The Ethics of Money Production

Guido Hulsmann (), Lucas Scrive and Alejo José Sison
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Guido Hulsmann: GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage

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Abstract: Government interventions have always played a central role in the production of money. Invariably, they have been justified by invoking the common good. More than in other applications of virtue ethics, it is therefore necessary to examine the causal nexus between concrete individual actions (monetary interventions) and the common good. The groundwork for this analysis has been laid by Nicolas Oresme in the fourteenth century. In the light of his approach, the main monetary institutions of our present day – fractional-reserve banking and fiat money – appear to be questionable practices that undermine the political, economic, and moral foundations of society.

Keywords: commodity money; Debasement; fiat money; fractional-reserve banking; money; Money substitutes (search for similar items in EconPapers)
Date: 2017
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Published in Handbook of Virtue Ethics, Springer, pp.1-12, 2017, 978-94-007-6729-4. ⟨10.1007/978-94-007-6729-4_19-1⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01449605

DOI: 10.1007/978-94-007-6729-4_19-1

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