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What is the essence of money?


  • C. A. E. Goodhart


Ingham combines insights from two hitherto largely separate social science fields, i.e., Chartalist theories of money and Weberian sociological theories on class struggle, to produce a wide-ranging and fascinating book, with a splendidly original Chapter 6 on the importance of establishing a constitutional monarchy in the UK for developing monetary institutions. This review finds the Chartalist analysis more compelling than the sociological emphasis on class struggle. Also, Ingham would dismiss many of the fundamental concepts of economics, e.g., long-run equilibrium, neutrality of money, natural rate of interest, etc., without providing any satisfactory alternative structure. Copyright 2005, Oxford University Press.

Suggested Citation

  • C. A. E. Goodhart, 2005. "What is the essence of money?," Cambridge Journal of Economics, Oxford University Press, vol. 29(5), pages 817-825, September.
  • Handle: RePEc:oup:cambje:v:29:y:2005:i:5:p:817-825

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Peck, Jamie, 2012. "Constructions of Neoliberal Reason," OUP Catalogue, Oxford University Press, number 9780199662081, June.
    3. repec:hrv:faseco:30728041 is not listed on IDEAS
    4. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    5. Donald Brean & Lawrence Kryzanowski & Gordon Roberts, 2011. "Canada and the United States: Different roots, different routes to financial sector regulation," Business History, Taylor & Francis Journals, vol. 53(2), pages 249-269.
    6. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    7. Steve Keen, 2009. "Household Debt: The Final Stage in an Artificially Extended Ponzi Bubble," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 42(3), pages 347-357.
    8. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    9. Quiggin, John, 1998. "Social Democracy and Market Reform in Australia and New Zealand," Oxford Review of Economic Policy, Oxford University Press, vol. 14(1), pages 76-95, Spring.
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