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The Impact of the Nature of Money on its Legal Rulings

Document Type : Original Article

Authors

1 Professor of Law, Faculty of Law & Political Science, University of Tehran, Tehran, Iran Corresponding Author Email: abkarimi@ut.ac.ir

2 PhD Candidate, Faculty of Law & Political Science, University of Tehran, Tehran, Iran

3 L.L.M Student, Faculty of Law, University of Montreal, Montreal, Canada

Abstract

The inception of money within societies remains one of the most intricate questions in history. In this article, the authors aim to explore how certain entities within society come to be universally recognized and accepted as money. Employing an analytical-descriptive methodology and using extensive library sources, the study concludes that money, as a social construct, arises from a collective abstraction among individuals who possess sufficient motivation to ascribe functional significance to it. Nonetheless, this intangible conceptualization of money necessitates a tangible, externally verifiable counterpart to facilitate its integration into the most material aspect of human life—economic activity. This quasi-religious belief, which sustains the existence of money, did not materialize abruptly; rather, it has been repeatedly challenged, dismantled, and subsequently reaffirmed more firmly throughout history. On the other hand, the intermingling of money’s abstract nature with its external counterparts has often been a barrier, leading to the emergence of diverse perspectives regarding its fundamental essence. This has, at times, caused confusion and misguidance in legal analyses centered around money. Therefore, in this article, various viewpoints regarding money and the influence of each on legal rulings are examined in depth across four sections.

Keywords

References

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Economic and Commercial Law Researches
Volume 3, Issue 1 - Serial Number 9
June 2025
Pages 45-77
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