In this important new book, Geoffrey Ingham draws on neglected traditions in the social sciences to develop a theory of the ‘social relation’ of money.
Author: Geoffrey Ingham
Publisher: John Wiley & Sons
In this important new book, Geoffrey Ingham draws on neglected traditions in the social sciences to develop a theory of the ‘social relation’ of money. Genuinely multidisciplinary approach, based on a thorough knowledge of theories of money in the social sciences An original development of the neglected heterodox theories of money New histories of the origins and development of forms of money and their social relations of production in different monetary systems A radical interpretation of capitalism as a particular type of monetary system and the first sociological outline of the institutional structure of the social production of capitalist money A radical critique of recent writing on global e-money, the so-called ‘end of money’, and new monetary spaces such as the euro.
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy.
Author: Louis-Philippe Rochon
Publisher: Edward Elgar Publishing
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.
Students of political economy, economic sociology and monetary economics will find this book an invaluable primer, as will general readers wishing to understand how money shapes their lives, from the cash in their pocket to the numbers on ...
Author: Geoffrey Ingham
Few economic phenomena provoke as much confusion as money. From the first measures of value and the physical coins that circulated at the dawn human civilization to the era of ‘virtual’ money transmitted through cyberspace, it is ubiquitous and hugely important, yet economists cannot even agree on what it is. In this pithy, accessible book, Geoffrey Ingham cuts through this tangled web of debate to bring rare clarity. Ingham begins by examining the fundamental debate over the nature of money: is it fundamentally a natural, ‘neutral’ measure of pre-existing value produced by ‘real’ economic forces? Or is it a socially produced and politically manipulated force that creates new value? He proceeds to trace the import of these competing views for how we understand our contemporary monetary systems and their practical and policy-related implications, from their role in financial crises to proposals for reform. Students of political economy, economic sociology and monetary economics will find this book an invaluable primer, as will general readers wishing to understand how money shapes their lives, from the cash in their pocket to the numbers on their computer screen.
Conclusion : The Credit Money and State Money Approaches L. Randall Wray
OES A. Mitchell Innes offer any insights for modern monetary theorists Mon the
nature tof maareysish should be obvious from the preceding chapters that we ...
Author: L. Randall Wray
Publisher: Edward Elgar Publishing
In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time.
Great thing the truth? Great thing a lie?***Attention! The book was published in the author's version. The book contains many strange thoughts, fictitious words and non-standard speech forms.
Author: Soloinc Logic
Book of Variothoughts series "Money Bible". The wisdom of millionaires can't help mere mortals like us. It's easier for a lion to be the monarch of all beasts, but we're mostly interested how a rabbit can be the monarch. The book is useful and fresh in thoughts. Spirit of Money helps its readers to feel the nature of money and learn to understand its desires and goals. Pieces of advice given in the book are simple and utible. It's easy to put them into real life practice.***The main feature of the books "Variothoughts" is their unprecedented honesty and versatility. No censorship of thoughts, absolute freedom of ideas and words. Variothoughts is a guide to the labyrinths of thought. Concentrate of information. Time is money. Secret knowledge, forbidden and lost wisdom. Thoughts that will forever change your understanding of life. Knowledge is power.***Variothoughts is a book for those who save their time. Ready-made Lego cubes used to put together any ideas and goals. The DNA and RNA of thought. Variothoughts books should be read slowly, chewing every thought carefully. Truth is that which has extension properties, and falsehood is pride, that is, an avid rush.***The reader is offered a thematic set of Syntalism thoughts, aphorisms and metaphors on the topic indicated in the title of the book. The meaning of Variothoughts is the search for 3D truth. The knowledge of truth comes through the denial of lies, which are infinite, so the act of faith associated with the knowledge of truth is an infinite source of joy and strength. Great thing the truth? Great thing a lie?***Attention! The book was published in the author's version. The book contains many strange thoughts, fictitious words and non-standard speech forms.
This is the first systematic sociological discussion of one of the most important of modern institutions: money.
Author: Nigel Dodd
Publisher: Burns & Oates
This is the first systematic sociological discussion of one of the most important of modern institutions: money. It demonstrates the immense significance of monetary systems in modern societies and considers why sociologists have been so slow to address this issue. Nigel Dodd, a sociologist by training, analyzes differing conceptions of the nature of money in economics, sociology, and anthropology, and subjects each of these to a systematic critique. He covers the main debates in economic theory, but concentrates special attention on the role of money in the work of such prominent social theorists as Simmel, Parsons, Habermas, and Giddens. None of these writers, Dodd concludes, offers a satisfactory account of the character or significance of money in modern societies. And so he offers a new interpretation of the nature of monetary transactions: one with far-reaching implications for social and economic analysis. Interdisciplinary in nature, The Sociology of Money will be of interest to those working in the fields of economics, social theory, sociology, and anthropology, and all those wishing to gain a better understanding of this dominant, but neglected, social institution.
This chapter will compare and contrast the thinking of Keynes and Ingham,
focussing mainly on The General Theory (Keynes, 1936, G.T. in page references)
and Ingham's The Nature of Money (2004). The limits of the author's knowledge
Author: Jocelyn Pixley
This volume is a debate about a sociology and economics of money: a form of positive trespassing. It is unique in being written by scholars of both disciplines committed to this mutual venture and in starting from the original groundwork laid by Geoffrey Ingham. The contributors look critically at money's institutions and the meanings and history of money-creation and show the cross cutting purposes or incommensurable sides of money and its crises. These arise from severe tensions and social conflicts about the production of money and its many purposes. We demonstrate the centrality of money to capitalism and consider social disorders since the 2007 crisis, which marks the timeliness and need for dialogue. Both disciplines have far too much to offer to remain in the former, damaging standoff. While we are thankful to see a possible diminution of this split, remnants are maintained by mainstream economic and sociological theorists who, after all the crises of the past 30 years, and many before, still hold to an argument that money really does not 'matter'. We suggest, to many different and interested audiences, that since money is a promise, understanding this social relation must be a joint though plural task between economics and sociology at the very least.
In critical dialogue with contemporary social theory, Fernando Coronil examines key transformations in Venezuela's polity, culture, and economy, recasting theories of development and highlighting the relevance of these processes for other ...
Author: Fernando Coronil
Publisher: University of Chicago Press
In 1935, after the death of dictator General Juan Vicente Gómez, Venezuela consolidated its position as the world's major oil exporter and began to establish what today is South America's longest-lasting democratic regime. Endowed with the power of state oil wealth, successive presidents appeared as transcendent figures who could magically transform Venezuela into a modern nation. During the 1974-78 oil boom, dazzling development projects promised finally to effect this transformation. Yet now the state must struggle to appease its foreign creditors, counter a declining economy, and contain a discontented citizenry. In critical dialogue with contemporary social theory, Fernando Coronil examines key transformations in Venezuela's polity, culture, and economy, recasting theories of development and highlighting the relevance of these processes for other postcolonial nations. The result is a timely and compelling historical ethnography of political power at the cutting edge of interdisciplinary reflections on modernity and the state.
a parable The nature of money is not generally understood; it is accessible only
to the exceptionally wealthy. We are convinced that economic governance is
scrupulously determined in accordance with the nature of money; nevertheless, it
Author: Philip Goodchild
Publisher: Duke University Press
Theology of Money is a philosophical inquiry into the nature and role of money in the contemporary world. Philip Goodchild reveals the significance of money as a dynamic social force by arguing that under its influence, moral evaluation is subordinated to economic valuation, which is essentially abstract and anarchic. His rigorous inquiry opens into a complex analysis of political economy, encompassing markets and capital, banks and the state, class divisions, accounting practices, and the ecological crisis awaiting capitalism. Engaging with Christian theology and the thought of Carl Schmitt, Georg Simmel, Karl Marx, Adam Smith, and many others, Goodchild develops a theology of money based on four contentions, which he elaborates in depth. First, money has no intrinsic value; it is a promise of value, a crystallization of future hopes. Second, money is the supreme value in contemporary society. Third, the value of assets measured by money is always future-oriented, dependent on expectations about how much might be obtained for those assets at a later date. Since this value, when realized, will again depend on future expectations, the future is forever deferred. Financial value is essentially a degree of hope, expectation, trust, or credit. Fourth, money is created as debt, which involves a social obligation to work or make profits to repay the loan. As a system of debts, money imposes an immense and irresistible system of social control on individuals, corporations, and governments, each of whom are threatened by economic failure if they refuse their obligations to the money system. This system of debt has progressively tightened its hold on all sectors and regions of global society. With Theology of Money, Goodchild aims to make conscious our collective faith and its dire implications.