Chartalism

Joseph Huber
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Joseph Huber: Martin-Luther-University

Chapter 3 in Sovereign Money, 2017, pp 35-56 from Springer

Abstract: Abstract This chapter addresses the legal and institutional foundations of the monetary system. The topic of state theory versus market theory of money is revisited. Particular emphasis is placed on the historical controversy between the Currency School which stood for re-implementing state control over the stock of money, and the Banking School which was in favour of unregulated private bankmoney. Today, we have a state-backed private bankmoney regime that has captured the sovereign monetary prerogatives of money creation and seigniorage.

Keywords: Central Bank; Money Supply; Currency School; Demand Deposit; Legal Tender (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-42174-2_3

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DOI: 10.1007/978-3-319-42174-2_3

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