*The quote above is precisely my impression of Ayn Rand’s approach to economics, that wealth is to be torn from the context, the community, which generated it and proper context would refute calls for generic free-market reforms from that school of thought.
Money works because the society it exists within guarantees the practically worthless banknote is figuratively valued. This community guarantee entails an expectation of community circulation, mainly but not exclusively in the form of taxation. Since the earliest times, when farmhands were paid in tokens representing a share in the final harvest, an trade-able tokens of abstract value have been consistently produced in various epochs and areas.
Theoretical economic systems understate the role of the community in the creation, circulation and valuation of currency. Ayn Randism, or Objectivism, as well as other schools of thought, reject an obligation between a currency and the community in which it circulates. Sweat off the brow is represented by the value token, and any coercive attempt at seizure is unjust. A fairer approach than that taken by Russian communism, where everything belongs to the community but nothing belongs to the individual, or an aristocracy, where everything is a gift from the Divine via the royalty. Nonetheless, there has got to be a better way.
Monopolies naturally occur, and laissez-faire economics do not address the problems monopolies cause, such as unfair prices and unequal competition. The Objectivist conception of the heroic person pursuing their own productive, noble agenda under the auspice of reason is better fulfilled by a system which lessens difficulties of competition. Putting aside serious discussion of how to correctly dispense taxation, I reckon that the Objectivist conception of the meaning of life is better supported by a State with purview beyond the prevention of coercion.
This is my current perspective on the economic system, founded on the concept of an abstract, trade-able value token or object. Communal recognition of the token is an essential feature. Precisely what is then entailed is in constant flux as theory and reality shift with time. Community is an essential aspect of currency.