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Ferdinando Galiani (1728–1787): Money as a Public Ledger

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  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter examines Galiani’s dual concept of money as both unit of account and medium of exchange. He distinguishes between ideal and real money and explores their interaction, including problems, such as Gresham’s law. Galiani develops a nominalist theory, emphasizing money as a social institution while acknowledging the practical necessity of precious metals. His thought experiment on token-based accounting in a public ledger anticipates modern monetary and circuit theories, presenting money as a claim on social production. This chapter highlights his innovative approach to value, circulation, and economic coordination, positioning Galiani as a bridge between metallism and nominalism within Enlightenment monetary thought.

Suggested Citation

  • Jan Greitens, 2026. "Ferdinando Galiani (1728–1787): Money as a Public Ledger," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_11
    DOI: 10.1007/978-3-032-24113-9_11
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