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Convertir la monnaie. A propos des modes d'articulation des monnaies

Author

Listed:
  • Jérôme Blanc

    (LEFI - Laboratoire d'Economie de la Firme et des Institutions - UL2 - Université Lumière - Lyon 2)

Abstract

This paper investigates two founding categories of the economic approach to money: competition (between money) and fungibility (of money). The present argumentation states that the way distinct money are articulated does not necessarily stem from competition. A major explanation is the imperfect fungibility of money. The first section discusses the criteria that enable this articulation. It puts money holdings centre stage, in quantitative and, above all, in qualitative terms: they take on a specific monetary form, they are inserted in a symbolic universe and they convey socio-economic earmarking guiding their use. In a second section, the conditions of their comparability and especially their convertibility are analyzed, discussing the mathematical properties of binary relation, symmetry and transitivity. Drawing on this framework, we presents three elementary types for the articulation of money: an equivalence-mode linked to competition through monetary substitution, a hierarchical mode linked to complementarity through subordination between distinct money, and an autonomous mode articulating them by keeping them strictly separated. Altogether, they help put the role of competition into perspective thereby accounting both for the social uses of money as well as for the sustainability, if not the development, of their diversity.

Suggested Citation

  • Jérôme Blanc, 2006. "Convertir la monnaie. A propos des modes d'articulation des monnaies," Post-Print halshs-00337103, HAL.
    • Handle: RePEc:hal:journl:halshs-00337103
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00337103v2
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    File URL: https://shs.hal.science/halshs-00337103v2/document
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