Institutionalist Theories of Money: An Anthology of the French School

Description

This book gathers several important texts and offers a general overview of the institutionalist approach to money developed in France since the 1980s.These texts highlight the specificities of the French monetary approaches and display their main contributions to the understanding of monetary phenomena - not just in our developed market economies, but also in other societies. By bringing these works to an English-speaking audience for the first time, this book provides a much needed and valuable direct insight to these rich texts, and contributes to related approaches such as post-Keynesian economics and neo-chartalist approaches to money. This book highlights the need for a global vision of money and a clearer link between money and political spheres. It will appeal to students and researchers across various disciplines including but not limited to economics, anthropology, sociology, history and philosophy. Foreword Acknowledgments Contents Glossary Editors and Contributors List of Figures List of Tables 1 Introduction to the English Edition: Birth and Development of an Institutionalist Theory of Money • Pierre Alary, Jérôme Blanc, and Ludovic Desmedt A Dual Movement The Path Taken by French ITM The French Institutionalist Programme on Money: Reception and Influence The Selected Texts References 2 The Violence of Money (Excerpt): Monetary Crises • Michel Aglietta and André Orléan The General Form of Crises Crisis as the Impossible Desire for Wealth A Non Quantitative Vision of Crisis: Crisis as ‘Catastrophe’ Mimetic Polarisation and Crisis of Differences The Inflationary Crisis The Crisis of the Unit of Account: Rampant Inflation The Indifferentiation of Moneys The Crisis of the Store of Value… … Speculation … … and Rivalry Among Moneys The Backlash of Violence on Debtors and the Central Bank The Crisis of the Means of Circulation: The Return of FI or the Choice of a New Money Conclusion The Deflationary Crisis The Crisis of the {V = A} Relationship Conclusion References 3 Enhancing the Political Economy of Money Through History • Bernard Courbis, Eric Froment, and Jean-Michel Servet Commodity Money Barter, Fantasy About Commodity Money Money and ‘Primitive’ Trade Monetary Practices Are Inherent in Life in Society The Emergence of Coinage Discussion of the Commercial Hypothesis Money, a Total Social Fact Paper Money Bookkeeping Predates the Use of Paper for Payments Transferrable Ledger Entries Paper Circulation and Payment Market Innovations, Mind-Sets and Society Monetisation of Claims: From Commercial Paper to Paper Money The English Experience The Banknote, Credit Money or Paper Money? Money of Account The Choice of Forms of Units of Account Stability of Names Choice of Names Two Examples of the Emergence of a Unit of Account Resort to Coinage as the Money of Account Fair Money The Attempt to Introduce the ECU The Challenge Lies in the Money of Account A Necessarily Slow Social Diffusion References 4 Collective Introduction to La Monnaie souveraine • Michel Aglietta, Jean Andreau, Mark Anspach, Jacques Birouste, Jean Cartelier, Daniel de Coppet, Charles Malamoud, André Orléan, Jean-Michel Servet, Bruno Théret, and Jean-Marie Thiveaud Society as Totality To Each Different Social Whole, a Different Money The Modern Exception The Paradoxical Status of Modern Money Money and Economic Homogeneity Money and the Hierarchy of Values Debt and Money The Foundations of Trust Hierarchical Confidence Methodical Confidence Ethical Confidence Forms of Trust and Money The Euro and Sovereignty 5 The Monetary Order of Market Economies • Michel Aglietta and Jean Cartelier Money as a Payment System The Common Unit of Account The Principle Governing Monetisation The Principle Governing the Settlement of Balances The Liquidity of Wealth and Trust in Money Debt and the Desire for Wealth: The Liquidity Problem Protecting the Monetary Order and Trust in Money Monetary Policy: A Strategy for Maintaining the Integrity of Payment Systems Belief and Trust The Independence of the Central Banks: A Way of Legitimating Money in a Singular Historical Context The Politicisation and Depoliticisation of Money Ethics and Politics Towards a New International Monetary Order References 6 Universality of the Monetary Phenomenon and Plurality of Moneys: From Colonial Confrontation to Confluence of the Social Sciences • Jean-Michel Servet, Bruno Théret, and Zeynep Yildirim Universality of the Monetary Phenomenon Universality of the Monetary Phenomenon and Discontinuities of Monetary Experiences: Mauss Versus Simiand? All Societies Have Money: An Anthropologically Fruitful Research Hypothesis for Rereading the History of Colonisation The Question of Account (Number) Market or Plurality of Spheres of Exchange On the (Social/Territorial) Plurality of Moneys The Unit of Account Between Singularity and Plurality: A Permanent Tension at the Heart of the Modern Territorial State Different Societies, Different System-Units of Account Conclusion References 7 An Interdisciplinary Approach to Money as Cultural Capital and a Total Social Fact • Bruno Théret The Money Tripod: Debt, Sovereignty and Trust Money and Debt Money and Sovereignty Money and Trust5 Money Is Not What Money Does Generic Properties and Non-Monetary Uses of Money What Is Good Money? The Three States of Money Embodied Money: Account and Trust Objectified Money: Money-Things, Means of Payment Institutionalised Money: Monetisation39 and Regulation Money as a Total Social Fact42 The Oneness of the Monetary Phenomenon Beyond Its Multiple Forms and States Money Between Axiological Neutrality and Objectification of Domination References 8 Money: Instrument of Exchange or Social Institution of Value? • André Orléan The Theory of Value as Utility and the Instrumental Conception of Money The Institutionalist Approach to Money The Power of Money: Mauss and Durkheim The Acceptance of Money: The Contribution of the Overlapping Generations Model (OLG) The Power of Belief: Simiand and Simmel General Conclusion: The Rentenmark Miracle and the Poincaré Miracle References Author Index Subject Index