Money, Fictitious Capital, and Cryptocurrencies: Their Impact on the World Economy

Ernesto Molina Molina

A chapter in Value, Money, Profit, and Capital Today, 2023, vol. 39, pp 231-245 from Emerald Group Publishing Limited

Abstract: Without theoretically specifying the future of money as an equivalent commodity of other commodities, it is impossible to reveal the recent role of the emergence of cryptocurrencies, as a reflection of speculative competition increasingly sophisticated in its technological aspect and in response to the abusive use of the spurious competition of the big banks promoting the huge financial bubbles that have haunted the world economy, such as the one unleashed from Wall Street in 2008. The explosive growth of transactions in cryptocurrencies may mean, at some point, in the capitalist economic cycle, the possibility of a new financial bubble, as well as the emergence of new swindles to investors; but valid answers can also come from those actors who until now have had to endure the almost exclusive dominance of the international monetary system by the currency issued by the US government, the main exporter of inflation on a global scale.

Keywords: Fictitious capital; money; cryptocurrencies; financial bubbles; world economy; international monetary system (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rpeczz:s0161-723020230000039014

DOI: 10.1108/S0161-723020230000039014

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