Dual currencies in a Bangladeshi Slum!

This link  was brought to my notice by my advisor on how a second currency emerged in a Bangladeshi slum in Mombasa. As with all the stories of how monetary arrangements emerge to solve some or other friction that holds exchange back, it yet again vindicates the basic idea behind search models of money.

The credit nature of this arrangement signifies how debt might have evolved before money as argued by anthropologist David Graeber here.

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