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A New Meme for Money

In: Financial Crises and the Nature of Capitalist Money

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  • L. Randall Wray

Abstract

As my economics training began in the Institutionalist tradition, I was exposed from the start to the view that money is not a ‘thing’ but rather an institution. This meant more than the obvious fact that most of our ‘money supply’ is issued by private bank ‘institutions’. Institutionalists define institutions broadly to include socialized patterns of behaviour or even thought. Dudley Dillard was foremost among Institutionalists for emphasizing that money is an institution. However, I have to admit that exactly what is meant by the phrase ‘money is a social relation’ was left rather hazy.

Suggested Citation

  • L. Randall Wray, 2013. "A New Meme for Money," Palgrave Macmillan Books, in: Jocelyn Pixley & G. C. Harcourt (ed.), Financial Crises and the Nature of Capitalist Money, chapter 5, pages 79-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30295-3_6
    DOI: 10.1057/9781137302953_6
    as

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