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Property Rights on Credit and State Control of Money: The Irrelevance of the Origin of Money

Gerasimos T. Soldatos
Published Online: 2018-11-06 | DOI: https://doi.org/10.1515/ev-2018-0031

Abstract

Looking briefly at the anthropological and sociological findings regarding the emergence of money in primordial times, and at the relationship between money and the state in historical times after the emergence of money, this article makes the point that credit money is associated with externalities justifying state intervention even if money did not emerge as debt money. The extent of state intervention is eventually a political matter given that money is needed in addition to finance public goods.

Keywords: Origin of money; state control of money; property rights on credit money

JEL Classification: A12; D62; D80; E02; E50; O10

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About the article

Published Online: 2018-11-06


Citation Information: The Economists’ Voice, 20180031, ISSN (Online) 1553-3832, DOI: https://doi.org/10.1515/ev-2018-0031.

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