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Libertarian economic thought and non-capitalist money

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  • Simon Papaud

    (LEFMI - Laboratoire d’Économie, Finance, Management et Innovation - UR UPJV 4286 - UPJV - Université de Picardie Jules Verne, TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this paper, I study the relation between the economic thought of Pierre-Joseph Proudhon and his claimed heir Silvio Gesell. I argue that their socialism can be described as a « Monetary Analysis Socialism »: both authors place the monetary institution at the very heart of their economic analysis and consider a profound transformation of the rules that govern that institution as a necessary preliminary to the advent of socialism. Their efforts to conceive non-capitalist monetary systems aren't, I argue, a fortuitous trait of libertarian thought : the will to think a coordination for individual action that does not involve central coordination makes the monetary system a central object for libertarian political thought, and the design of this institution a crucial political issue.

Suggested Citation

  • Simon Papaud, 2022. "Libertarian economic thought and non-capitalist money," Working Papers hal-04084725, HAL.
    • Handle: RePEc:hal:wpaper:hal-04084725
    Note: View the original document on HAL open archive server: https://u-picardie.hal.science/hal-04084725v1
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    File URL: https://u-picardie.hal.science/hal-04084725v1/document
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    References listed on IDEAS

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    1. Wilem H. Buiter, 2005. "Overcoming the Zero Bound on Nominal Interest Rates: Gesell's Currency Carry Tax vs. Eisler's arallel Virtual Currency," Hi-Stat Discussion Paper Series d05-96, Institute of Economic Research, Hitotsubashi University.
    2. Patalano, Rosario, 2017. "The Gesell Connection During The Great Depression," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(3), pages 349-379, September.
    3. David Glasner, 1992. "The Real-Bills Doctrine in the Light of the Law of Reflux," History of Political Economy, Duke University Press, vol. 24(4), pages 867-894, Winter.
    4. Nathalie Ferreira, 2006. "La monnaie « sociale » : l'apport théorique de P.J. Proudhon [1809-1865] et l'expérience du réseau global de troc en Argentine," Innovations, De Boeck Université, vol. 24(2), pages 41-58.
    5. J. M. Keynes, 1997. "The General Theory of Employment," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    6. Laura Sartori & Paolo Dini, 2016. "From complementary currency to institution: A micro-macro study of the Sardex mutual credit system," Stato e mercato, Società editrice il Mulino, issue 2, pages 273-304.
    7. Stefano Lucarelli & Lucio Gobbi, 2016. "Local clearing unions as stabilizers of local economic systems: a stock flow consistent perspective," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1397-1420.
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