9. A paradigm for understanding monetary economies  In: A Primer
in Monetary Economics  13 Jul 2011  By: Andrea Terzi  Value
transfer systems in contemporary societies  One chief reason why
human societies differ from each other is because of the
different ways in which they combine diverse means of
transferring value.  Contemporary societies are called
“monetary” because contractual obligations play the largest
part, albeit other means are practiced to a lesser extent. Gift-
with-reciprocity practices are common within circles of family
relationships, friendships and with volunteering activities.
Organized barter is uncommon and often limited to the exchange
of consumer goods or services in local communities. Negotiated
bilateral barter, while not absent in interpersonal and
international relations, is virtually never employed in the
process of value creation.  Hierarchical relationships are
ordinarily found within state and private organizations such as
households, private associations including business com