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A Political Approach of the Popular Credit: Pierre-Joseph Proudhon and the mutual credit


  • Cyrille Ferraton


  • David Vallat



Pierre-Joseph Proudhon’s ideas on credit and money have been considered to be not very relevant and above all unrealistic. However, they have known an uncommon posterity. They influenced Silvio Gesell who is John Maynard Keynes’s reference. This article analyses Pierre-Joseph Proudhon’s exchange bank plan. We show that Pierre- Joseph Proudhon’s ideas on credit and money are opened to criticism but require a reexamination because we can draw many lessons from them.

Suggested Citation

  • Cyrille Ferraton & David Vallat, 2011. "A Political Approach of the Popular Credit: Pierre-Joseph Proudhon and the mutual credit," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 60, pages 45-66.
  • Handle: RePEc:cpo:journl:y:2011:i:60:p:45-66

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    Money; credit; interest; mutuality;

    JEL classification:

    • B19 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Other
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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