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Georg Friedrich Knapp (1842–1926): Money as a Legal Entity

Author

Listed:
  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter presents Knapp’s State Theory of Money, defining money as a legal institution rather than a commodity. He develops a detailed taxonomy distinguishing between metallic and chartal money, emphasizing the role of legal order in defining means of payment. Knapp argues that money’s value derives from its acceptance in settling debts, not from intrinsic properties. This chapter highlights his nominalist framework and rejection of metallism, positioning money as a product of legal and institutional structures. Knapp’s theory marks a major shift toward modern conceptions of fiat money and monetary sovereignty.

Suggested Citation

  • Jan Greitens, 2026. "Georg Friedrich Knapp (1842–1926): Money as a Legal Entity," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_21
    DOI: 10.1007/978-3-032-24113-9_21
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