Keynes After 75 Years: Rethinking Money As A Public Monopoly

Date Added: Mar 2011
Format: PDF

In this paper, the author first provides an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. The author then focuses in more detail on two main categories: the orthodox approach that views money as an efficiency-enhancing innovation of markets, and the Chartalist approach that defines money as a creature of the state. As the state's "Creature," money should be seen as a public monopoly.