Why money is the biggest shared hallucination in human history
About this episode
This episode explores the concept of money through the lens of Yap's giant Rai stones and discusses the origins of currency and the myth of barter theory.
What is money? And what can a small island in Micronesia teach us about how it works? On Yap, a remote island in the western Pacific, giant calcite “Rai” stones once functioned as currency, where ownership and collective trust — rather than physical possession — defined wealth and status. In this episode of The Story of Money , macroeconomist and author Felix Martin joins hosts Gillian Tett and Robin Wigglesworth to explore the stones of Yap, the origins of money and why the traditional “barter theory” may be a myth. Further reading: Money: The Unauthorised Biography (2015) by Felix Martin Uap of the Carolines (1910) by William Henry Furness III A Treatise on Money (1930) by John Maynard Keynes The Island of Stone Money (1991) and Money Mischief (1992) by Milton Friedman ‘Tralla La’ in Uncle Scrooge #6 by Carl Barks (1954) His Majesty O’Keefe (1954) Warner Bros To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts. You can also follow the show's dedicated YouTube channel here . Love listening to The Story of Money ? Join us live on Saturday, June 20 at our inaugural NYC FT Weekend Festival at…
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