Bring out number, weight, and measure in a year of dearth. – William Blake, The Marriage of Heaven and Hell
Article 3 of 6, executive summary
Money is not what you think it is. It is not wealth. It is a social technology for managing scarcity, whose seductive power lies in governing how a culture reflexively perceives value.
Money is an IOU, a claim on future consumption – meaningless on the Moon, or anywhere without markets. At root it is gravid fear (of scarcity and an uncertain future) expressed as a social technology – but expressed poorly.
Its anomaly is the key to everything: alone among measures, money claims to both measure value and store it. Grams don’t store weight; miles per hour don’t store speed. But by trying to store what can only be flowed-with, money perverts a gravid relationship to the future into an anxious one. Money-as-store is that anxiety, made into a tool.
Scarcity-as-such is sacred – the guardian of uniqueness, the genuine not-enough that drives wisdom. But economic scarcity is manufactured, so that someone can profit from it: enclosure of the commons, metered water, copyrighted information, rented attention. Money’s deepest interest is not value but the perpetuation of the conditions under which money is needed – abundance recategorised as scarcity to keep prices jumping.
Two forms of growth follow. Compound interest (P < P+I) is anxious-fear growth – forced, compulsive quantity-expansion staving off the collapse it guarantees. Against it: gravid-fear growth – complexity-as-wisdom, budding organically into the new. The cost of the anxious form is diminishing attention, love, and time.
What is money?
Money isn’t what you think it is. If you’ve read the article of this six-part series that immediately precedes this one – On Value – you’ll already have a sense there’s far more to money than meets the eye. I’ve been studying money for almost two decades, so my answer to this question begins by acknowledging that money defies final definition; there are just too many types, too many means of exchange to permit a clear account of what money ‘really’ is. For example, is language a type of money? It’s a means of exchange, it facilitates trade in so many ways, it measures value (poetry?), and you could argue that it stores value. In this article, however, I want to look at money in a very specific way: as a social technology, an emergent ‘invention’ that manages a particular type of scarcity: that scarcity which lets itself be governed by price discovery in markets. But this particular technology is one that stands so domineeringly between us and what we need to live, it is an irresistible tool of power to those who crave power.
Let’s begin by daring a working definition that honours the above constraints:
Money is a social technology for managing scarcity whose seductive power lies in governing how a given culture reflexively perceives value.
There are a few things from this working definition to foreground before we continue:
Money is a social technology. It is not a force of nature science discovers, like gravity or the weak nuclear interaction. It can be redesigned.
Humanity has created various moneys across the ages; the one we Just Know today is thus but one of many past and possible future moneys.
I underlined “reflexively” because it’s pivotal to the definition: Money is so effective we take it for granted, blind to how clueless we are about what money is and does.
What money is not, is what people reflexively feel it to be: wealth. Money is not wealth. It is more like a constantly pulsing photograph of a particular belief about what wealth is. Think of it this way: If you stole all the world’s money and precious metals and escaped to the Moon, how wealthy would you be … utterly alone with no biosphere to sustain you? Money is not wealth, not value, not a neutral medium of exchange; it leverages wealth in the way words leverage meaning. Money reflects the state of play in much the same way that sports commentators reflect the game they’re watching. But because money is so effective and thus so powerful, it is in the interests of those who control it to have the lay public Just Know that money stores wealth, that it is wealth. It is a cultural reflex they are happy to quietly perpetuate.
Money is always an IOU, a claim on future consumption, by design. It itself cannot be consumed, only spent. It means nothing on the Moon, or anywhere there are no markets and thus nothing for sale. Markets give money its utility, its value. There is no value in money, nor can there ever be.
Money is a civilisational phenomenon, like the written word. Both are about control. Control is a good thing; watch a baby slowly gain control of its body from birth to walking, then running, then ballet. Control is beautiful and fundamental, the list of what it gives us almost endless: think sculpture, fine art, mastering a musical instrument. Think of our cat gracefully traversing her fence. But so is the wisdom it takes to notice that too much emphasis on controlling outcomes poisons everything around it. Pre-civilisational humans honoured the debts they shared between each other using words and memory, intimate awareness of the living webs of obligation that bound their bands together (e.g. Graeber, Debt: The First 5,000 Years, 2011). History can boast a dizzying array of money types, but it has been most deeply scarred by debt money and the long-running war between creditors and debtors debt money foments and sustains (e.g. Hudson, And Forgive Them Their Debts, 2018).
To repeat, control is what civilisation is about, and money is an essential tool in that long-running enterprise. Money coheres civilisation. We might say that money and civilisation arise together; money is the social technology civilisation requires to manage the socioeconomic complexity it creates. Patterning and patterner arise together. We see this everywhere, at every scale.
Deeper still and what we’ll be focussing on henceforward, a malformed understanding of value begets a money system that tends to corrupt, where that cultural malformation itself is only possible because civilisation tends to forget the value of wisdom for structural reasons. Poor wisdom begets an unhealthy relationship with fear, whose natural gravidity then disappears from view. A different definition of money helps foreground this dynamic:
Money is a social technology by which a civilisation can handle its fear of scarcity and future uncertainty.
In its right relation, that fear can be gravid – productively serving wisdom and health. As such, money is the navel of this whole series; it is gravid fear expressed as a social technology in the world. But expressed poorly. As we’ll see, the form money has taken inexorably perverts gravid fear into anxious fear, and that perversion is the compounding sickening that is the focus of this series.
These core dynamics – wisdom-loss, value-mistaken-for-price, money as poorly-expressed gravid fear – are the soil from which the drive toward ‘AI’ grows. But what ‘AI’ is unintentionally birthing, as article 5 will argue, is in fact conscious digital beings.
The double role: measure AND store
How did money get so weird?
As discussed in On Value, money does something unique among measuring units: it claims to be both the measure and substance of value itself. My claim here is that it is civilisation’s structural preference for control of all outcomes that aids and abets this weird double role.
Yes, weird: Grams don’t store weight. Miles per hour don’t store speed. Degrees don’t store temperature. Measures don’t store what they measure in all other cases I know. Nor does their existence destabilise affairs via inflation and deflation. The sort of fine control all other measures enable stays healthily earthbound because they are not also stores. No matter how imaginative you are, you’ll never be able to corner the grams market. There will never be a grams market.
But money can be this anomalous thing because value can’t really be measured; it’s subjective. Happily for money, civilisation benefits from tools that expand the breadth and depth of its control. Value, being unmeasurable, distorts in the otherworldly heat of price-based market trading, but its distortion happens to benefit civilisational control by seeming to accumulate (store) wealth, the very wealth citizens need to survive. Money, as measure and store, can now be used as leverage over people’s futures by those who control how and whither money flows.
Money’s weird double-jointedness is thus the mechanism of the “but poorly” mentioned above. Gravid fear’s healthy contribution is the thrilling uncertainty of the future (a spice that eros loves). Money anxiously seeks to exert control over the future by storing wealth. But the future does not submit to control without exacting a cost in return (see below). The future is in fact most healthily related to in a wisely open manner. By trying to store what can only be flowed-with, money perverts a gravid relationship to the future into an anxious one. Money-as-value-store is this anxiety expressed in the world as a tool.
But could it be otherwise? Perhaps we can conjure up a different way of thinking about money to make a helpful point.
Imagine price being as universal and stable a measure as grams. Let’s say the measure of price is dollars. Now imagine market exchange being facilitated by grams of gold right down to the tiniest fraction. Imagine never-ending price discovery as homeostatic flutterings keeping the whole organically stabilised over time. In the imaginal system we’re playing with here, dollars wouldn’t need to change hands, much in the same way grams don’t when you weigh things. Grams of gold (priced in dollars) change ownership. The gold itself stays put. Ownership is re-assigned by recording the correct changes to the amounts owned by each party to the trade. In this sort of system, banks wouldn’t create dollars/money in much the same way nobody needs to create grams to weigh a bag of flour. Banks would only monitor and facilitate trade, and take a reasonable cut for their trouble.
This is what money might feel like as gravid fear well-expressed – money as flow, as heartbeat, as an organic and vital relationship to scarcity rather than anxious hoarding against it. Value cannot be stored; it can only be nurtured the way a gardener nurtures a garden.
A wiser money system would act as an economic heartbeat whose value is a product of its living contribution to societal health.
That very incomplete idea floated, we do need to remind ourselves that one way or the other, money is always a notion functioning as a symbol, sustained by collective belief, backed by law. Invariably, whoever controls money controls value. The important questions, then, are: To what purpose? and How jealously?
Scarcity as money’s medium
Scarcity is another concept that isn’t quite what it seems.
Everything is unique, so everything is scarce. Value works on the ubiquity of infinite uniqueness to establish endless hierarchies of preferences, each of which differs from conscious being to conscious being. Some of those vast, pulsing, interconnected hierarchies are amenable to price discovery in markets. Some, but by no means all. Combine this domain aspect of scarcity with money’s power aspect, add in civilisation’s tendency to left-brain imbalance, and you get money as a jealous god that seems to want to subsume all value into price and admit no rival processes for how society ought to relate to and manage its ever-evolving value hierarchies. One potent example of money’s insatiable hunger is the relentless push to increase sales of formula milk. Another is our cloddish habit of valuing the utility of rainforests in dollars.
Scarcity is not what it appears to be through the lens of money as store and measure of value. Scarcity as such is sacred in its role as guardian of uniqueness. This is gravid fear’s proper object: the organic limit, the genuine challenge, the actual not-enough that drives wisdom.. Its perversion via price gives us mass-production and crapification in tandem with manufactured scarcity as a means for keeping prices up and profits maximised. Scarcity-as-such is eternal and good. Economic scarcity on the other hand – scarcity iteratively perceived into existence through the lens of price – is anxious fear’s manufacture.
Economic scarcity is in fact solved to a great extent: Without profit-driven phenomena such as perceived obsolescence, built-in obsolescence, consumerism and junk, by how much would the economy shrink? What percentage of the world’s labour capacity would be needed to produce everything the world needs? How much unemployment would there be if we established a far healthier system? Can we afford a healthier system? Not if money as we currently have it tells us what we can and cannot afford.
Money manages scarcity, and – more uncomfortably to the entrained mind – it also produces scarcity where there was none, in order to profit from it. A few simple examples:
Land enclosure: the Commons turned into private property by legal fiat – what was abundant becomes scarce because it is now priced.
Water-rights: a freely-flowing river becomes a metered commodity (see Ostrom’s Governing the Commons: The Evolution of Institutions for Collective Action, 1990, for examples of how scarce water supplies can be managed without ownership and price).
Information: the freely-copyable becomes scarce through copyright and DRM.
Attention: human attention is naturally abundant in caring relationships; it becomes scarce under advertising-driven culture.
Each of these is a scarcity money created so as to profit from it. Money’s deepest rule is that having more is better than having less. The logic of economic scarcity relentlessly foregrounds quantity such that quality of life suffers blow after blow and value’s subtle richness withers to price in a given culture’s mind.
With this behind us, we can now make a deeper structural claim:
Money’s root interest is not value; money’s interest is the perpetuation of conditions under which money is needed.
Plenitude is anathema not for poetic reasons but because plenitude corrodes the price-mechanism. A money-system functioning at peak efficiency is not a system in which abundance has been achieved; it is a system in which abundance has been re-categorised as scarcity to keep prices jumping. This is the conceptual core of the late-modern paradox: ever-greater technical capacity to produce abundance, accompanied by ever-greater social experience of scarcity.
This is yet another example of success as toxin. The system was evolved to manage scarcity. It succeeded so well that it now requires scarcity to continue and at global scale. Its success sickens our readiness to sustain the wisdom we need to see and then address this issue. This is the same shape as the wisdom-loss cycle, visible here in the money-system’s structural behaviour. Left-brain solutions seduce along ever-narrowing vectors. As right-brain observations are increasingly excluded, that narrowing tightens.
Two forms of growth: anxious fear vs gravid fear
Compound interest is a mathematical process that turns money from a useful tool into a self-replicating machine (see doubling time to get a sense of how destabilising compound interest can be). But how? How does money come into existence and grow?
The vast majority of money is created as interest-bearing debt. When a bank issues a loan, it creates new money as the loan’s principal in a simple act of accountancy. The interest is owed back in addition to the principal, but the money that might cover the owed interest is not created with the loan. Expressed as a formula, this shortfall looks like this: P < P+I (principal is less than principal plus interest). This is the musical-chairs mathematics of scarcity, and it is unforgiving. Essentially, for the compound-interest system to keep functioning, the money supply must continue to grow to cover the interest owed – which means more debt must be issued, which in turn means more interest is owed, which means more debt must be issued, etc. Compound interest is thus the mathematics of perpetual growth.
But perpetual growth is not the problem. The form of that growth is the problem (the challenge). The claim I’m making here is that compound-interest growth is anxious-fear growth, by which I mean quantity-growth mathematically forced, compulsive expansion to stave off the collapse that expansion guarantees, the hoard enlarging itself for of fear of collapse, etc.
There is a wiser form of growth: growth fostered by the gravidity of fear. This form of growth is complexity-as-wisdom evolving naturally. It flows organically from the insatiable-but-intelligent curiosity that learns as it grows, as it buds out into the Now, unstoppably, always growing in wisdom … even if fitfully, even if tragedy is in its gift. Because tragedy is in its gift. We will return to this healthier form in article 5 (On AI), where we’ll look at Deniston’s power-per-mass ratio and give the growth-as-wisdom argument the room it deserves.
We looked at wisdom and how it might be passed on – accumulated – in On Wisdom, the first article of this series. Let’s briefly revisit that challenge now but from a different angle. Just like humans shed their tails once they had outlived their usefulness, so the wisdom of money-enforced economic growth is no longer right for our world. Now that the system requires perceived and built-in obsolescence to keep growth going, now that automation and robotics are doing ever more of what humans once did, now that economic scarcity is on the cusp of being a thing of the past … debt-based money is no longer as fit a solution as it once was. Part of passing on wisdom is pruning what no longer works, especially when a thing’s ‘ill-fittedness’ exacts increasingly punitive costs.
A rain forest is a living steady-state system that will grow and grow until it can’t. In it, quality of solution is the best guarantor of success and survival, even if quantity is part of that quality. But even when it cannot grow across the lakes and oceans that delimit it, the forest does not implode. When it can no longer grow, it gracefully enters steady state.
Compound-interest money systems cannot enter steady-state. The reasons for this are complex, too complex to cover in an article of this size. Suffice it to say that operational states like stagflation, recessions and depressions destabilise the whole system. Fold in how money’s power corrupts as power will. If you can get away with murder, you will. It’s hard not to conclude that fresh solutions are needed.
In other words, a market economy is a very different beast to a rain forest; humans are more rapidly inventive than birds, monkeys, flora, snakes, insects, spiders, mycelium networks, etc. The rate and depth of change humans can bring to bear on their world is in a league of its own. A confluence of factors including but not limited to debt-based money, automation, robotics, parasitic financialisation, metastasising cynicism … compound very differently to compound interest, but the latter and former types of compounding inter-influence in ways that exacerbate both the depth and turbulence of socioeconomic change.
What we face now is historically unprecedented. I believe it helps to see this destabilising process as the challenge our collective wisdom – such as it is – has earned to help itself grow wiser still.
I happen to believe we are at the tail end of what economics, as currently understood by the mainstream, can do for us societally. Its price-based conception of scarcity is outdated, insufficiently nuanced. Its handling of utility and exchange value is also insufficiently nuanced. Yes, the historical turbulence we see around us is intimidating, and very redolent of how difficult this inflection point is. But it is exactly the inflection point we deserve, and therefore need.
The world that money built
Money can’t buy you love. – The Beatles
Every man has his price. – Attributed to Sir Robert Walpole
The cost of money is eye-wateringly high, visible, but wrongly understood and wrongly attributed. What is the value to humanity in dollar terms of motherhood? Is that a grotesque question? How jealous a god is money?
Look at what money does to attention. Everything in a culture saturated with money-thinking and money-seeing becomes a potential transaction. The mind learns to scan for monetisable opportunities. Time is money – a metaphor so deep in modernity we no longer feel its strangeness. Time is money. Really let that sink in. Attention takes time. Done right, it takes us out of time. Under money’s auspices, attention is colonised by advertising, which is the technology of converting attention into sales. What we focus on is experienced through the logic of money-as-price. The result: a population whose attention is rented for fragments of seconds and whose capacity for sustained presence atrophies. The new word “listicle” says it all. TL;DR.
Look at what money does to love. Transactional logic creeps into spaces that were once matters of covenant. Friendship becomes networking; marriage becomes pre-nuptial agreement; care becomes service-delivery; teaching becomes credentialing; healing becomes healthcare-product. None of these substitutions is fully successful, but each leaves something hollowed out where the older form once stood. Gift giving binds people together via bonds of deeply felt gratitude and love, while transactional exchange makes those bonds feel irksome. Community is the result of the former, societal atomisation is the harvest of the latter.
Look at what money does to time. The future is financialised, discounted, hedged against. The present is colonised by future-payment obligations (mortgages, loans, pensions). The ticking of time has become a pressure cooker that can’t stop, a kind of water torture. The past is rendered into intellectual property. Time, which is change itself and thus ownable by no one, somehow becomes a scarce commodity. The cultural experience of time-as-money is one of compounding compression – there is never enough of it – and of impoverishment – even time spent in joy feels somehow stolen from productivity, too costly, too risky, of uncertain returns.
The full costs born by humanity as we pay the price of money are immeasurable and unmeasurable. A culture steeped long enough in money-thinking experiences the world as scarce, transactional, future-burdened, and fundamentally hostile to real presence. There is no dollar figure that can describe that cost. A dollar figure would be an insult to what is described. But this is not a moral failure of individuals, this is not a matter of blame and guilt; it is the predictable effect of this particular social technology operating at scale across generational time. The cynic of article 2 – who knows the price of everything and the value of nothing – is not a flawed individual but the culturally produced subject of a money-saturated civilisation.
We all know, deep down, that beauty cannot be priced, friendship cannot be priced, authentic attention given willingly cannot be priced. The system certainly attempts to price everything it can, but the other side of each attempt is never quite what its actors anticipate. The real thing slips through their fingers. Unintended consequences compound. The attempt itself, born of a deep wound, can only be a wounding of the phenomenon of their desire. The things that make life worth living are precisely the things money cannot hold. And yet The Culture That Money Built is systemically constrained to see these as decorative rather than essential – money’s logic has edited their true value out of the picture.
And yet this very cost is the challenge. The pressure compounds because the left brain cannot stop and correct course – but the challenge is exactly the one our wisdom needs, the wisdom that created it. It’s hard to see how it could be otherwise.
Where this goes
We close with a summary of the article’s train of thought, and list where the series has still to go. We covered:
money as a social technology for handling the fear of scarcity and future – gravid fear poorly expressed;
money’s double role (measure and store) as the mechanism that perverts gravid fear to anxious fear;
scarcity-as-sacred vs economic-scarcity-as-manufacture;
two forms of growth – anxious-fear (compound interest) and gravid-fear (complexity-as-wisdom); and
the cultural cost of anxious-fear money on attention, love, time.
The subject matter this series goes on to explore:
Article 4: Hemispheres. McGilchrist’s frame and the structural reason civilisations stiffen toward collapse/renewal.
Article 5: AI. The natural outcome of the preceding four articles’ diagnoses, and why what we’re building is not what we think we’re building.
Article 6: The way through. What renewal can look like, and why it begins with small relational acts of welcome rather than large institutional reforms.
Bring out number, weight, and measure in a year of dearth. The Proverb of Hell named, over two centuries ago, the cultural reflex we are now experiencing as the default texture of modernity. The way out begins by noticing what money has cost us and deeply understanding how these costs came about, not so we can vanquish money, but so we can put it back in its proper, useful, smaller place.


