NIEBYL, MONEY AND DEVELOPMENT

Daniela Tavasci, Jan Toporowski () and Radha Upadhyaya
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Jan Toporowski: Department of Economics, SOAS University of London, UK
Radha Upadhyaya: Department of Economics, SOAS University of London, UK

No 157, Working Papers from Department of Economics, SOAS University of London, UK

Abstract: 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.

Pages: 13 pages
Date: 2008-04
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