A Political Theory of Money

Anush Kapadia

doi:10.1017/9781009331449

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.

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Contents

Frontmatter
pp i-iv
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Contents
pp v-viii
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List of Figures and Tables
pp ix-x
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Preface
pp xi-xii
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Acknowledgements
pp xiii-xiv
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List of Abbreviations
pp xv-xvi
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Part I
pp 1-2
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1 - Money Anchored to the Future
pp 3-24
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2 - The Money Fetish: Making Promises into Things
pp 25-40
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3 - Bending, Not Breaking: Monetary Sovereignty and the Survival Constraint
pp 41-59
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4 - Mystical Kernel within the Rational: The Banking School's Residual Chartalism
pp 60-83
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5 - Between Currency and Credit: Mehrling's Money View
pp 84-103
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6 - There Is No Such Thing as Fiat Money
pp 104-125
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7 - Coherence: Why Money Is Not Value
pp 126-150
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Part II
pp 151-152
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8 - National Money versus Shadow Banking: Contradictions of a Public–Private Credit System
pp 153-171
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9 - A World without: World Money
pp 172-187
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10 - Proof of Institutions: Cryptocurrencies as Digital Fiat Money
pp 188-203
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11 - Europe and Democratic Funding
pp 204-218
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12 - Democratic Sovereignty Makes Money
pp 219-233
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Bibliography
pp 234-246
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Index
pp 247-254
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A Political Theory of Money

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Contents

Frontmatter
pp i-iv

Contents
pp v-viii

List of Figures and Tables
pp ix-x

Preface
pp xi-xii

Acknowledgements
pp xiii-xiv

List of Abbreviations
pp xv-xvi

Part I
pp 1-2

1 - Money Anchored to the Future
pp 3-24

2 - The Money Fetish: Making Promises into Things
pp 25-40

3 - Bending, Not Breaking: Monetary Sovereignty and the Survival Constraint
pp 41-59

4 - Mystical Kernel within the Rational: The Banking School's Residual Chartalism
pp 60-83

5 - Between Currency and Credit: Mehrling's Money View
pp 84-103

6 - There Is No Such Thing as Fiat Money
pp 104-125

7 - Coherence: Why Money Is Not Value
pp 126-150

Part II
pp 151-152

8 - National Money versus Shadow Banking: Contradictions of a Public–Private Credit System
pp 153-171

9 - A World without: World Money
pp 172-187

10 - Proof of Institutions: Cryptocurrencies as Digital Fiat Money
pp 188-203

11 - Europe and Democratic Funding
pp 204-218

12 - Democratic Sovereignty Makes Money
pp 219-233

Bibliography
pp 234-246

Index
pp 247-254

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A Political Theory of Money

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