Abstract: In the history of economic thoughts, there have been two diametrically opposed viewpoints about the nature of money: one is the “barter-based” view held by the mainstream economics, the other is the “debt-based” view held by the non-mainstream economists. These two diametrically-opposed views lead to distinct understandings of various monetary categories, such as the origin, evolution, function, roles of money, as well as the nature and policy implications of monetary economy, etc.. This is also reflected by the division and locking on the methodological level. Compared with the mainstream view, the non-mainstream debt-based view tends to conform better to the historical facts and human records, and casts more light upon modern monetary productive economy. However, confined by its methodological differences, this view has been neglected and marginalized for a long time. Money with the possibility of having the dual attributes, both as the goods and the debt, can provide a good prospect for the organic integration of these two different views.

Key words: nature of money; barter-based; debt-based; dual attributes