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Franchise Finance: Why and How We Got Here

In: The Citizens' Ledger

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  • Robert C. Hockett

    (Cornell University)

Abstract

This chapter narrates, historically, how mixed public–private franchise finance emerged, developed, and spread. It explains how and why credit-based currency systems came to supplant precious metal coinage, and why spatial and temporal uniformity imperatives made it all but inevitable that sovereign republics—citizenry’s in their collective public capacities—would be the ultimate issuers and custodians of this form of money. The chapter’s reasons for briefly narrating this history are not antiquarian. For grasping the trajectory of this history—“from ledgers to tokens and back”—the chapter shows, makes plain how important the new digital money technologies with which this book is concerned are in enabling us to end hybridity, separating public and private finance in a manner that retains credit-money’s advantages while purging its dangers.

Suggested Citation

  • Robert C. Hockett, 2022. "Franchise Finance: Why and How We Got Here," Springer Books, in: The Citizens' Ledger, chapter 0, pages 49-72, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-99566-9_4
    DOI: 10.1007/978-3-030-99566-9_4
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