On the nature and origins of money

Alla Semenova

Chapter 1 in The Elgar Companion to Modern Money Theory, 2024, pp 14-21 from Edward Elgar Publishing

Abstract: This chapter provides an overview of the Chartalist perspective on money upon which Modern Monetary Theory is based. The chapter outlines the role of the state and taxation within a monetary system, emphasizing the primacy of the unit of account function of money and situating money within an underlying system of debt relations and power asymmetries. Comparisons between the Chartalist and the Metallist approaches are made, stressing the main differences between the two contending views on money. Historical evidence of ancient Greece is examined, demonstrating the causal role of the state in the non-commercial origins of money. The chapter concludes by drawing implications of the Chartalist view for the conduct of fiscal policy.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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