Franchise Finance: Why We Retain It—And Why We Need Not

Robert C. Hockett ()
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Robert C. Hockett: Cornell University

Chapter Chapter 5 in The Citizens' Ledger, 2022, pp 73-93 from Springer

Abstract: Abstract This chapter builds on the brief historical narrative of Chapter 4 by explaining precisely why new digital technologies render hybrid public–private finance no longer necessary, while also explaining why we continue hybridity now as a case of inertia rooted in widespread ignorance of both money and new monetary technologies. It explains why and how it is possible now to return to the first forms of money—what it calls “ledger finance”—in a new form that’s consonant with our democratic commercial republican values. It then briefly sketches, in broad outline, what this new system—what it calls “Citizen Ledger Finance”—will look like. This it does by characterizing all assets and liabilities that emerge from commercial relations—in effect, from all payment activity—as constituting one grand consolidated balance sheet—“the Citizens’ Ledger”—that can be systematically understood through double-entry book-keeping. This sets the stage for the next chapter’s systematic blueprinting of the new system of digital money and finance that the book advocates.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-99566-9_5

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DOI: 10.1007/978-3-030-99566-9_5

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