Monnaie, état et production : une lecture critique de l'approche néo-chartaliste

Dollarisation, EMU or the question of central banks' independence raise questions centeredon the privilege of minting money. In this perspective, it seems important to studyNeochartalism, in so far as it extends the analysis initiated by Knapp, and investigatesspecifically the links between money and the State. This text is a critical analysis, based onboth historical and theoretical arguments. Neochartalism first assumes that there is a linkbetween fiscal policy and the collective acceptability of money. However, as argued byAglietta and Orlean, focusing exclusively on the power of the State to impose taxes does notseems sufficient to appraise all of this phenomenon's characteristics. When Neochartalistsfocus on the way money is integrated into the economy, they again establish a link betweenfiscal policy and monetary emission. Nevertheless, the analysis of our modern systems ofpayments shows that it is difficult to consider that the State can initiate the process of moneycreation. Within our current banking and monetary economies, money seems to be created by the banks rather than by the State.