From Barter to Bitcoin: Monetary Systems for a Sustainable Future

The course introduces the topic of monetary systems in theory and in practice. It focuses on how today's international monetary systems have developed historically and, in particular, how today's monetary system may facilitate or impede the transition to a sustainable economy. The course consists of four broad themes: 1. How are 'money' and monetary systems derived theoretically and how do those theoretical ideas correspond to the empirical practice? 2. How is money created, who can create money, and what endows money with value and makes money possible to use for transactions (payments) - historically and today? 3. What do different kinds of money such as local currencies, national currencies, international currencies, digital currencies, cryptocurrencies, fair coins, stablecoins, complementary currencies (etc.) mean - and how do they relate to each other? 4. Why do we have central banks, how do central banks contribute to a sustainable economy (or the contrary) and what may be the effects of increased use of digital currencies, cryptocurrencies and CBDCs (Central Bank Digital Currencies)?