Water, Money, and the Job Guarantee

Jakob Feinig ()
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Jakob Feinig: Binghamton University

A chapter in Care, Climate, and Debt, 2022, pp 203-212 from Springer

Abstract: Abstract This chapter discusses the conditions under which societies use money as a public good or allow money creation to become a for-profit business. It turns to eighteenth-century New York City, where policymakers issued public currency to pay for a high-tech steam pump and a system of wooden pipes. This currency was a public good, and money users understood it as such. During the war, British soldiers destroyed the steam pump. Decades later, the New York State Assembly chartered a corporation that was charged with improving access to water. But most lawmakers did not realize they had chartered a bank that saw water provisioning as a side business. Money was no longer a transparent public good that mobilized resources for water provisioning. Instead, water had become a pretext for corporate money creation. The chapter ends with observations about how to reclaim money as a public good through a Job Guarantee.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-96355-2_11

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DOI: 10.1007/978-3-030-96355-2_11

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