Table of Contents

Select 1 - Money Anchored to the Future
1 - Money Anchored to the Futurepp 3-24
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Select 2 - The Money Fetish: Making Promises into Things
2 - The Money Fetish: Making Promises into Thingspp 25-40
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Select 3 - Bending, Not Breaking: Monetary Sovereignty and the Survival Constraint
3 - Bending, Not Breaking: Monetary Sovereignty and the Survival Constraintpp 41-59
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Select 4 - Mystical Kernel within the Rational: The Banking School's Residual Chartalism
4 - Mystical Kernel within the Rational: The Banking School's Residual Chartalismpp 60-83
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Select 5 - Between Currency and Credit: Mehrling's Money View
5 - Between Currency and Credit: Mehrling's Money Viewpp 84-103
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Select 6 - There Is No Such Thing as Fiat Money
6 - There Is No Such Thing as Fiat Moneypp 104-125
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Select 7 - Coherence: Why Money Is Not Value
7 - Coherence: Why Money Is Not Valuepp 126-150
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Select Part II
Part IIpp 151-152
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Select 8 - National Money versus Shadow Banking: Contradictions of a Public–Private Credit System
8 - National Money versus Shadow Banking: Contradictions of a Public–Private Credit Systempp 153-171
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Select 9 - A World without: World Money
9 - A World without: World Moneypp 172-187
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Select 10 - Proof of Institutions: Cryptocurrencies as Digital Fiat Money
10 - Proof of Institutions: Cryptocurrencies as Digital Fiat Moneypp 188-203
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Select 11 - Europe and Democratic Funding
11 - Europe and Democratic Fundingpp 204-218
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Select 12 - Democratic Sovereignty Makes Money
12 - Democratic Sovereignty Makes Moneypp 219-233
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Select Bibliography
Bibliographypp 234-246
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Select Index
Indexpp 247-254

Understanding money's nature as political, institutional, and material answers today's big money questions. Money remains a foundational question of social theory. What is money? Why does something so insubstantial have value? How do money systems make promises function like valuable things? Why are money systems always hierarchical yet variable? The answer, the book argues, is politics. Money is institutionalised social power. Politics generates institutions that differentially lock into the future product of political and economic collectives. Money emerges from the institutionalisation of social antagonisms to encapsulate a collective's productive potential in a flexible, tradable instrument. This takes a system. Money is built in hierarchical layers out of the inherently variable material of politics and at various economic scales. This book outlines these variable processes theoretically and through case studies.