Credit and State Theories of Money

Wray, L. Randall

doi:10.4337/9781843769842

Cited by 114 publications

(30 citation statements)

References 40 publications

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“…8 Admittedly, considering money as a system of evaluation and settlement of debt is not unique to Commons: it was proposed before him by the chartalist school (Ingham, 2004;Innes, 2004Innes, [1913; Keynes, 1965Keynes, [1930; Knapp, 1973Knapp, [1905 -see also Wray, 2004). Commons's 'transactional approach' is particularly interesting for two reasons.…”

Section: Distinguishing Between Concept and Practices: A Reinterpretamentioning

confidence: 97%

Towards a neo-Polanyian approach to money: integrating the concept of debt

Saiag¹

2014

Economy and Society

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This paper aims to reconsider Polanyi's approach to money. His best-known writing on money uses is deeply original and presents strong insights that dissociate money from the concept of the market. Polanyi also developed an interesting non-dichotomous understanding of money in his The great transformation. However, taken together, these two contributions lead to some unresolved questions: his critique of the orthodox approach to money is ambivalent; his argument to separate payment from account is weak; and, most important, he ultimately makes an incomplete break with the classical real/monetary dichotomy. This paper proposes a distinction between money as a set of instruments and practices and money as a concept, through the integration of John Commons's concept of debt into Polanyi's framework. This reformulation allows us to resolve Polanyi's unresolved questions while preserving his major contributions, and leads to a more complex understanding of money.

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Section: Distinguishing Between Concept and Practices: A Reinterpretamentioning

confidence: 97%

Towards a neo-Polanyian approach to money: integrating the concept of debt

Saiag¹

2014

Economy and Society

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“…The material from which the money-thing issued by the state is produced is not important (whether it is a gold coin, a base metal coin, paper notes, or even numbers on a computer tape at the central bank). (For more on the chartalist and state money approaches, see Henry 2004;Ingham 2004;Innes 1913Innes , 1914Lerner 1947, andWray 2004. ) In contrast, many orthodox economists are "metallists" (as Goodhart, 1998, calls them), who argue that until last century, the value of money was determined by the gold used in producing coins or by the gold that backed up paper notes.…”

Section: Overview Of the State Money Approachmentioning

confidence: 97%

“…An elaborate system of fines for transgressions was developed in tribal society. Over time, authorities transformed this from fines paid to victims of crimes to a variety of payments to the state (Innes 1932;Wray 2004). Until recently, fines made up a large part of the revenues of all states (Maddox 1969).…”

Section: Overview Of the State Money Approachmentioning

confidence: 97%

State Money

Wray

2002

International Journal of Political Economy

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“…Most notoriously, some post-Keynesians combined it with Keynes's analysis of persistent unemployment (Vickrey 19861996;Forstater 1999); and with Chartalism -Friedrich Knapp's (1924Knapp's ( [1973) state theory of money approach (Wray 1998;Bell 2001; and the credit money view (Innes 1913;Ingham 1996), arriving at a neo-Chartalist approach (Wray 2004). That was combined with a sectoral balance approach to the economy (Godley/Wray 1999); Minsky's (1980) financial instability analysis; and with an articulation of monetary operations (Bell 2000;Bell/Wray 2002-2003Fullwiler 2003), and became known as the Modern Money Theory.…”

Section: Functional Finance and Instrumental Social Valuementioning

confidence: 99%

Connecting Social Provisioning and Functional Finance in a Post-Keynesian Institutional Analysis of the Public Sector

Todorova

2013

SSRN Journal

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This paper establishes connections between the frameworks of social provisioning and functional finance, and discusses a post-Keynesian-Institutionalist theory of the public sector that emerges out of these linkages. The concept of social provisioning has emerged out of Institutional economics, and has been further developed by institutional and other heterodox economists. Its potential as a methodological foundation that connects various heterodox approaches has received some growing attention. Such discussions have not referred in an analytical manner to functional finance. On the other hand, the principles of functional finance have been elaborated and developed outside an explicit grounding in a social provisioning framework. The article specifies further the concept of social provisioning and discusses functional finance within such a framework. The framework of functional finance gains a structural and institutional grounding which enables a deeper and more critical conceptualization of the public sector.

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Credit and State Theories of Money

Cited by 114 publications

References 40 publications

Towards a neo-Polanyian approach to money: integrating the concept of debt

Towards a neo-Polanyian approach to money: integrating the concept of debt

State Money

Connecting Social Provisioning and Functional Finance in a Post-Keynesian Institutional Analysis of the Public Sector

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