Joanna Goode
Education 253A
May 14, 2001
McLuhan, Marshal, Understanding Media: The Extensions of Man, (Cambridge: The MIT Press, 1997)
Chapter 14: Money: The Poor Mans Credit Card
- Money began in nonliterate cultures as a commodity (rats, whales teeth)
- Growth of idea that money is a currency rather than a commodity
- Money has power to specialize and rechannel human energies to separate functions
- Money translates and reduces one kind of work to another
- Money, as a social means of extending and amplifying work and skill in easily accessible and portable form, lost much of its power when paper or representative money came into being
- As a social medium or extension, money creates social and spiritual values, such as in womens fashion
- Also a specialist technology as it separates work from other social functions
- Fixed-price system and uniformity of commodities based on printing; compare with bargaining in many other cultures
- Our system of fixed-pricing creates abstraction and detachment
- From coins to paper to credit, there is a steady progression toward commercial exchange as movement of information itself
- Work does not exist in nonliterate world, instead, work begins with the division of labor and specialization of functions and tasks
- Nonliterate man can accept any staple as money
- As money separates itself from commodity form and becomes a specialist form of exchange, it moves with greater speed and greater volume
- One result of the acceleration of information movement and translating power of money is the opportunity to anticipate the transformations by hours or even years
- Money as a medium; not a closed system and does not have meaning alone; rather, a translator and an amplifier, power to substitute one thing for another
- Provides a natural transition to number because of money collection
- Relationship between inflation & deflation of money and psychic effects (such as Germany after the First World War)
Chapter 15: Clocks: The Scent of Time