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Money, Credit, Capital and the State: On the evolution of money and institutions

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  • Hanappi, Hardy

Abstract

This paper combines several important arguments, which have puzzled economic theory for decades, to arrive at a more adequate description of the current global crisis. The main theoretical innovation is to view the long-run economic evolution as a stepwise evolution of money forms. Moreover, as already indicated in the title, this development of money forms is closely linked to the development of social institutions, in particular of state institutions. Capital, the most recent form of money, today has to be understood as an omnipresent algorithm, as a growth imperative implicit in social institutions and internalized models. The task of evolutionary political economy thus will be to provide an adequate theoretical counterpart to mirror these processes. This paper explores how far a careful reconsideration of received economic theory can contribute to this task.

Suggested Citation

  • Hanappi, Hardy, 2013. "Money, Credit, Capital and the State: On the evolution of money and institutions," MPRA Paper 47166, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47166
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    Cited by:

    1. Hanappi, Hardy, 2019. "A Global Revolutionary Class will ride the Tiger of Alienation," MPRA Paper 96956, University Library of Munich, Germany.
    2. Hanappi, Hardy, 2013. "Future methods of political economy: from Hicks’ equation systems to evolutionary macroeconomic simulation," MPRA Paper 47181, University Library of Munich, Germany.
    3. Hanappi, Hardy, 2016. "Capital after Capitalism The evolution of the concept of capital in the light of long-run sustainable reproduction of the species," MPRA Paper 77161, University Library of Munich, Germany.
    4. Hanappi, Hardy, 2021. "Complex World Money," MPRA Paper 106285, University Library of Munich, Germany.

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    More about this item

    Keywords

    Money; Credit; Capital; State;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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