UID:
almafu_9961239225902883
Format:
1 online resource (xiv, 254 pages) :
,
digital, PDF file(s).
Edition:
First edition.
ISBN:
9781009358576
,
100935857X
,
9781009331449
,
1009331442
Content:
Understanding money's nature as political, institutional, and material answers today's big money questions. Money remains a foundational question of social theory. What is money? Why does something so insubstantial have value? How do money systems make promises function like valuable things? Why are money systems always hierarchical yet variable? The answer, the book argues, is politics. Money is institutionalised social power. Politics generates institutions that differentially lock into the future product of political and economic collectives. Money emerges from the institutionalisation of social antagonisms to encapsulate a collective's productive potential in a flexible, tradable instrument. This takes a system. Money is built in hierarchical layers out of the inherently variable material of politics and at various economic scales. This book outlines these variable processes theoretically and through case studies.
Note:
Title from publisher's bibliographic system (viewed on 14 Sep 2023).
,
Cover -- A Political Theory of Money -- Title -- Copyright -- Contents -- List of Figures and Tables -- Preface -- Acknowledgements -- List of Abbreviations -- Part I -- 1 Money Anchored to the Future -- Money as Credit -- Credit as a Right to Future Control -- Types of Mutualisation, Varieties of Money -- Banks Are Social Animals -- Banking with the State -- Hierarchy and Hybridity -- Capitalism, Democracy and the National Pillars of Globalisation -- Theories of Money -- Conclusion -- Appendix 1A -- 2 The Money Fetish: Making Promises into Things -- The Fetishism of Outside Money -- Promises Are Good for Capitalism Plus Democracy -- Fetishism in the Credit System -- Nationalised Money Plus Privatised Banking -- Socialisation and Matching Liquidity -- Fetishism Is Functional for Discipline but Not Democracy -- Why Tokens Are Bad Money -- 3 Bending, Not Breaking: Monetary Sovereignty and the Survival Constraint -- Political Mutualisation Bends the Survival Constraint -- Taxation Takes Time, Credit Buys Time -- Accepting the Sovereign: Credit and State Formation -- Staying Alive: The International Survival Constraint -- Gold as Imperial Discipline -- Solvency Is in the Eye of the Counterparty -- Bending to Breaking Point -- 4 Mystical Kernel within the Rational Shell: The Banking School's Residual Chartalism -- Bagehot's Bank -- Real versus Conjectural History -- Hawtrey's Institutionalism -- The Command of Wealth -- Goodhart's Control -- 5 Between Currency and Credit: Mehrling's Money View -- What Is Inherent about Hierarchy? -- Imperial Money -- A Financial Theory of the State -- Banks Make Markets Make Banks -- Settling Up -- The State as Endogenous to Society -- 6 There Is No Such Thing as Fiat Money -- Ingham's Ambiguous Monetary Power -- Coercive Standards and Contingent Credit -- The Technical and the Political -- Staying Alive.
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The State as the Best Financial Intermediary -- Cash Is King -- 7 Coherence: Why Money Is Not Value -- The Limits of Nominalism -- Formal and Substantive Value of Money -- Measures Are Tautological -- Exchange as a Socio-Material Process -- Coherence with Output -- Institutions Bind the Future (or Not) -- Part II -- 8 National Money versus Shadow Banking: Contradictions of a Public-Private Credit System -- Hybrid Credit Systems: Instability, Hierarchy, Control -- Private Money and the Par Constraint -- Control Mechanisms and Their Politics -- The Liabilities-Side Revolution: From War Finance to the Market, c. 1945-1980 -- The Liabilities-Side Revolution -- From Control to Mopping Up: The Emergence of 'Too Big to Fail' -- The Asset-Side Revolution: Securitisation and Shadow Banking, c. 1970-2007 -- Confluence in the Shadows -- Market Design as Politics -- Conclusion: Control Mechanisms for a Market-Based Credit System -- 9 A World without World Money -- Bringing the System Back In -- A World without World Money -- The Impossible Esperanto of World Money -- Empire as a Public Good: Varieties of Hierarchy -- The Internationalisation of the Dollar's LOLR Function -- China as a Global Finance Company -- Conclusion: Nice Leviathans -- 10 Proof of Institutions: Cryptocurrencies as Digital Fiat Money -- What Is a Cryptocurrency? -- Bitcoin as Money -- Hash Functions and Limited Abstraction -- Digital Signatures -- Anonymous Panopticity -- Bitcoin's Slow Social Contract -- Conclusion: Law Is Not Code -- 11 Europe and Democratic Funding -- The Price of Space -- Funding the Gap -- Mind the Gap -- Reaching for Democratic Funding -- Leviathan Interrupted -- Common-Pool Discipline -- Conclusion: The Impossible Arbitrage of Space -- 12 Democratic Sovereignty Makes Money -- Democratic Sovereignty in Most of the World -- Democracy Hampers Technocracy.
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The Medium Is the Measure -- Democracy in the World -- Bibliography -- Index.
Additional Edition:
ISBN 9781009331463
Additional Edition:
ISBN 1009331469
Additional Edition:
ISBN 9781009331432
Additional Edition:
ISBN 1009331434
Language:
English
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