Have a currency that's value is based on labor instead of a certain weight of metal. Time doesn't matter, but pre-700AD or in the 1700s would be preferable. Even 20th C would be acceptable. The catch is that this currency must become widely known beyond it's originating culture and time, at the least as an academic curiousity, preferably adopted by other nations in other eras.
This idea comes from remembering (perhaps incorrectly) Adam Smith writing that the wealth of the ordinary person derives directly from their labour, and from how some cultures based wealth on cattle. Also trying to control inflation.
I've little idea how this would practically work. The nation could hardly have a stock of slaves to back up the currency (think Fort Knox's gold). A communist nation seems the most likely to me to issue such a currency, each worker being issued one $ for one days work. Any good ideas out there?
This idea comes from remembering (perhaps incorrectly) Adam Smith writing that the wealth of the ordinary person derives directly from their labour, and from how some cultures based wealth on cattle. Also trying to control inflation.
I've little idea how this would practically work. The nation could hardly have a stock of slaves to back up the currency (think Fort Knox's gold). A communist nation seems the most likely to me to issue such a currency, each worker being issued one $ for one days work. Any good ideas out there?