Development in technology has greatly changed the importance …show more content…
It leads to more barter exchanges as more people have the opportunity to use money. It provides and establishes a trust of fair payment and price for money. Through the authorization of a central system like a government, it has helped unite people. Chartalism’s major advantage is also it’s major weakness, as the chartalism money system cannot exist without a central system or higher authority. Countries facing wars or revolutions, have to use foreign currency when their own currency is deemed unreliable and corrupted. For instance, when Zimbabwe faced hyperinflation after the Second Congo War, they had no choice but to adopt a foreign currency such as the US dollar. To date, the US dollar is the most widely traded within Zimbabwe for commerce (Hanke 2008). Consequently, Zimbabwe blamed its financial situation to the economic sanctions given by the USA. This also shows the imperialistic nature of money, how one country benefits when their currency is used …show more content…
We have to acknowledge and understand the nature of our society, in order to make a better decision. The internet and social media have vastly brought people together and united the world. We need a money system that complements and works with the direction our society is taking. We already have central governments watching our every move, it 's more beneficial for them to regulate the money system as it provides authenticity, security and reliability for barter at the least. Even though, central authority will be in both metallism and chartalism but in chartalism, we have the choice to pick our future leaders and decide our future from