Money and Institutional Hierarchies: On Maintaining Trust Relationships in the Complex Monetary Systems
AbstractThis paper offers an institutional theory of emergence and continuation of trust in monetary relationships. It suggests that individuals involved into monetary exchanges rely on orderly hierarchies of attendant institutions that shore up their trust in money. These hierarchical structures, however, fail to perform their supposed function of protecting trust in money, since their functioning is confronted with the inherent problems of infinite regress, lack of the guarantor of last resort and uncontrollability of complex monetary systems. The paper argues that the breakdown of institutional insurances and guarantees prompts economic agents to accept a weak form of trust in money, not being rationalized or substantiated by the power of auxiliary institutions, but merely combining blind faith with inductive inferences about the conditions of future circulation of monetary forms and instruments.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by N.P. Redaktsiya zhurnala "Voprosy Economiki" in its journal Voprosy Economiki.
Volume (Year): 7 (2011)
Issue (Month): ()
Contact details of provider:
Web page: http://www.vopreco.ru/eng/year.html
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sergei Parinov).
If references are entirely missing, you can add them using this form.