We need a new theory of money. The still-dominant theory of money
as taught in intro textbooks is 100+ years old, and for almost that
long we have known that it’s totally wrong. The best alternative
are "heterodox" accounts developed in the 90s and 00s. These are
indeed better overall descriptions of money, but they remain
incomplete and inadequate: they rely too much on why the orthodoxy
is wrong, thereby incorrectly assuming there is only one
alternative (so-called heterodoxy). Money has no value develops a
new (more subtle, more sophisticated) theory of money. It takes
more seriously than any other work to date, the depth and
seriousness of the fundamental claim that all money is credit.
Money is not a thing, but a marker of a social relation of credit
and debt between two parties. Money is not value itself; no form of
money (as money) ever possesses any positive, intrinsic value.
Second, the book shows that not only is all money credit, but that
in an important theoretical sense, all credit is money to the
extent any credit/debt between two parties has the potential to be
transferred to another party (thereby functioning as money).
Finally, the book links this radical credit theory of money to
today’s concrete money practices: this includes global capital
flows, national and international monetary policy, and most of all
the daily turnover in the money markets. The book therefore
develops the needed conceptual framework to ask questions like:
what is going on with Bitcoin (much less GameStop) in 2021.
General
| Imprint: |
De Gruyter
|
| Country of origin: |
Germany |
| Release date: |
October 2023 |
| First published: |
2023 |
| Authors: |
Samuel A. Chambers
|
| Dimensions: |
230 x 155mm (L x W) |
| Pages: |
250 |
| ISBN-13: |
978-3-11-076072-9 |
| Categories: |
Books
|
| LSN: |
3-11-076072-X |
| Barcode: |
9783110760729 |
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