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[This message was originally posted on Eh.Res. -- RBE] 
 
I would like to second Marilyn's post.  Here is an example of the lack of 
monetization in the early U.S. 
 
Soltow, Lee. 1987. "The Distribution of Income in the United States in 
1798: Estimates Based on the Federal Housing Inventory." Review of 
Economics and Statistics, 49: 1 (February): pp. 181-85. 
182: A congressman from Kentucky claimed that there was less than 
$10,000 in coinage in the entire state in 1798. 
 
I think that we all agree that markets go back to ancient times.  It seems 
that much the disagreement seems to be about the degree to which markets 
penetrated society.  In addition, Tony and Larry seem to hold that 
individualist motives made markets "natural," where some of us put more 
weight on the elements of society that distrusted markets and took 
measures to keep them in check. 
 
I also sense a general agreement that market and non-market rules cohabit 
with difficulty. 
 
Michael Perelman 
Economics Department 
California State University 
E-Mail [log in to unmask] 
 
 
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