Money, Credit, Capital and the State: On the evolution of money and institutions

Hardy Hanappi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper combines several important arguments, which have puzzled economic theory for decades, to arrive at a more adequate description of the current global crisis. The main theoretical innovation is to view the long-run economic evolution as a stepwise evolution of money forms. Moreover, as already indicated in the title, this development of money forms is closely linked to the development of social institutions, in particular of state institutions. Capital, the most recent form of money, today has to be understood as an omnipresent algorithm, as a growth imperative implicit in social institutions and internalized models. The task of evolutionary political economy thus will be to provide an adequate theoretical counterpart to mirror these processes. This paper explores how far a careful reconsideration of received economic theory can contribute to this task.

Keywords: Money; Credit; Capital; State (search for similar items in EconPapers)
JEL-codes: B50 E02 P16 (search for similar items in EconPapers)
Date: 2013-02-11
New Economics Papers: this item is included in nep-his and nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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