The December 2022 issue of IEEE Spectrum is here!

Close bar

A Brief History of Money

Or, how we learned to stop worrying and embrace the abstraction

14 min read
Photo: Levi Brown; Prop Stylist: Ariana Salvato
Photo: Levi Brown; Prop Stylist: Ariana Salvato

In the 13th century, the Chinese emperor Kublai Khan embarked on a bold experiment. China at the time was divided into different regions, many of which issued their own coins, discouraging trade within the empire. So Kublai Khan decreed that henceforth money would take the form of paper.

It was not an entirely original idea. Earlier rulers had sanctioned paper money, but always alongside coins, which had been around for centuries. Kublai's daring notion was to make paper money (the chao) the dominant form of currency. And when the Italian merchant Marco Polo visited China not long after, he marveled at the spectacle of people exchanging their labor and goods for mere pieces of paper. It was as if value were being created out of thin air.

Keep reading...Show less

This article is for IEEE members only. Join IEEE to access our full archive.

Join the world’s largest professional organization devoted to engineering and applied sciences and get access to all of Spectrum’s articles, podcasts, and special reports. Learn more →

If you're already an IEEE member, please sign in to continue reading.

Membership includes:

  • Get unlimited access to IEEE Spectrum content
  • Follow your favorite topics to create a personalized feed of IEEE Spectrum content
  • Save Spectrum articles to read later
  • Network with other technology professionals
  • Establish a professional profile
  • Create a group to share and collaborate on projects
  • Discover IEEE events and activities
  • Join and participate in discussions

Paying Tribute to 1997 IEEE President Charles K. Alexander

The Life Fellow was a professor at Cleveland State University

4 min read
portrait of man smiling against a light background
The Alexander Family

Charles K. Alexander, 1997 IEEE president, died on 17 October at the age of 79.

The active volunteer held many high-level positions throughout the organization, including 1991–1992 IEEE Region 2 director. He was also the 1993 vice president of the IEEE United States Activities Board (now IEEE-USA).

Keep Reading ↓Show less

Robot Learns Human Trick for Not Falling Over

Humanoid limbs are useful for more than just manipulation

3 min read
A black and white humanoid robot with a malfunctioning leg supports itself with one arm against a wall

This article is part of our exclusive IEEE Journal Watch series in partnership with IEEE Xplore.

Humanoid robots are a lot more capable than they used to be, but for most of them, falling over is still borderline catastrophic. Understandably, the focus has been on getting humanoid robots to succeed at things as opposed to getting robots to tolerate (or recover from) failing at things, but sometimes, failure is inevitable because stuff happens that’s outside your control. Earthquakes, accidentally clumsy grad students, tornadoes, deliberately malicious grad students—the list goes on.

When humans lose their balance, the go-to strategy is a highly effective one: use whatever happens to be nearby to keep from falling over. While for humans this approach is instinctive, it’s a hard problem for robots, involving perception, semantic understanding, motion planning, and careful force control, all executed under aggressive time constraints. In a paper published earlier this year in IEEE Robotics and Automation Letters, researchers at Inria in France show some early work getting a TALOS humanoid robot to use a nearby wall to successfully keep itself from taking a tumble.

Keep Reading ↓Show less

Get the Coursera Campus Skills Report 2022

Download the report to learn which job skills students need to build high-growth careers

1 min read

Get comprehensive insights into higher education skill trends based on data from 3.8M registered learners on Coursera, and learn clear steps you can take to ensure your institution's engineering curriculum is aligned with the needs of the current and future job market. Download the report now!