Money is a Social Relation

Ingham, Geoffrey

doi:10.4324/9780203455807.ch6

Cited by 38 publications

(59 citation statements)

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“…Debt denominated in a money of account is a specific social arrangement of accounting for indebtedness 32 . Money itself is a social relationship -not only between a specific debtor and a creditor, but one signifying hierarchical arrangements in social provisioning 33 (Ingham 1996;Bell and Henry 2001;Tymoigne and Wray 2006). 32 As Gardiner (2004, p. 202) points out: "The essential monetary space for a genuinely impersonal sphere of exchange was eventually provided by states.…”

Section: Social Provisioning As a System Of Social Processes And A Cumentioning

confidence: 99%

From Monetary Theory of Production to Culture-Nature Life Process: Feminist-Institutional Elaborations of Social Provisioning

Todorova

2014

SSRN Journal

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The article seeks to contribute to the literature on social provisioning as an organizing concept in heterodox economics. Particularly, the article details social provisioning as an amalgamation of processes and as a part of a system of culture-nature life process. First, the article delineates a categorization of social provisioning activities with respect to motivation in their organizationmonetary and non-monetary, emphasizing the differences, as well as links between those. Second, the article discusses valuation of social activities, applying institutional theory. Third, the concept of a social process is delineated. It is argued that the concept captures agency and structure without reducing one to the other, and allows for theorizing open-endedness of social provisioning. The fourth section offers a categorization of processes and briefly explains each one of those, conceptualizing social provisioning within a historical culture-nature life process. Finally, the article concludes.

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Section: Social Provisioning As a System Of Social Processes And A Cumentioning

confidence: 99%

From Monetary Theory of Production to Culture-Nature Life Process: Feminist-Institutional Elaborations of Social Provisioning

Todorova

2014

SSRN Journal

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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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“…In this sense, money is a social relation (see Ingham 1996). To place a value on the debt, a value system needs to be developed by society.…”

Section: Money and Debtmentioning

confidence: 99%

Endogenous money: the evolutionary versus revolutionary views

Rochon¹,

Rossi²

2013

Review of Keynesian Economics

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The purpose of this paper is to shed light on the endogenous nature of money. Contrary to the established post-Keynesian, or evolutionary, view, this paper argues that money has always been endogenous, irrespective of the historical period. Instead of the evolutionary theory of money and banking that can be traced back to Chick (1986), this paper puts forward a revolutionary definition of endogenous money consistent with many aspects of post-Keynesian economics as well as with the monetary circuit approach. This alternative starting point leads to the conclusion that money is indeed 'always and everywhere' an endogenous phenomenon. This analysis rests on the nature of debt, the essential role of a settlement institution, and the link between production, money and income.

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Money is a Social Relation

Cited by 38 publications

References 0 publications

From Monetary Theory of Production to Culture-Nature Life Process: Feminist-Institutional Elaborations of Social Provisioning

From Monetary Theory of Production to Culture-Nature Life Process: Feminist-Institutional Elaborations of Social Provisioning

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

Endogenous money: the evolutionary versus revolutionary views

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