Advanced Search
MyIDEAS: Login to save this article or follow this journal

The Role of the State and the Hierarchy of Money

Contents:

Author Info

  • Bell, Stephanie
Registered author(s):

    Abstract

    This paper uses Minsky's definition of money as a two-sided balance sheet phenomenon to challenge many common positions on the nature, evolution and role of money. His definition is applied to two opposing theories in the history of monetary debates, and it is shown that the Chartalists (as opposed to the Metallists) developed a general theory of money that can be applied equally convincingly to the entire era of state money. This theory is then used to show that the state's power to make and enforce tax laws renders its money the most acceptable form of debt within what can be considered a "hierarchy" of monies. This leads to some important policy implications as well as a strengthening of the endogenous money position. Copyright 2001 by Oxford University Press.

    Download Info

    To 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 Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 25 (2001)
    Issue (Month): 2 (March)
    Pages: 149-63

    as in new window
    Handle: RePEc:oup:cambje:v:25:y:2001:i:2:p:149-63

    Contact details of provider:
    Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
    Fax: 01865 267 985
    Email:
    Web page: http://www.cje.oupjournals.org/

    Order Information:
    Web: http://www.oup.co.uk/journals

    Related research

    Keywords:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. repec:spo:wpecon:info:hdl:2441/4vc7skecu3q7u7s984pi2eaan is not listed on IDEAS
    2. Jérôme Sgard, 2010. "Money Reconstructed: Argentina and Brazil after Hyperinflation," Sciences Po publications info:hdl:2441/4vc7skecu3q, Sciences Po.
    3. Geoffrey Hodgson, 2002. "The Evolution of Institutions: An Agenda for Future Theoretical Research," Constitutional Political Economy, Springer, vol. 13(2), pages 111-127, June.
    4. Jussi Ahokas, 2012. "Geographies of Monetary Economy and the European economic crisis," ERSA conference papers ersa12p437, European Regional Science Association.
    5. Lee, Frederic, 2011. "Heterodox surplus approach: production, prices, and value theory," MPRA Paper 31824, University Library of Munich, Germany.
    6. Fernando, Estrada & Mihai, Mutascu & Aviral Kumar, Tiwari, 2013. "Estabilidad política y tributación
      [Taxation and political stability]
      ," MPRA Paper 45226, University Library of Munich, Germany.
    7. Mutascu, Mihai & Tiwari, Aviral & Estrada, Fernando, 2011. "Taxation and political stability," MPRA Paper 32272, University Library of Munich, Germany.
    8. Cavalieri, Duccio, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," MPRA Paper 43738, University Library of Munich, Germany.
    9. Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    10. Hodgson, Geoffrey M., 2013. "Observations on the legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 331-337.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:25:y:2001:i:2:p:149-63. See general 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: (Oxford University Press) or (Christopher F. Baum).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.