Democratizing Finance or Democratizing Money?

Politics and Society 47 (4):635-650 (2019)
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Abstract

This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics” that treats the state as a dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource.

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Citations of this work

philosophy of money and finance.Boudewijn De Bruin, Lisa Maria Herzog, Martin O'Neill & Joakim Sandberg - 2012 - In Ed Zalta (ed.), Stanford Encyclopedia of Philosophy. Stanford, CA: Stanford Encyclopedia of Philosophy.

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