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The Domestic Monetary System: Banking and Central Banking

In: Modern Money Theory

Author

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  • L. Randall Wray

    (University of Missouri-Kansas City
    Levy Economics Institute of Bard College)

Abstract

All “modern money” systems (including those of the “past 4000 years at least” as Keynes put it) are state money systems in which the sovereign chooses a money of account and then imposes tax liabilities in that unit. It can then issue currency used to pay taxes. In this chapter we return to our analysis of the operation of today’s monetary system, examining the denomination of IOUs in the state money of account.

Suggested Citation

  • L. Randall Wray, 2015. "The Domestic Monetary System: Banking and Central Banking," Palgrave Macmillan Books, in: Modern Money Theory, edition 2, chapter 3, pages 71-102, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-53992-2_4
    DOI: 10.1057/9781137539922_4
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