J.K. Galbraith and the Nature of Modern Money

Paul Davidson and Stephen Dunn

Review of Political Economy, 2008, vol. 20, issue 4, 501-526

Abstract: This paper considers John Kenneth Galbraith's views on the nature of money and a monetary economy. Although recognised as a lifelong and prominent Keynesian, to many, Galbraith's principal theoretical contributions appear less concerned with the detail of financial sectors or the nature of money per se than other leading Post Keynesians. However, careful study suggests that Galbraith, like many Post Keynesians, recognised the salience of the financial sector and the distinctive nature of money. Galbraith presented an analysis of money and monetary accumulation that recognised the importance of history, uncertainty, distributional issues and the relevance of political and economic institutions in determining the level of activity in an economy. His contributions warrant further study and reflection.

Date: 2008
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DOI: 10.1080/09538250802308885

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