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The three faces of the coin: a socio-economic approach to the institution of money

Author

Listed:
  • Tom R. Burns

    (Department of Sociology, University of Uppsala)

  • Philippe Deville

    (Institut de Recherche Économique et Sociale (IRES) École des Sciences Économiques de Louvain Université Catholique de Louvain)

Abstract

This article develops a multi-faceted approach to the institution of money. A complex of interlinked, socio-economic theories are used to understand and explain several key aspects of money and money systems in modern societies: (1) money as a means to represent and communicate value; (2) money as technology (money, like other technologies, embodies in its design particular rules and collective representation(s) and is associated with a variety of techniques for using it); (3) monetary orders as socio-technical systems that are designed, administered and regulated; (4) the multiple views, meanings, and uses of money within diverse institutional domains and social settings; (5) contradictory uses and purposes of money in modern societies: among others, as a medium of exchange, as a standard or measure of value; as a basis for expanding productive capacity ("capital") or initiating projects; as a source of social power.

Suggested Citation

  • Tom R. Burns & Philippe Deville, 2003. "The three faces of the coin: a socio-economic approach to the institution of money," European Journal of Economic and Social Systems, Lavoisier, vol. 16(2), pages 149-195.
    • Handle: RePEc:ris:ejessy:0139
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    Cited by:

    1. Tom R. Burns & Ewa Roszkowska & Nora Machado Des Johansson & Ugo Corte, 2018. "Paradigm Shift in Game Theory: Sociological Re-Conceptualization of Human Agency, Social Structure, and Agents’ Cognitive-Normative Frameworks and Action Determination Modalities," Social Sciences, MDPI, vol. 7(3), pages 1-40, March.

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    Keywords

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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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