Money – myths, magic, morals and markets

What is the course about?

It makes the world go round, a consuming passion, a source of personal stress, a central issue in public policy, and for some, the root of all evils – money is the subject of this course. We will define its nature (debunking the myths), reveal how it comes into the world (the magic), discuss the effect it has on society (the morals), and show how it moves across social classes and continents (the markets)
The course is about the place of money in society and in our lives. Money is a motive for individual action and a main factor in public decisions. But like all powerful energies, it consumes those too unwise to handle it, causing economic exuberance and excessive debt, financial booms and busts, personal and collective crises. The course will examine the nature of money, its proper function in society, how to control it for our collective benefit. We will be drawing on the works of Classical Economists, Marxists, Keynesians, Anarchists, Austrians, and recent advocates of the Modern Monetary Theory. But beyond economics, we will invite anthropologists, like David Graeber (Debt: The First 5000 Years), sociologists like Georg Simmel (The Philosophy of Money), psychologists, from Erich Fromm to Morgan Housel, and moral thinkers as diverse as Ayn Rand and Pope Francis.

What will we cover?

The course will cover the history of money, its emergence – some historians assume as a substitute for barter, others as a way for sovereigns to easily raise taxes. We will examine today’s production of money by countries’ central banks, and surprisingly by the private sector. We will look at the forms it takes, from metals to digital, and what it means for the planet. We will explain why an unrestrained creation of money amplifies the economic cycles of expansions/recessions, fuels financial crises and causes obscene wealth inequalities.

What will I achieve?
By the end of this course you should be able to...

- identify and discuss the true nature of money, its production and functions, as condition for being an informed citizen and responsible actor in society.
- connect past and present of monetary history.

What level is the course and do I need any particular skills?

This course is open to all, who are curious about the state of the world. The only requisite is an open mind, a willingness to rationally engage with provocative ideas, listen to others, and think.

How will I be taught, and will there be any work outside the class?

The course will include the tutor’s presentations of the different ideas under consideration, often with slides, and will encourage lively students’ discussions. The tutor will circulate the slides after each lesson, sometimes with short “thinkpieces”, which will be optional reading for the following lesson.

Are there any other costs? Is there anything I need to bring?

There are no other costs. Albeit students will receive the slides used in class with notes and comments after each lesson, many will bring a pen and paper or an electronic device to jot down ideas gleaned during the presentations and discussions.

When I've finished, what course can I do next?

Please explore our sections on Economics, Politics and Current affairs on our website.