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Decomposing Money: Ontological options and spreads

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  • Dick Bryan
  • Michael Rafferty

Abstract

Debates about the nature and origin of the social foundations of money can have no closure. There is a range of credible, but sometimes inconsistent, positions. This paper conjectures that the framing of debates is itself precluding the recognition that these ‘foundations’ are themselves conjuncturally specific. At critical historical points of monetary crisis or innovation, it is the divergence between theories that gives analytical potence, for it reveals different aspects of social instability and change. Hence, the paper frames theories of the social foundations of money as presenting ‘ontological spreads’ which are generally quite narrow but widen at critical times when the social foundations of money show instability.

Suggested Citation

  • Dick Bryan & Michael Rafferty, 2016. "Decomposing Money: Ontological options and spreads," Journal of Cultural Economy, Taylor & Francis Journals, vol. 9(1), pages 27-42, February.
    • Handle: RePEc:taf:jculte:v:9:y:2016:i:1:p:27-42
    DOI: 10.1080/17530350.2014.993684
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    References listed on IDEAS

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    1. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, January.
    2. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
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    Cited by:

    1. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.

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