The Competitive Governance of Units of Account in the 21st Century

Professor White (George Mason University) discussed the emergence of the modern monetary system with a focus on the historical development of units of account and media of exchange. He linked the rise of the state monetary system to current conceptions of the potential of alternative forms of currency. A lack of networked properties and the existence of transaction costs between monies underpinned his skepticism for usability of cryptocurrencies outside of stablecoins as a unit of account and medium of exchange.