MONEY AND INDIVIDUAL LIBERTY 231

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dividual from his group as a whole; it also leads to a liberation
 of the individual from his immediate associates.
This is the result of the differentiation between the different
spheres within the individual. He can now participate in
an association with only a small part of his personality.
The medieval corporation embraced the whole of the personality.
 The money economy has created a form of association
 which demands only a money participation on the
part of its members and leaves the rest of the personality
untouched. It is an organization which unites people by
combining what is impersonal in them, while leaving out
everything that is personal and specifically individual.
Money has made possible the complete development of
the purely purposeful association. That does not only
mean that the individual can fully maintain his individual
identity while yet being united with others; it also means
that association has become possible between innumerable
persons who are radically different in character. The small
economic circle of the natural economy allows little specialization
 and little individual liberty. Money creates large
economic circles and allows complete specialization and
full individual liberty. It allows in the economic world the
full working out of the general sociological process which is
manifest in the correlation between the expansion of the
group and the development of individualism.!

L Phil. des Geldes, pp. 357-86.

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