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Money, Credit, Capital and the State: On the evolution of money and institutions

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  • Hanappi, Hardy
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    Abstract

    This paper combines several important arguments, which have puzzled economic theory for decades, to arrive at a more adequate description of the current global crisis. The main theoretical innovation is to view the long-run economic evolution as a stepwise evolution of money forms. Moreover, as already indicated in the title, this development of money forms is closely linked to the development of social institutions, in particular of state institutions. Capital, the most recent form of money, today has to be understood as an omnipresent algorithm, as a growth imperative implicit in social institutions and internalized models. The task of evolutionary political economy thus will be to provide an adequate theoretical counterpart to mirror these processes. This paper explores how far a careful reconsideration of received economic theory can contribute to this task.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47166.

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    Date of creation: 11 Feb 2013
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    Handle: RePEc:pra:mprapa:47166

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    Keywords: Money; Credit; Capital; State;

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    1. Sébastien Lechevalier, 2007. "The Diversity of Capitalism and Heterogeneity of Firms - A Case Study of Japan during the Lost Decade," Post-Print, HAL halshs-00370523, HAL.
    2. Enrique G. Mendoza & Vincenzo Quadrini & José-Víctor Ríos-Rull, 2009. "Financial Integration, Financial Development, and Global Imbalances," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 117(3), pages 371-416, 06.
    3. Kesternich, Iris & Schnitzer, Monika, 2007. "Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6468, C.E.P.R. Discussion Papers.
    4. Davide Furceri & Annabelle Mourougane, 2009. "Financial Crises: Past Lessons and Policy Implications," OECD Economics Department Working Papers 668, OECD Publishing.
    5. Roberto Samaniego & Anna Ilyina, 2009. "A Multi-industry Model of Growth with Financing Constraints," 2009 Meeting Papers, Society for Economic Dynamics 467, Society for Economic Dynamics.
    6. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199261147, October.
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