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Money without Scarcity: From the Horizontalist Revolution to the Theory of the Monetary Circuit

In: Credit, Interest Rates and the Open Economy

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  • Alain Parguez

Abstract

The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.

Suggested Citation

  • Alain Parguez, 2000. "Money without Scarcity: From the Horizontalist Revolution to the Theory of the Monetary Circuit," Chapters, in: Louis-Philippe Rochon & Matías Vernengo (ed.), Credit, Interest Rates and the Open Economy, chapter 3, pages 69-103, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:1783_3
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    Economics and Finance;

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