Jędrzej Malko explores the political history of money

Jędrzej Malko’s book, ‘Porachunki. Polityczna historia pieniędzy’, explores the historical evolution and political nature of money. The author challenges Adam Smith’s theory that money emerged naturally from barter, suggesting instead that early societies utilized systems based on trust and relationships, such as the English hazel sticks used for tax collection.

The work examines how the monopoly on minting coins became a tool for state discipline and war financing, noting historical instances such as Isaac Newton’s role as Warden of the Royal Mint in London. Malko also analyzes the cultural shift regarding debt, detailing how society transitioned from viewing usury as a moral failing to accepting perpetual debt as a primary driver of modern capitalism. Additionally, the book touches upon the systemic impact of credit mechanisms, such as redlining in the United States, which historically excluded racial minorities from capital access.