Therefore, Hawai'i did have money, in the form of commodity money (objects having intrinsic value in addition to value as a method of payment), which is distinct from barter in that there are specific recognizable units of exchange (specific amounts of commodity money used to pay a specific amount of debt). Material goods were also used as money for trade between islands.
[1] https://evols.library.manoa.hawaii.edu/server/api/core/bitst... [2] https://en.wikipedia.org/wiki/Ahupua%CA%BBa [3] https://www.nps.gov/parkhistory/online_books/kona/history1g.... [4] https://web.archive.org/web/20140605052446/http://www.hawaii...