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The Battle for the Control of Money “The Nature of Money in Modern Economy – Implications and Consequences” by Stephen Zarlenga and Robert Poteat --

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  • Asad Zaman

    (Vice Chancellor, Pakistan Institute of Development Economics, Islamabad)

Abstract

The “Lost Science of Money” by Stephen Zarlenga (2002) is an eye-opener regarding the nature of money. The present paper by Zarlenga and Poteat (2016) provides a brief summary of some of the key issues related to money. These issues are of burning importance today in the Islamic world as we struggle to break free of western institutional structures which are deeply tied to interest. In the past, I have written several papers trying to present to a Muslim audience the deep insights of Stephen Zarlenga (Lost Science of Money), Ellen Brown (Web of Debt and The Public Bank Solution), and David Graeber (Debt: The First 5000 Years). This is a very complex and lengthy discussion, just like the book of Zarlenga (2002). I will take advantage of the opportunity presented by this paper of Zarlenga and Poteat to move the discussion forward. Instead of debate, arguments, and commentary, I will try to provide a sharp and to-the-point summary of practical implications for what needs to be done in Islamic societies. Nonetheless, there is a lot of ground which needs to be covered before we can present the key steps needed for positive change. --

Suggested Citation

  • Asad Zaman, 2016. "The Battle for the Control of Money “The Nature of Money in Modern Economy – Implications and Consequences” by Stephen Zarlenga and Robert Poteat --," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 81-94, July.
    • Handle: RePEc:abd:kauiea:v:29:y:2016:i:2:no:6:p:81-94
    DOI: 10.4197/Islec.29-2.6
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    References listed on IDEAS

    as
    1. Sayer, Andrew & Wilkinson, Richard, 2015. "Why We Can't Afford the Rich," University of Chicago Press Economics Books, University of Chicago Press, number 9781447320791, Febrero.
    2. repec:ucp:bkecon:9780226081946 is not listed on IDEAS
    3. Werner, Richard A., 2012. "Towards a new research programme on ‘banking and the economy’ — Implications of the Quantity Theory of Credit for the prevention and resolution of banking and debt crises," International Review of Financial Analysis, Elsevier, vol. 25(C), pages 1-17.
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