Substantivism

Substantivism is an economic perspective that defines money primarily by its practical role as a medium of exchange, rather than its legal or state-issued status. It emphasizes money's function in facilitating transactions and practical exchanges in society. According to substantivists, the true nature of money is rooted in its use in economic activities, often associated with traditional or non-industrial economies, rather than the formal, institutional aspects recognized by chartalism or modern monetary theory. In essence, substantivism views money as a social and functional tool essential for organizing economic life.