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Credit creation, the monetary circuit and the formal validity of money

In: Monetary Economies of Production

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  • John Smithin

Abstract

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.

Suggested Citation

  • John Smithin, 2013. "Credit creation, the monetary circuit and the formal validity of money," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 5, pages 41-53, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14862_5
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    References listed on IDEAS

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    1. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115.
    2. John Smithin, 2013. "Essays in the Fundamental Theory of Monetary Economics and Macroeconomics," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 7494, February.
    3. L. Randall Wray, 1998. "Understanding Modern Money," Books, Edward Elgar Publishing, number 1668.
    4. Knapp, Georg Friedrich, 1924. "The State Theory of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number knapp1924.
    5. Ingham, Geoffrey, 2004. "The nature of money," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 5(2), pages 18-28.
    6. Goodhart, Charles A. E., 1998. "The two concepts of money: implications for the analysis of optimal currency areas," European Journal of Political Economy, Elsevier, vol. 14(3), pages 407-432, August.
    7. O. F. Hamouda & John Smithin (ed.), 1988. "Keynes and Public Policy after Fifty Years," Books, Edward Elgar Publishing, number 715.
    8. Hayek, F. A., 1995. "Contra Keynes and Cambridge," University of Chicago Press Economics Books, University of Chicago Press, number 9780226320656 edited by Caldwell, Bruce, September.
    9. Omar F. Hamouda & John Smithin (ed.), 1988. "Keynes and Public Policy After Fifty Years," Books, Edward Elgar Publishing, number 202.
    10. Alain Parguez, 1999. "The Expected Failure of the European Economic and Monetary Union: A False Money against the Real Economy," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 63-76, Winter.
    11. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
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