Skip to main content Accessibility help
×
Home
Hostname: page-component-568f69f84b-5zgkz Total loading time: 0.232 Render date: 2021-09-19T13:18:55.175Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "metricsAbstractViews": false, "figures": true, "newCiteModal": false, "newCitedByModal": true, "newEcommerce": true, "newUsageEvents": true }

Because People Die! On Money, Sovereignty, and Mythical Debt - Michel Aglietta, Money. 5,000 Years of Debt and Power (London, Verso, 2018)

Published online by Cambridge University Press:  14 February 2020

Aaron Sahr*
Affiliation:
Hamburg Institute for Social Research [Aaron.Sahr@his-online.de]
Get access

Abstract

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Review Symposium
Copyright
Copyright © A.E.S. 2020 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 John Wilkinson, 2019, “An Overview of German New Economic Sociology and the Contribution of the Max Planck Institute for the Study of Societies” (MPIfG Discussion Paper 19/3): 20.

2 A “fatality” is a feature of the infamously brutal video game franchise “Mortal Kombat.” The signature of this series of fighting games is the possibility of delivering a very graphic finishing move to the opponent after he or she is already defeated.

3 For example, L. Randall Wray, 1998, Understanding Modern Money (Edward Elgar); Stephanie Bell, 2001, “The Role of the State and the Hierarchy of Money,” Cambridge Journal of Economics, 25 (2): 149-163; Geoffrey Ingham, 2004, The Nature of Money (Polity Press); Perry Mehrling, 2011, The New Lombard Street. How the Fed Became the Dealer of Last Resort (Princeton University Press); or, in one of the most compelling histories of money, in my opinion, Christine Desan, 2014, Making Money. Coin, Currency, and the Coming of Capitalism (Oxford University Press).

4 Dirk Bezemer, 2016, “Towards an ‘Accounting View’ on Money, Banking and the Macroeconomy: History, Empirics, Theory,” Cambridge Journal of Economics, 40: 1275-1295.

5 Perry Mehrling, 2017, “Financialization and its Discontents,” Finance and Society, 3 (1): 1-10.

6 On the one hand, this history is full of political struggles: Roman emperors competing with money owners over the metallic content of coins, capitalist states structuring monetary institutions in accordance with the interest of bourgeois capital, and so on. But, on the other hand, the general tendency of the history of money seems to be depoliticized. Somehow, the development of the principles of sovereignty and monetary orders keeps its correlation up. Monetary orders somehow adapt to the upheavals of sovereignty principles, but the causal mechanisms remain a bit fuzzy, at least to me. Do we always just adjust our political and economic systems to the changing imaginaries of sovereignty?

7 Take this thesis as an example: “The abolition of the gold standard poses the problem of the legitimacy of monetary signs” [254]. For whom and in what manner? General money users? Investors? The academics trying to fit this bit of reality into their theories still oriented towards commodity money?

8 Klaus Kraemer, 2019, “Geld als Institution. Eine Kritik der Vertrauenshypothese,” Mittelweg, 36 28 (3-4): 50-74.

9 This claim, however, would have benefited from evidence. In 2019, for example, government bonds in Germany, France, Japan, and some other countries offer negative yields to investors, who show a great demand, nevertheless. They pay to lend money to those countries, while the US still pays interest to its investors. Can this also be explained by military and political power? Does it mean that investors judge France to be more politically powerful than America? It might be sufficient to assume that people seek liquid assets that they expect others (regulators, markets, shareholders) to accept as legitimate ways to balance their books.

10 Christine Desan, 2014, Making Money. Coin, Currency, and the Coming of Capitalism (Oxford, Oxford University Press).

Send article to Kindle

To send this article to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle.

Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Because People Die! On Money, Sovereignty, and Mythical Debt - Michel Aglietta, Money. 5,000 Years of Debt and Power (London, Verso, 2018)
Available formats
×

Send article to Dropbox

To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Dropbox.

Because People Die! On Money, Sovereignty, and Mythical Debt - Michel Aglietta, Money. 5,000 Years of Debt and Power (London, Verso, 2018)
Available formats
×

Send article to Google Drive

To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your <service> account. Find out more about sending content to Google Drive.

Because People Die! On Money, Sovereignty, and Mythical Debt - Michel Aglietta, Money. 5,000 Years of Debt and Power (London, Verso, 2018)
Available formats
×
×

Reply to: Submit a response

Please enter your response.

Your details

Please enter a valid email address.

Conflicting interests

Do you have any conflicting interests? *