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The Domestic Monetary System: Banking and Central Banking

In: Modern Money Theory

Author

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  • L. Randall Wray

    (University of Missouri-Kansas City)

Abstract

All “modern money” systems (which apply to those of the “past 4000 years at least” as Keynes put it) are state money systems in which the sovereign chooses a money of account and then imposes tax liabilities in that unit. It can then issue currency used to pay taxes. In this chapter we return to our analysis of the operation of today’s monetary system, examining the denomination of IOUs in the state money of account.

Suggested Citation

  • L. Randall Wray, 2012. "The Domestic Monetary System: Banking and Central Banking," Palgrave Macmillan Books, in: Modern Money Theory, chapter 3, pages 76-109, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-26514-2_3
    DOI: 10.1057/9781137265142_3
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