CONTENTS
1 Cover
3 Part I What is Money? 1 Money’s Puzzles 2 The ‘Incompatibles’: Commodity and Credit Theories Commodity Theory and ‘Metallism’ The Essentials of ‘Classical’ Theory: ‘Neutral’ Money and ‘Real’ Value Coming to Terms with Modern Capitalist Money Commodity-Exchange Theory: History and Logic Credit and State Theories of Money ‘A Steadfast Refusal to Face Facts’? Conclusion 3 A Social Theory of Money and Monetary Systems Money: Disorder and Disintegration Deflation Inflation A Social Theory of Monetary (Dis)Order Disintegration: Weimar Germany’s Hyperinflation, 1921–3
4 Part II Capitalism and Money 4 The Evolution of Capitalist Money The ‘Template’ for Modern Money: the Fusion of Public and Private The ‘Memorable Alliance’ ‘The Barbarous Relic’ Modern Money: War and Democracy The Post-1945 Domestic and International Monetary Order A New ‘Alliance’ and the Long Post-War Economic Boom The Disintegration of the ‘Golden Age’ Revising the Terms of the ‘Memorable Alliance’ Global Capital, Independent Central Banks, and Monetary Policy 5 Modern Money (i): States, Central Banks, and Their Banking System ‘Top’ Sovereign Money Central Banks The Anomalous Euro Conclusion 6 Modern Money (ii): ‘Near’ Money; ‘Complementary’, ‘Alternative’, and ‘Surrogate’ Money; and ‘Crypto-Currency’ ‘Near Money’ ‘Complementary’, ‘Alternative’, and ‘Surrogate’ Money Conclusion 7 The Great Financial Crisis and the Question of Money Controlling the Money-Creating Bank Franchise Central Banks: ‘Unelected’ Power Democratic or Socialist Money? 8 Conclusions
7 Index
Guide
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