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The three faces of the coin : a socio-economic approach to the institution of money

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  • Burns, Tom
  • DeVille, Philippe
  • Gauci, Bernard
  • Baumgartner, Tom

Abstract

ABSTRACT This paper develops a broad, multi-faceted approach to the socio-economics of money. The aim is to elaborate models with which to describe and analyze money and money systems in modern societies. No single theory is conceivable but a complex of interlinked theories can help us understand and explain many aspects of money: (1) money as a means to represent and communicate value; (2) money as technology (money, like other technologies such as keys, carpenter tools, automobiles, factories, and nuclear power stations, embodies in its design particular rules and collective representation(s) and is associated with a variety of techniques for using it); (3) monetary orders as socio-technical systems that are in part designed, administered and regulated (there are institutional arrangements or rule regimes -- in particular the monetary order and policy, property rights, and markets -- relating to access, control, use, and management of money and money processes); (4) multiple perspectives, meanings, and uses of money within diverse institutional domains and social settings, for instance, the universalizing qualities of money as well as its particularization in concrete social and moral settings; (5) contradictory uses and purposes of money in modern societies: among others, as a medium of exchange, as a standard or measure of value; as a basis for expanding productive capacity ("capital") or initiating projects and programs; as a source of social power. Section I examines the meaning and normative regulation of money and money uses. Section II introduces and develops the idea of money- or exchange-value as distinct from substantive-, use-, or particularistic-values, and the transformation of one type of value into another through particular institutional arrangements and processes, e.g. markets. Section III analyzes the social construction of money through complex institutional processes and the establishment and maintenance of binding definitions of the social fact or reality of money. In Section IV we consider the regulation and stabilization of money systems -- as complex, changing systems that may fail or collapse, causing widespread economic, social, and political crises. Section V provides a summary of a number of key points and

Suggested Citation

  • Burns, Tom & DeVille, Philippe & Gauci, Bernard & Baumgartner, Tom, 2003. "The three faces of the coin : a socio-economic approach to the institution of money," MPRA Paper 39854, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:39854
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    References listed on IDEAS

    as
    1. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    2. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2.
    3. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-367, May.
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    Cited by:

    1. Tom R. Burns & Ewa Roszkowska & Nora Machado Des Johansson & Ugo Corte, 2018. "Paradigm Shift in Game Theory: Sociological Re-Conceptualization of Human Agency, Social Structure, and Agents’ Cognitive-Normative Frameworks and Action Determination Modalities," Social Sciences, MDPI, vol. 7(3), pages 1-40, March.

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    More about this item

    Keywords

    Money; socio-economic systems;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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