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Agreement is money: beyond the chartalist reading of Adam Smith

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  • Michele Bee
  • Luiz Felipe Bruzzi Curi

Abstract

Smith is the precursor of neither the orthodox nor the heterodox view of money. For him, money arose neither as medium of exchange out of barter, as in the orthodox view, nor as unit of account established by the state, as in the heterodox view. Instead, money emerges in that agreement on the valuation of mutual services in which exchange based on the desire for deserved credit consists. Money emerges in exchange, but, unlike the orthodox view, it emerges as measure of value. Unlike the heterodox perspective, paper money is a possible consequence of a historical process, not its beginning.

Suggested Citation

  • Michele Bee & Luiz Felipe Bruzzi Curi, 2024. "Agreement is money: beyond the chartalist reading of Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 31(6), pages 886-913, November.
    • Handle: RePEc:taf:eujhet:v:31:y:2024:i:6:p:886-913
    DOI: 10.1080/09672567.2024.2433969
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