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The Dissolution of the Financial State

In: Corporate and Social Transformation of Money and Banking

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  • Simon Mouatt

Abstract

Which individuals or entities, control the issue, value and operation of modern money? In the popular conception these matters are the responsibility of the monetary authorities — the state. Yet, in recent times, we have experienced a reduction in the scope and size of the state generally. Does this extend to a diminishing state role in the national monetary system? Whilst some, such as Killick, have outlined the existence of restricted fiscal and monetary policy autonomy, as a consequence of international capital flows, privatization and foreign corporate investment, far less discussion has taken place regarding the existence and impact of the increasing private control of money-creation and money-value (Killick 1995). This is despite monetary debates, since the classical period, on topics as diverse as convertibility, neutrality or endogeneity. Also, what about the creation and operation of international monies? The dollar remains the key currency for payments and reserves yet, successful currency competition (greater usage and value) can lead to significant benefits for a nation and/or its financial institutions (Cohen 1998). Has the relative decline of the financial state led to an increased private ability to manipulate currency and, by implication, alter the international balance of power? Given that the control of money resources is a key source of social power, the question would appear to be an important one.

Suggested Citation

  • Simon Mouatt, 2011. "The Dissolution of the Financial State," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Simon Mouatt & Carl Adams (ed.), Corporate and Social Transformation of Money and Banking, chapter 5, pages 87-102, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-29897-2_5
    DOI: 10.1057/9780230298972_5
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