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Money, Credit, Capital and the State

In: The Two Sides of Innovation

Author

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  • Hardy Hanappi

    (Vienna University of Technology)

Abstract

This paper combines several important arguments, which have puzzled economic theory for decades, to arrive at a more adequate description of the current global crisis. The main theoretical innovation is to view the long-run economic evolution as a stepwise evolution of money forms. Moreover, as indicated in the title, this development of money forms is closely linked to the development of social institutions, in particular, state institutions. Capital, the most recent form of money, today has to be understood as an omnipresent algorithm, as a growth imperative implicit in social institutions and internalized models. The task of evolutionary political economy thus will be to provide an adequate theoretical counterpart to mirror these processes. This paper explores how far a careful reconsideration of received economic theory can contribute to this task.

Suggested Citation

  • Hardy Hanappi, 2013. "Money, Credit, Capital and the State," Economic Complexity and Evolution, in: Guido Buenstorf & Uwe Cantner & Horst Hanusch & Michael Hutter & Hans-Walter Lorenz & Fritz Rahmeyer (ed.), The Two Sides of Innovation, edition 127, pages 255-281, Springer.
    • Handle: RePEc:spr:eccchp:978-3-319-01496-8_13
    DOI: 10.1007/978-3-319-01496-8_13
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    Citations

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    Cited by:

    1. Hanappi, Hardy, 2019. "A Global Revolutionary Class will ride the Tiger of Alienation," MPRA Paper 96956, University Library of Munich, Germany.
    2. Hanappi, Hardy, 2013. "Future methods of political economy: from Hicks’ equation systems to evolutionary macroeconomic simulation," MPRA Paper 47181, University Library of Munich, Germany.
    3. Hanappi, Hardy, 2021. "Complex World Money," MPRA Paper 106285, University Library of Munich, Germany.
    4. Hanappi, Gerhard, 2019. "From Integrated Capitalism to Disintegrating Capitalism. Scenarios of a Third World War," MPRA Paper 91397, University Library of Munich, Germany.

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