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

Author

Listed:
  • Burns, Tom R.

    (Department of Sociology, University of Uppsala)

  • Deville, Philippe

    (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

  • Burns, Tom R. & Deville, Philippe, 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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    References listed on IDEAS

    as
    1. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    3. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-367, May.
    4. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, December.
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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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    More about this item

    Keywords

    Money; Institution; Symbol; Value; Socio-technical System; Self-fulfilling Prophecy;
    All these keywords.

    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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