>>513636380
>A command economy is where all industrial output is determined by the state, not markets.
Yes and that is exactly what happens and why the US government is 38 trillion $ in debt. What do you think they mean when they say the government is incurring trillions in debt each year? It's because we're in a command economy.
You can't compare the colonial monetary system current, because the federal reserve was founded in 1913. And the dollar was backed by gold up until Nixon. So yeah, there was money, but it was always backed up with gold or silver, and much of the early colonial settlers largely bartered aswell, or used coins made of precious metals. The idea that someone could hand you a worthless piece of paper backed by nothing other than the government's word would have been seen (rightfully so) as insane back then. In fact they probably would have executed anyone even suggesting the idea.