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DAILY NEWS ANALYSIS
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09 May, 2020
5 Min Read
Karl Marx thought, about a century-and-a-half ago, that society moved from primitive communism, through various forms and structures of inequality, to communism proper. Economic systems moved forward, resolving their contradictions and creating new ones. Turns out he was, at best, only half right.
Mediums of exchange with fictional value — money, in all its forms and abstractions — are premised on a leap of faith.
People accept the “promise to pay the bearer” from a distant authority, and lives, communities, economies and civilisations are built on this trust.
But when the system isn’t enough, and the margins swell enough to flood the entire system, a different, more relatable form of exchange comes into place.
In Fiji, and many other Pacific Island nations, COVID-19 has forced a return to the barter system.
In epidemiological terms, the region has been relatively less affected by the pandemic: At the end of April, only six Pacific countries and territories between them have reported 260 cases and seven deaths.
Yet, over 10 per cent of Fiji’s population — 1,00,000 people — are active on a Facebook group called “Barter for a Better Fiji”. Similar groups have cropped up in Tonga, Samoa and Vanuatu.
The tourism sector in the region is devastated, and people are out of work.
Yet, in the absence of money, many are sustaining themselves through work, and the dignity of social exchanges that engenders.
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What is a Barter System?
A barter system is an old method of exchange. Th is system has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return. Today, bartering has made a comeback using techniques that are more sophisticated to aid in trading; for instance, the Internet. In ancient times, this system involved people in the same area, however today bartering is global. The value of bartering items can be negotiated with the other party. Bartering doesn't involve money which is one of the advantages. You can buy items by exchanging an item you have but no longer want or need. Generally, trading in this manner is done through Online auctions and swap markets.
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How the barter system can work in the 21st century?
Labour — whether you’re a carpenter, teacher or accountant — can be exchanged for meat, food and other commodities.
Professional photography lessons are being exchanged for food.
The idea behind this network of exchanges is simple: An economic crisis need not descend into a humanitarian one.
Thinking of what each member of society can offer, and negotiating the value of that good/service might not lead to a Utopian ideal of equality.
But as the world struggles to treat people with decency amid a pandemic, it is at least a more moral equilibrium.
Source: IE
03 Dec, 25
On 1st November, eight Indian states—Andhra Pradesh, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Punjab, and Tamil Nadu—along with five Union Territories—Andaman and Nicobar Islands, Chandigarh, Delhi, Lakshadweep, and Puducherry—celebrate their Formation Day. This date marks an important milestone in India
02 Dec, 25
The Turtle Wildlife Sanctuary, also known as the Kachhua Sanctuary, is located in the Varanasi district of Uttar Pradesh. It is recognised as India’s first freshwater turtle wildlife sanctuary, established to conserve endangered turtle species and support the ecological health of the Ganga River. Location and Extent The sanctuary co
02 Dec, 25
The Ministry of Education plans to introduce Artificial Intelligence (AI) and Computational Thinking (CT) from Class 3 onwards in the 2026–27 academic year. This initiative is part of the National Curriculum Framework for School Education (NCF-SE) 2023 and aligns with the National Education Policy (NEP) 2020. The aim is to prepare student
02 Dec, 25
Scientists from the Environment Department of Himachal Pradesh University (HPU) in Shimla have recently revealed that the Sal tree (Shorea robusta) is the most effective natural air purifier for combating rising pollution levels. Their findings highlight the tree’s superior capacity to trap dust, absorb gases, and cleanse the air compared
02 Dec, 25
The President of the United States has ordered the resumption of nuclear weapon testing after a gap of 33 years, the last test being in 1992. This decision marks a significant shift in global nuclear policy and has far-reaching implications for geopolitics, the environment, and international security. Status of Global Nuclear Weapon Testing
03 Dec,2025
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