Money is a right: Alfred Lansburgh’s Token Theory of Money

Jan Greitens

The European Journal of the History of Economic Thought, 2022, vol. 29, issue 4, 619-647

Abstract: Alfred Lansburgh was a leading publicist on money in Germany during the Weimar Republic. He developed a Token Theory of Money, a nominalistic monetary theory with an endogenous quantity of money but warns of the danger of misuse. Only therefore, he combines his understanding of money as a right—as a legal claim on goods and services—with a metallistic conception of gold money. Lansburgh was misunderstood during his time, and he remains so until today. He was often described as an “orthodox gold money theorist,” but he was a passionate “token money theorist,” with many similarities e.g. to Joseph Schumpeter.

Date: 2022
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DOI: 10.1080/09672567.2022.2063356

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