Money, Credit, Capital and the State

Hardy Hanappi ()
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Hardy Hanappi: Vienna University of Technology

A chapter in The Two Sides of Innovation, 2013, pp 255-281 from Springer

Abstract: Abstract This paper combines several important arguments, which have puzzled economic theory for decades, to arrive at a more adequate description of the current global crisis. The main theoretical innovation is to view the long-run economic evolution as a stepwise evolution of money forms. Moreover, as indicated in the title, this development of money forms is closely linked to the development of social institutions, in particular, state institutions. Capital, the most recent form of money, today has to be understood as an omnipresent algorithm, as a growth imperative implicit in social institutions and internalized models. The task of evolutionary political economy thus will be to provide an adequate theoretical counterpart to mirror these processes. This paper explores how far a careful reconsideration of received economic theory can contribute to this task.

Keywords: Political Economy; Financial Institution; Institutional Setting; Institutional Evolution; Public Debt (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-319-01496-8_13

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DOI: 10.1007/978-3-319-01496-8_13

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