Money and debt as the foundations of social order

This article offers a profound analysis of the ontology of money and debt, transcending the framework of pure economics. Drawing on the work of Philip Coggan, the author presents money not only as a medium of exchange but, above all, as a social claim and the foundation of trust between people. The text guides the reader through the evolution of monetary systems—from the gold standard to modern fiat money—explaining how these changes have impacted the stability of the social order. Particular attention is paid to the dynamics of financial crises, including the concept of the Minsky moment, and the ethical dimension of creditor-debtor relations. This is a compendium of knowledge for those seeking to understand how institutional forms of power and practices of coordination shape contemporary capitalism and why faith in numbers is crucial to the functioning of the global market.