Understanding modern money theory : money and credit in capitalist economies / L. Randall Wray (Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, USA).

Format:

Book

Author/Creator:

Wray, L. Randall, author.

Contributor:

Edward Elgar Publishing, publisher.

Language:

English

Subjects (All):

Capitalism.

Economic stabilization.

Economics.

Genre:

Electronic books.

Physical Description:

1 online resource (338 pages)

Place of Publication:

Northampton : Edward Elgar, 2025.

Summary:

"In this illuminating book, Randall Wray explores the origins, nature, and evolution of money, emphasizing the critical role played by both credit and state money in capitalism. Integrating and updating the influential theories presented in Wray's previous books, Money and Credit in Capitalist Economies and Understanding Modern Money, this new book addresses key questions in modern economic theory and policy. Wray adopts the monetary theory of production shared by the three principle heterodox traditions, Marxism, Institutionalism and Keynesianism to highlight the role played by money in the capitalist system. He applies Keynes's liquidity preference theory and Marx's labor theory of value to examine the determinants of the value of money and uncover the systemic properties driving capitalist production. He provides insights into the vital role of the state in the development and regulation of the modern monetary system. Finally, he identifies how monetary and fiscal policy can be improved to mitigate future challenges and promote economic, social and environmental sustainability. Students and scholars of heterodox approaches to economic theory, the endogenous approach to money and banking, and fiscal and monetary policy will greatly benefit from this valuable book. It is also a vital resource for academics studying the social sciences, such as sociology, political science and anthropology"-- Provided by publisher.

Contents:

Contents: Preface

1. Orthodox versus heterodox approaches to money

2. Origins and nature of money

3. Credit money and the rise of banking, central banking, and public money

4. The state theory of money

5. Introduction to the origins of the endogenous money approach

6. Endogenous money: A credit and state money approach

7. Money and interest rates

8. Sovereign currency and fiscal policy

9. The balance sheet approach to money and finance

10. Money and the logic of capitalism

11. Employment policy and the value of the currency

12. Conclusion: The challenges ahead

Bibliography.

Notes:

Includes bibliographical references and index.

Description based on print record.

ISBN:

9781800375154 (e-book)

Access Restriction:

Restricted for use by site license.