Money Creation: The Role of Trust for Public Happiness and Sustainable Growth

The principal topic of this article is the creation of money in primitive populations at the beginning of economic activity. This phenomenon was determined thanks to a particular social environment where interpersonal trust together with reciprocity and moral principles were prevalent. No other explanation obtained by historical studies and neoclassical equilibrium models is sufficient. Principally because they are based on the rationality of self interested individuals. Our analysis can be considered as a historical and theoretical example, which testifies to the necessity to create a social environment based on the above mentioned values for obtaining public happiness and sustainable development.