Democratizing Finance or Democratizing Money?*

Mary Mellor

Politics & Society, 2019, vol. 47, issue 4, 635-650

Abstract: This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics†that treats the state as a dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource.

Keywords: money creation; public spending; bank debt; participatory budgeting; monetary myths (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/0032329219878992 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:polsoc:v:47:y:2019:i:4:p:635-650

DOI: 10.1177/0032329219878992

Access Statistics for this article

More articles in Politics & Society
Bibliographic data for series maintained by SAGE Publications ().