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Institutionalist
Theories of Money
An Anthology
of the French School
Edited by
Pierre Alary · Jérôme Blanc ·
Ludovic Desmedt · Bruno Théret
Institutionalist Theories of Money
Pierre Alary · Jérôme Blanc ·
Ludovic Desmedt · Bruno Théret
Editors
Institutionalist
Theories of Money
An Anthology of the French School
Editors
Pierre Alary Jérôme Blanc
CLERSE Triangle
Université de Lille Sciences Po Lyon
Villeneuve d’Ascq, France Lyon, France
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.
This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
v
vi FOREWORD
money: the relationship with oneself, with others and with society as a
whole. Their work has transformed the analysis of money as a total social
fact and their essays show the progress of this research over almost 40
years.
My foreword compares this work with Anglo-American institutionalist
monetarism. Modern monetary theory argues that only the government
or central bank can issue high-powered money without a corresponding
liability; many MMT theorists draw policy conclusions from this. They
advocate that this public money can be used to finance ‘jobs for all’ by
acting as employer of last resort ready to switch to the private sector
when jobs become available. It can also limit inflation when resources
are utilised at full employment and can control demand-pull inflation by
taxation and bond issuance, which remove excess money from circulation;
and need not compete with the private sector for scarce savings because
it can issue bonds (Mitchell et al. 2016). MMT theorists argue that the
state is the unique source of high-powered money and can compensate
for crises generated by market and social forces that have other ways to
create money.
Ingham (2004) argues that banks perform two activities essential in
the capitalist system: they operate the payments system and create the
credit money by which it is financed. The distinctive feature of the capi-
talist order has been the gradual integration of privately organised banking
networks, for clearing and settling payments between producers and
traders, with states’ issue of public currencies. Where states could define a
credible metallic standard and collect taxes, denominated in their mone-
tary measure of value, they could provide a stable public currency. In some
European states, especially England, from the late seventeenth century,
private mercantile money and states eventually came to depend on each
other for long-term survival. Banks make their money by selling debt and
this creates a constant tendency for its volume to increase to the point
when destabilising defaults occur. States bail them out. Collective infras-
tructural social power and systemic fragility increase together—a contra-
diction that is irreconcilable within existing capitalism. In contrast to
French monetary theory, Ingham’s approach is focused only on capitalist
credit money. It does not address the universality of money.
There are some sharp similarities between French theory and Nigel
Dodd’s interdisciplinary work (2014). Relational approaches to money
stress its continual reproduction through the very transactions it medi-
ates. Dodd asks about the source of money’s value, its relationship with
FOREWORD vii
time and space, its role in society and connections with community, its rela-
tionship with power and the state, its ancient links with ritual and religion,
as well as its deep associations with the unconscious and with culture, self
and identity. He focuses upon money’s features as a social form and argues
that it is debt that makes money social. He also asks whether there is an
ideal monetary form, and if so, what are its social and political features?
Can money be a means for achieving social change, e.g. for addressing
social inequality or extending social and economic inclusion. Is money
inevitably a vehicle of power—and if so, how should its power be used or
restrained? Like the French theorists in this book, Dodd seeks to answer
these questions by referring to historical, social science and humanities
work as well as its economic features.
Bob Jessop
Department of Sociology
Lancaster University
Lancaster, UK
References
Dodd, Nigel (2014) The Social Life of Money. Princeton: Princeton University
Press.
Ingham, Geoffrey (2004) The Nature of Money. Cambridge: Polity.
Mitchell, William, Wray, L. Randall and Watts, Martin (2016) Modern Monetary
Theory and Practice: An Introductory Text. Scotts Valley, CA: Create Space.
Acknowledgments
The editors would like to express their thanks to the following institutions
for their financial support for this publication:
Agence universitaire de la francophonie (AUF)
Centre lillois d’études et de recherches sociologiques et économiques
(Clersé, CNRS, Université de Lille)
Institut de recherches interdisciplinaires en sciences sociales (IRISSO,
CNRS, Université Paris Dauphine—Paris Sciences Lettres)
Laboratoire d’économie de Dijon (LEDi, Université de Bourgogne)
Laboratoire Triangle, (CNRS, Université Lumière Lyon 2, Ecole
Normale Supérieure de Lyon and Sciences Po Lyon)
Sciences Po Lyon
ix
Contents
xi
xii CONTENTS
A few comments are called for on the translation of certain terms used
in French institutional economics which it would be useful to clarify and
stabilise here.
Confidence/ Trust—Confiance
Trust is used as a generic term, to be contrasted with distrust or
mistrust, and encompassing what we shall refer to as the three types
of confidence—confiance éthique (ethical confidence), confiance hiérar-
chique (hierarchical confidence) and confiance méthodique (methodical
confidence)—conceptualised to designate a specific social phenomenon.
Fragmentation/Fractionation—Fragmentation/Fractionnement
Often used without any strict distinction in early works, fragmentation
is used here in contrast to centralisation and refers to the break up of a
single monetary space into several separate ones; a monetary space that
holds together despite having different units of account, diverse systems
and instruments of payment and modes of creation of money is said to be
fractionated.
xiii
xiv GLOSSARY
Monetisation—Monnayage
This is the authorised issuing of money as opposed to counterfeiting
(faux-monnayage). It is rendered here by the term monetisation in the
sense of to establish as legal tender. Where monetisation occurs in the
sense of conversion of claims or debt into money this is clear from the
context. Mintage is used for the production of metallic money (gold or
silver coins).
xv
xvi EDITORS AND CONTRIBUTORS
Contributors
xxi
List of Tables
xxiii
CHAPTER 1
P. Alary (B)
CLERSE, Université de Lille, Villeneuve d’Ascq, France
e-mail: pierre.alary@univ-lille.fr
J. Blanc
Triangle, Sciences Po Lyon, Lyon, France
e-mail: jerome.blanc@sciencespo-lyon.fr
L. Desmedt
LEDi, University of Burgundy, Dijon, France
e-mail: Ludovic.Desmedt@u-bourgogne.fr
Language: English
BY
WARREN H. MILLER
AUTHOR OF
“THE BLACK PANTHER OF THE NAVAHO,”
“THE RING-NECKED GRIZZLY,” ETC.