In Broken Money, Lyn Alden provides a fascinating analysis of how the advent of the telegraph in the mid-19th century catalyzed the transition to fiat currency. By enabling transactions to occur at the speed of electricity, the telegraph introduced a temporal gap between financial exchanges and settlement. This necessitated central banks to maintain ledger records and coordinate settlement across distances—essentially establishing the infrastructure for fiat money.

Alden’s focus on the technology of transmission and record-keeping provides unique insight into an often overlooked driver of monetary evolution. Her work suggests that innovations in communication profoundly shape…

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