Can there be a world without money?

Answer 1

There used to be a world without money. Before there was money the world existed on a barter system, where people only traded raw or processed goods for other raw or processed goods. The advent of money was to increase the ease of trade. The worth of money is arbitrary in the sense that it can be commodified and be influenced by the principles of supply and demand. When a currency no longer has value especially when plagued with huge rates of inflation, barter becomes a more valuable tool for exchange. In the industrialized world the advent of credit could also be a point where money could become obsolete. The abolition of paper money is probably no likely because of the principle of path dependence. A large part of the world is acclimated to the idea of an economy based on the transaction of money, or transactions based off the promise of money that there would be a lot of costs in order to change the system. The abolition of money is also not likely because the advent of credit is only applicable when there is an abundance of systems of information technology, which only the industrialized world possesses while most of the world does not have the capacity for such technology.