Sustainability and the Road to Sovereign Money

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

Chapter Chapter 8 in Reconsidering the Privileged Powers of Banks, 2023, pp 171-195 from Springer

Abstract: Abstract This chapter scrutinizes the dual-circuit nature of money circulation in reserve banking systems, advocating for a single-circuit sovereign money system. It posits nine crucial components for a sovereign money system, including centralizing issuance and regulation of money, reducing interest rates to zero, and accepting only sovereign money as legal tender. Transitioning from a fractional reserve banking system to a sovereign money system is a complicated task, demanding simultaneous changes to regulations, economic balances, and institutional powers. Operational challenges include coordinating money distribution with production and consumption scales and maintaining price stability. To facilitate this, a new institution for data analysis and management is proposed. Despite potential difficulties, the chapter argues that sovereign money systems are indeed necessary for economic stability and democratic form, underlining the urgency with which money must be understood as debt and the generation of virtual wealth rebalanced.

Keywords: Sovereign money; Constitutional law; Biophysical sustainability; Dual nature of money; Monetary reform (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_8

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DOI: 10.1007/978-981-99-6058-3_8

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