The Dual Nature of Money: Pecuniary Individualistic Perspectives Endanger Collectivistic Perspectives for Biophysical Sustainability

Kozo Mayumi () and Ansel Renner ()
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Ansel Renner: Autonomous University of Barcelona

Chapter Chapter 5 in Reconsidering the Privileged Powers of Banks, 2023, pp 97-122 from Springer

Abstract: Abstract This chapter examines money's dual nature, exploring its two-piece representation as individual wealth and societal, biophysical debt. It delves into the complexities of the concept, identifying money as a promise to pay, within the monetary community, in biophysical goods and services. Drawing from several case studies, it illustrates the obscuring of this reality in accounting practices and contemporary economic systems, a situation leading to widespread unsustainable practices. Using Japan's situation as exemplar, the chapter discusses the consequences of debt expansion and the corresponding increase in biophysical debt, proposing a new redemption scheme as one potential solution. The exploration emphasizes the vital role that recognizing money's dual nature plays in the pursuit of biophysical sustainability. It calls for democratic control over liquidity issuance and distribution, a rethinking of financial activities, and the consideration of excessive money issuance as a societal and environmental harm.

Keywords: Dual nature of money; Debt; National bonds; Bank of Japan; Compound redemption (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-6058-3_5

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DOI: 10.1007/978-981-99-6058-3_5

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