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Niebyl, Money And Development


  • Daniela Tavasci

    () (School of Economics and Finance, Queen May, University of London, UK)

  • Jan Toporowski

    () (Department of Economics, SOAS, University of London, UK)

  • Radha Upadhyaya

    (Department of Economics, SOAS, University of London, UK)


This paper examines Karl Niebyl’s critique of monetary theory against the typology of equilibrium, reflective and critical theories of money. It argues that despite fundamental criticisms of monetary theory, his analysis of money in capitalist development is essentially a reflective one. The paper goes on to show how the development of the capitalist firm in the twentieth century may give a more critical, disequilibrium, role to money and finance. The introduction presents a categorisation of theories of money. The second section shows the reflective nature of Niebyl’s theory of money comparing it to more recent disequilibrium or critical theories. As Niebyl’s work focuses to the changing function of money with the emergence of industrial capitalism, the next section deals with possible lessons for understanding money in a context of capitalist development. The fourth section reflects on Niebyl’s considerations on methodology.

Suggested Citation

  • Daniela Tavasci & Jan Toporowski & Radha Upadhyaya, 2008. "Niebyl, Money And Development," Working Papers 157, Department of Economics, SOAS, University of London, UK.
  • Handle: RePEc:soa:wpaper:157

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