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Credit and State Theories of Money - The Contributions of A. Mitchell Innes (Hardcover)
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Credit and State Theories of Money - The Contributions of A. Mitchell Innes (Hardcover)
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In 1913 and 1914, A. Mitchell Innes published a pair of articles
that stand as two of the best pieces written in the twentieth
century on the nature of money. Only recently rediscovered, these
articles are reprinted and analyzed here for the first time. In
addition, five new contributions analyze and extend the approach of
Innes in a number of directions by including historical,
anthropological, sociological, archeological, and economic analyses
of the nature of money. The original articles by Innes contained
two quite different approaches to money - what might be called the
credit approach (later developed in a much less satisfactory manner
by J.A. Schumpeter) and the state money approach (also called
Chartalist and adopted by J.M. Keynes and by G.F. Knapp). This
volume shows how the credit and state money approaches can be
integrated to shed light on the origins of money, but more
importantly, how they can be used to understand the way the modern
money system operates. In addition to the articles by Innes, the
volume contains chapters by John Henry, Geoffrey Ingham, Michael
Hudson, Geoffrey Gardiner, and L. Randall Wray. An introduction by
L. Randall Wray and Stephanie Bell provides an overview and a short
biography of Innes. This authoritative collection of papers is a
must-read for economists, policymakers and students interested in
the history of economic thought, monetary policy and economic
theory.
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