MONEY AND INDIVIDUAL LIBERTY 231 
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dividual from his group as a whole; it also leads to a lib- 
eration 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 per- 
sonality. The money economy has created a form of asso- 
ciation 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 special- 
ization 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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