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The three faces of the coin: a socio-economic approach to the institution of money

Author

Listed:
  • Burns, Tom R.

    (Department of Sociology, University of Uppsala)

  • Deville, Philippe

    (Institut de Recherche Économique et Sociale (IRES) École des Sciences Économiques de Louvain Université Catholique de Louvain)

Abstract

This article develops a multi-faceted approach to the institution of money. A complex of interlinked, socio-economic theories are used to understand and explain several key aspects of money and money systems in modern societies: (1) money as a means to represent and communicate value; (2) money as technology (money, like other technologies, embodies in its design particular rules and collective representation(s) and is associated with a variety of techniques for using it); (3) monetary orders as socio-technical systems that are designed, administered and regulated; (4) the multiple views, meanings, and uses of money within diverse institutional domains and social settings; (5) contradictory uses and purposes of money in modern societies: among others, as a medium of exchange, as a standard or measure of value; as a basis for expanding productive capacity ("capital") or initiating projects; as a source of social power.

Suggested Citation

  • Burns, Tom R. & Deville, Philippe, 2003. "The three faces of the coin: a socio-economic approach to the institution of money," European Journal of Economic and Social Systems, Lavoisier, vol. 16(2), pages 149-195.
    • Handle: RePEc:ris:ejessy:0139
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    References listed on IDEAS

    as
    1. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-367, May.
    2. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    3. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, October.
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    Cited by:

    1. Tom R. Burns & Ewa Roszkowska & Nora Machado Des Johansson & Ugo Corte, 2018. "Paradigm Shift in Game Theory: Sociological Re-Conceptualization of Human Agency, Social Structure, and Agents’ Cognitive-Normative Frameworks and Action Determination Modalities," Social Sciences, MDPI, vol. 7(3), pages 1-40, March.

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    More about this item

    Keywords

    Money; Institution; Symbol; Value; Socio-technical System; Self-fulfilling Prophecy;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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