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Between Rules and Power: Money as an Institution Sanctioned by Political Authority

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  • Georgios Papadopoulos

Abstract

The aim of this paper is to combine the state theory of money with institutionalism. These theoretical traditions have a lot in common and this paper is a further attempt to clarify the connections and benefits of their relations. Recent developments in social ontology as well as the expansion of the theoretical analysis of institutions have provided new tools and new sets of arguments in support of such an endeavor. A conception of money that combines institutionalism with chartalism does not need to suffer from the shortcomings and the inconsistencies of the descriptions of money within commodity theory, while it subsequently enjoys sounder ontological foundations. This framework of study can also address questions in which the neoclassical analysis of money has proved unable or misleading; it can provide a dynamic account for the evolution of money and a clear understanding of the relation between money and technology.

Suggested Citation

  • Georgios Papadopoulos, 2009. "Between Rules and Power: Money as an Institution Sanctioned by Political Authority," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 951-969.
    • Handle: RePEc:mes:jeciss:v:43:y:2009:i:4:p:951-969
    DOI: 10.2753/JEI0021-3624430407
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    Cited by:

    1. Georgina M. Gómez & Paolo Dini, 2016. "Making sense of a crank case: monetary diversity in Argentina (1999–2003)," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1421-1437.
    2. Georgios Papadopoulos, 2014. "Review of Ole Bjerg, Making Money: The Philosophy of Crisis Capitalism, London: Verso, 2014, 256 pp., pb, £19.99, ISBN 9781781682654," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 7(2), May.
    3. Soldatos Gerasimos T., 2018. "Property Rights on Credit and State Control of Money: The Irrelevance of the Origin of Money," The Economists' Voice, De Gruyter, vol. 15(1), pages 1-5, December.
    4. Faruk Ülgen, 2014. "How to guide the economy towards socially desirable directions ? Some institutional lessons from the 2007 financial turmoil," Post-Print halshs-00957598, HAL.
    5. Robert Mullings, 2017. "Do institutions moderate globalization’s effect on growth?," NBS Discussion Papers in Economics 2017/02, Economics, Nottingham Business School, Nottingham Trent University.
    6. Georgios Papadopoulos, 2013. "Money and value: a synthesis of the state theory of money and original institutional economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 6(2), May.

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