2026/2027 / Volume II / Published

Currency

Money, value, and the capacity to honor a claim

What gives a monetary claim its value, and what must remain available for it to be honored?

Published volume

Primary Function

The monetary enclosure

Currency follows money through the material world that gives an account its meaning: resources, exchange, credit, obligation, and the capacity to honor a claim. It examines how monetary records remain connected to the people, institutions, and productive systems they describe, with explicit calculations of obligations, discharge, and payment routes.

Read Volume II from the river and the account through twelve chapters, an epilogue, and four appendices. America's Promise accompanies the volume as a separate column on money, power, and the world that keeps the account.

Inside This Volume

The structures carried forward.

  1. 01

    Material resources and the origin of the account

  2. 02

    Measurement, exchange, and monetary forms

  3. 03

    Credit and the capacity to honor obligations

  4. 04

    Circulation, public support, and the monetary enclosure

Related Material

Read, watch, and listen around the volume.