Money and Its Body in the Social Positioning and Credit Perspectives: Review Article of Samuel A. Chambers’ Money has No Value

Abstract

A new and distinctive version of the credit theory of money is advanced by Samuel A. Chambers in his book Money Has No Value. The account of money sponsored by social positioning theory is an alternative perspective against which Chambers’ new credit theory can be productively compared. This review article draws out the differences between these competing theories of the nature of money. An examination of Chambers’ brief, largely dismissive, remarks on social positioning theory reveals a flawed conception of it. The social positioning theory of money is shown to be a coherent and explanatorily powerful account that is worthy of consideration alongside even the updated version of the credit theory supplied by Chambers.