Download or read book Ideal Currency Concept A New View on the Nature of Money written by Karl Summanen and published by . This book was released on 2018 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money has been a part of human history for almost 3,000 years. Despite this, there is still no universal understanding of the ontological nature of money. In this paper, a new approach to the understanding of non-commodity money is proposed. Proceeding from the premise that money is a purely social phenomenon, which exists in human minds rather than in the material world, we postulate that non-commodity money is an incorporeal entity belonging to the realm of the ideal. We also postulate that material monetary instruments, such as banknotes, coins and bank accounts, we are used to think of as money, are documents of title proving that their holders have ownership rights in volumes of currency. Starting from this high-level abstract concept, we formulate a consistent notional framework, the ideal currency concept, which allows one to describe a broad variety of non-commodity monetary instruments and monetary systems. The ideal currency concept is applied for analysis of the modern model of monetary system. We find that, when viewed from the perspective of the ideal currency concept, monetary system of a modern state can be presented as a hierarchical collection of independent currency systems with a common monetary unit and a common regulator. In such a monetary system there is no single national currency but multiple currencies with a common national monetary unit. We find also, in contradiction to the traditional understanding of money, that, when described in terms of the ideal currency concept, both the state issued sovereign currency and private currencies issued by banks are not debt.

Download or read book The Nature of Money written by Geoffrey Ingham and published by John Wiley & Sons. This book was released on 2013-05-29 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Future of Money written by Eswar S. Prasad and published by Harvard University Press. This book was released on 2021-09-28 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Download or read book Rethinking Money written by Bernard Lietaer and published by Berrett-Koehler Publishers. This book was released on 2013-02-04 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reveals how our monetary system reinforces scarcity, and how communities are already using new paradigms to foster sustainable prosperity. In the United States and across Europe, our economies are stuck in an agonizing cycle of repeated financial meltdowns. Yet solutions already exist, not only our recurring fiscal crises but our ongoing social and ecological debacles as well. These changes came about not through increased conventional taxation, enlightened self-interest, or government programs, but by people simply rethinking the concept of money. In Rethinking Money, Bernard Lietaer and Jacqui Dunne explore the origins of our current monetary system—built on bank debt and scarcity—revealing how its limitations give rise to so many serious problems. The authors then present stories of ordinary people and communities using new money, working in cooperation with national currencies, to strengthen local economies, create work, beautify cities, provide education, and more. These real-world examples are just the tip of the iceberg—over four thousand cooperative currencies are already in existence. The book provides remedies for challenges faced by governments, businesses, nonprofits, local communities, and even banks. It demystifies a complex and critically important topic and offers meaningful solutions that will do far more than restore prosperity—it will provide the framework for an era of sustainable abundance.

Download or read book Modern Money Theory written by L. Randall Wray and published by Springer. This book was released on 2015-09-22 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

Download or read book The Purchasing Power of Money written by Irving Fisher and published by . This book was released on 1911 with total page 558 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Modest Enquiry Into the Nature and Necessity of Paper Currency written by Benjamin Franklin and published by CreateSpace. This book was released on 2014-05-04 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Benjamin Franklin (January 17, 1706 - April 17, 1790) was one of the Founding Fathers of the United States and in many ways was "the First American." A world-renowned polymath, Franklin was a leading author, printer, political theorist, politician, postmaster, scientist, inventor, civic activist, statesman, and diplomat. As a scientist, he was a major figure in the American Enlightenment and the history of physics for his discoveries and theories regarding electricity. As an inventor, he is known for the lightning rod, bifocals, and the Franklin stove, among other inventions. He facilitated many civic organizations, including Philadelphia's fire department and a university. Franklin earned the title of "The First American" for his early and indefatigable campaigning for colonial unity; as an author and spokesman in London for several colonies, then as the first United States Ambassador to France, he exemplified the emerging American nation. Franklin was foundational in defining the American ethos as a marriage of the practical values of thrift, hard work, education, community spirit, self-governing institutions, and opposition to authoritarianism both political and religious, with the scientific and tolerant values of the Enlightenment. In the words of historian Henry Steele Commager, "In a Franklin could be merged the virtues of Puritanism without its defects, the illumination of the Enlightenment without its heat." To Walter Isaacson, this makes Franklin "the most accomplished American of his age and the most influential in inventing the type of society America would become." Franklin, always proud of his working class roots, became a successful newspaper editor and printer in Philadelphia, the leading city in the colonies. With two partners he published the Pennsylvania Chronicle, a newspaper that was known for its revolutionary sentiments and criticisms of the British policies. He became wealthy publishing Poor Richard's Almanack and The Pennsylvania Gazette. Franklin was also the printer of books for the Moravians of Bethlehem, Pennsylvania (1742 on). Franklin's printed Moravian books (printed in German) are preserved, and can be viewed, at the Moravian Archives located in Bethlehem. Franklin visited Bethlehem many times and stayed at the Moravian Sun Inn. For many years he was the British postmaster for the colonies, which enabled him to set up the first national communications network. He was active in community affairs, colonial and state politics, as well as national and international affairs. From 1785 to 1788, he served as governor of Pennsylvania. Toward the end of his life, he freed his own slaves and became one of the most prominent abolitionists. His colorful life and legacy of scientific and political achievement, and status as one of America's most influential Founding Fathers, have seen Franklin honored on coinage and the $100 bill; warships, the names of many towns, counties, educational institutions, namesakes, and companies, and, more than two centuries after his death, countless cultural references. In 1736, Franklin created the Union Fire Company, one of the first volunteer firefighting companies in America. In the same year, he printed a new currency for New Jersey based on innovative anti-counterfeiting techniques he had devised. Throughout his career, Franklin was an advocate for paper money, publishing A Modest Enquiry into the Nature and Necessity of a Paper Currency in 1729, and his printer printed money. He was influential in the more restrained and thus successful monetary experiments in the Middle Colonies, which stopped deflation without causing excessive inflation. In 1766 he made a case for paper money to the British House of Commons. As he matured, Franklin began to concern himself more with public affairs. In 1743, he set forth a scheme for The Academy, Charity School, and College of Philadelphia.

Download or read book Interest and Prices written by Michael Woodford and published by Princeton University Press. This book was released on 2011-12-12 with total page 805 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.

Download or read book Money and the Mechanism of Exchange written by William Stanley Jevons and published by New York : D. Appleton, c[1875]. This book was released on 1875 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Series title also at head of t.p.

Download or read book The Ecology of Money written by R. J. Douthwaite and published by . This book was released on 1999 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text explains why money has different effects according to its origins and purposes. It shows that to build a just and sustainable world, money creation must be democratized and the payment of interest on money in circulation scrapped.

Download or read book The Theory of Money and Credit written by Ludwig Von Mises and published by Ludwig von Mises Institute. This book was released on 1953 with total page 507 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Currency of Politics written by Stefan Eich and published by Princeton University Press. This book was released on 2022-05-24 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money in the history of political thought, from ancient Greece to the Great Inflation of the 1970s In the wake of the 2008 financial crisis, critical attention has shifted from the economy to the most fundamental feature of all market economies—money. Yet despite the centrality of political struggles over money, it remains difficult to articulate its democratic possibilities and limits. The Currency of Politics takes readers from ancient Greece to today to provide an intellectual history of money, drawing on the insights of key political philosophers to show how money is not just a medium of exchange but also a central institution of political rule. Money appears to be beyond the reach of democratic politics, but this appearance—like so much about money—is deceptive. Even when the politics of money is impossible to ignore, its proper democratic role can be difficult to discern. Stefan Eich examines six crucial episodes of monetary crisis, recovering the neglected political theories of money in the thought of such figures as Aristotle, John Locke, Johann Gottlieb Fichte, Karl Marx, and John Maynard Keynes. He shows how these layers of crisis have come to define the way we look at money, and argues that informed public debate about money requires a better appreciation of the diverse political struggles over its meaning. Recovering foundational ideas at the intersection of monetary rule and democratic politics, The Currency of Politics explains why only through greater awareness of the historical limits of monetary politics can we begin to articulate more democratic conceptions of money.

Download or read book What Has Government Done to Our Money written by Murray Newton Rothbard and published by Ludwig von Mises Institute. This book was released on 1990 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Understanding Modern Money written by L. Randall Wray and published by Edward Elgar Publishing. This book was released on 1998 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: By showing that the basic assumptions if mainstream macroeconomics were and are flawed, the author aims to convince the reader that full employment and price stability are fully compatible goals in the modern world.

Download or read book The Rise of Digital Money written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2019-07-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Download or read book The Deficit Myth written by Stephanie Kelton and published by PublicAffairs. This book was released on 2020-06-09 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Download or read book The Rise of Public and Private Digital Money written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-07-29 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.