Two models of the relationship between money and sovereignty: an interpretation based on John R. Commons’s institutionalism

Véronique Dutraive () and Bruno Théret
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Véronique Dutraive: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique

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Abstract: We present a theoretical analysis of monetary sovereignty based on John R. Commons's main works. Commons wrote extensively on money and sovereignty, but he did not provide an explicit analysis of their relationship. Through the reconstruction and interpretation of his work, we propose two models of the relationship between money and sovereignty. In the first model, monetary sovereignty is owned by private banks and is potentially in competition with political sovereignty. In the second model, money can be viewed as an agent of political sovereignty, which shares some similarities with the law as an institution of sovereignty in the modern state.

Keywords: Commons’s economics; John R. Commons; monetary sovereignty; political sovereignty (search for similar items in EconPapers)
Date: 2017
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Published in Journal of Economic Issues, 2017, 51 (1), pp.27-44. ⟨10.1080/00213624.2017.1287482⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01546958

DOI: 10.1080/00213624.2017.1287482

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