The Nature of Money:

Ingham, Geoffrey

doi:10.1017/s0003975616000060

Cited by 78 publications

(126 citation statements)

References 6 publications

(5 reference statements)

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“…State authority is at the foundation of the hierarchy of monies. This analysis of money has great similarity with that of economic sociologists like Ingham (2004) or anthropologists like Graeber (2011). Money is based on sovereign power but is created by profit-seeking private institutions.…”

Section: Post-keynesian Economics Demand Regimes and Monetary Theorymentioning

confidence: 62%

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

Stockhammer

2016

New Political Economy

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Abstract. The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process.Instead, growth has relied either on financial bubbles and rising household debt ('debt-driven growth') or on net exports ('export-driven growth'). In Europe the financial crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and monetary policy. This neoliberal economic policy regime in conjunction with the separation of monetary and fiscal spheres has turned the financial crisis of 2007 into a sovereign debt crisis in southern Europe.

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Section: Post-keynesian Economics Demand Regimes and Monetary Theorymentioning

confidence: 62%

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

Stockhammer

2016

New Political Economy

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“…Money is one of our essential social technologies [,] along with writing and number… (Ingham 2004: 3) In contrast to the prevailing mainstream economics view of money as a 'neutral veil' (Ingham 2004), within sociology, anthropology, and heterodox economics a wide range of perspectives on money has emerged over the past two centuries. These can be reductively divided into two groups, as suggested by Evans (2009): the values change money perspective (Maurer (2015), Veblen (1904), Zelizer and Bourdieu) and money changes values perspective (Marx, Simmel, and Polanyi).…”

Section: Discussion and Conclusion: Sardex As A Multi-layered Systemmentioning

confidence: 99%

“…According to sociological monetary theory all money is debt, even though not all debt is money (Ingham 2004). Thus, debt is the more general concept.…”

Section: A Monetary Theory Perspective On Mutual Creditmentioning

confidence: 99%

“…Thus, debt is the more general concept. In fact, a loan can consist of money that already exists (usual definition), or of money that is created at the time the loan is made, which is how banks create money (Wray 1990;Douthwaite 1999;Ingham 2004;Werner 2014). For any debt, the collateral guarantees to the lender that if the debt is not repaid the value of what was lent is not lost.…”

Section: A Monetary Theory Perspective On Mutual Creditmentioning

confidence: 99%

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Self-Funded Social Impact Investment: An Interdisciplinary Analysis of the Sardex Mutual Credit System

Motta

Dini

Sartori

2017

Journal of Social Entrepreneurship

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Sardex is an electronic B2B mutual credit system that has been operating on the island of Sardinia since 2009 as a complementary currency. In contrast to other funding mechanisms, it allows private funding driving social and environmental impact to be endogenously generated within a given geographically limited socio-economic context, rather than injected from exogenous sources. By drawing on different strands of monetary theory, sociology and anthropology, we argue that mutual credit is central to a form of social finance and social impact investment that we identify with sustainable development, i.e. stable and constructive integration of market activity with democratic institutions and socio-cultural values and structures. The empirical basis of the paper consists of approximately thirty semi-structured in-depth interviews of Sardex circuit members and founders over 4 years. We conclude that Sardex as a collective social enterprise is best understood through an interdisciplinary perspective that demonstrates its sustainability through the different levels of its workings and its strengths as a hybrid multilayered system.

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“…As an economist, I cannot speak to the implications for sociology, but the implications for economics are far-reaching. By exploring the different ontologies of money in the mainstream approach to theory and in his alternative social theory, Ingham (2004) demonstrates how they feed into theory and policy and thus reality. His work has had a profound influence on the non-mainstream theory of money.…”

Section: Introductionmentioning

confidence: 99%

The Real (Social) Experience of Monetary Policy

Dow¹

Financial Crises and the Nature of Capitalist Money

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This paper takes a socio-economic approach to considering money in relation to real experience, focusing on the real effects of monetary policy. While most of the economics literature focuses on interest-rate setting as the core tool of monetary policy, we focus here instead on signalling by the central bank as a mechanism for influencing expectations and behaviour in conditions of uncertainty. This involves addressing the social-conventional expectations among different groups (a mechanism for dealing with uncertainty) applied to their particular ways of framing the real and financial sectors. Actual credit conditions faced by borrowers in turn are the outcome of the conventional view among banks as a result of their framing and the influence of central bank signalling. These relations between central banks, banks and the non-bank public in turn normally rest on long-established relations of trust. We consider the real effects of monetary policy in circumstances where trust has broken down. *This chapter has benefited from helpful comments from

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The Nature of Money:

Cited by 78 publications

References 6 publications

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

Neoliberal growth models, monetary union and the Euro crisis. A post-Keynesian perspective

Self-Funded Social Impact Investment: An Interdisciplinary Analysis of the Sardex Mutual Credit System

The Real (Social) Experience of Monetary Policy

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