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Rethinking money and the state: a semiotic turn

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  • David Gleicher

Abstract

A novel conception of money and the State is offered, in the context of post-golden-age financial and political systems (roughly from 1980 to the present), and with regard to the sovereign-currency States, focusing particularly on the USA. The basic elements of the paper are: (1) a novel semiotic understanding of money as language rather than as a unit of measure, money understood to communicate goods-ownership to the public, and debt ownership to the corporation; (2) a discussion of financial unsustainability under the present system in which the banking oligopolies possess a newfound freedom to create money capital both more independently and on a significantly larger scale than under the previous Glass--Steagall regime; (3) a critique of the neo-liberal simulation (in the sense of Baudrillard) of government debt and dissimulation of the sovereign-currency State, able to create money at will; (4) a delineation of two fundamental policy objectives: to genuinely meet the State's obligation to assure the life and pursuit of happiness that all citizens are entitled to, and secondly, to decompress ever-expanding and ever-dangerous capital; (5) specific, highly original policy actions are put forward, aimed at meeting these policy objectives, notably lifting budgetary constraints on federal government spending and transforming the central bank into a repository of guaranteed household deposits.

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  • David Gleicher, 2013. "Rethinking money and the state: a semiotic turn," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 3(4), pages 344-359, October.
    • Handle: RePEc:taf:jsustf:v:3:y:2013:i:4:p:344-359
    DOI: 10.1080/20430795.2013.854109
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    References listed on IDEAS

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    1. Michael V. White, 2002. "Doctoring Adam Smith: The Fable of the Diamonds and Water Paradox," History of Political Economy, Duke University Press, vol. 34(4), pages 659-683, Winter.
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    Cited by:

    1. Maria Carolina Rezende de Carvalho Ferreira & Vinicius Amorim Sobreiro & Herbert Kimura & Flavio Luiz de Moraes Barboza, 2016. "A systematic review of literature about finance and sustainability," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 112-147, April.

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