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CREDIT AND STATE: THEORIES OF MONEY
THE CONTRIBUTIONS OF A. MITCHELL INNES

L. Randall Wray, ed.

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Edward Elgar, Cheltenham, UK., 2004, 248 pgs., extensive unified index. The book now in PDF format screened into this by Arno M. Daastoel.

 
 

Reviewer comment:

This is a very valuable text, made easily readable in PDF form by Arno Daastoel. Dr. Wray has assembled in one volume not only A. Mitchell Innes's original essays on What is Money? and The Credit Theory of Money, but also contributions by himself and 5 other authors, experts in different aspects of the subject matter. The theme of all is to explain and support the credit (Chartalist - state) theory of the origin and nature today of money. This, in turn, is the theoretical support for the "Modern Money Theory - MMT" that has become a serious political topic. This theory contradicts the commodity and metallism theories of money, and especially the libertarian theories. The academic argument is very contentious. It is not only a matter of academicians' personal status but more broadly a conflict between the 'big government' and 'small government' political forces. It is over 'power'. The control over money and its distribution is a central necessity of both government and the people - the so-called 'public and private sectors'. Thus, the conflict is between supporters of rulers dominating society or private individuals dominating rulers. It has been so since the beginning of human societies. In particular, the 'conflict' has taken on even more vitriol since the 2008 financial crisis as assessing blame has become even more contentious. The issue of money and historical accounts of it have devolved into discussion of banking and then central banks as they became the executors of the government's function of creating the money supply. Therefore, the champions of each side seek to prove their case by demonstrating that it was the norm from the earliest social organizations and in general throughout history.

In the list of references below I attempt to provide some of the major supporters of each side. I also have created lists of references with my review of Wray's Modern Money Theory.

 
 

1 Introduction - L. Randall Wray and Stephanie Bell

 

Chapter 2 - What Is Money? A Mitchell Innes

 
 

Chapter 3 - The Credit Theory of Money - A. Mitchell Innes

 
 

Chapter 4 - The Social Origins of Money: The Case of Egypt - John F. Henry

 
 

Chapter 5 - The Archeology of Money: Debt versus Barter Theories of Money's Origins - Michael Hudson

 

Chapter 6 - The Primacy of Trade Debts in the Development of Money - Geoffrey W. Gardiner

 

Chapter 7 - The Emergence of Capitalist Credit Money - Geoffrey Ingham

 

Chapter 8 - Conclusion: The Credit Money and State Money Approaches - L. Randall Wray

 
 

 
 

References

 
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Lawrence White - The Clash of Economic Ideas

 
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Thomas S. Kuhn - The Structure of Scientific Revolutions

 
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L. Randall Wray - Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

 
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L Randall Wray

 
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L Randall Wray

 
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Michael Hudsom - ...and forgive them their debts

 
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Michael Hudson - "Entrepreneurs: From the Near Eastern Takeoff to the Roman Collapse" in Landes

 
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Michael Hudson - Finance as Warfare

 
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Michael Hudson

 
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Michael Hudson

 
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Sitta von Reden - Money in Classical Antiquity

 
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Cornelia Wunsch - 'Neo-Babylonian Entrepreneurs' in Landes

 
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James C. Scott - Against the Grain, A Deep History of the Earliest States

 
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Eugen Strauhal - Life of the Ancient Egyptians

 
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John Baines & James Malek - Ancient Egypt: The Cultural Atlas of the World

 
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Michael Roaf - Mesopotamia and the Ancient Near East

 
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Geoffrey Ingham - The Nature of Money

 
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Geoffrey Ingham - Capitalism

 
 

Edward F. Stuart - Capitalism vs. Socialism: Comparing Economic Systems

 
 

Jerry Z. Muller - The Mind and the Market: Capitalism in Western Thought

 
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Georg Friedrich Knapp - The State Theory of Money

 
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Stephanie A. Bell & John Henry & Randall Wray - A Chartalist Critique of John Lock's Theory of Property, Accumulation, and Money

 
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Pavilina Tcherneva - The Nature, Origins, and Role of Money: Broad and Specific Propositions and Their Implications for Policy

 
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Joakim Book - What Is Money? It's All about Liquidity

 
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Sebastian Edwards - Modern Money Theory: Cautionary Tales from Latin America

 
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Seth B. Carpenter and Selva Demiralp - Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?

 
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Markus K. Brunnermeier - Yuly Sannikov - The I Theory of Money

 
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George A. Selgin - The Theory of Free Banking: Money Supply under Competitive Note Issue

 
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George A. Selgin - Floored!

 
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George A. Selgin - Money Free and Unfree

 
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George A. Selgin

 
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Murray Rothbard - A History of Money and Banking in the United States

 
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Murray Rothbard - Economic Thought before Adam Smith: An Austrian Perspective on the History of Economic Thought Vol I

 
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Murray Rothbard - Classical Economics: An Austrian Perspective on the History of Economic Thought Vol II

 
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Murray Rothbard - The Mystery of Banking

 
 

Murray Rothbard - What Has Government Done to Our Money?

 
 

Murray Rothbard - The Mystery of Banking

 
 

Murray Rothbard - Conceived in Liberty - Vols I - IV

 
 

Murray Rothbard - Conceived in Liberty -Vol V The New Republic 1784-1791

 
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Ludwig von Mises - Human Action

 
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Ludwig von Mises - The Theory of Money and Credit

 
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Ludwig von Mises - Socialism

 
 

Ludwig von Mises - Bureaucracy

 
 

Ludwig von Mises - The Ultimate Foundation of Economic Science

 
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Ludwig von Mises - The Capitalist Mentality

 
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Ludwig von Mises - Theory and History

 
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Amanda Podany - Brotherhood of Kings

 
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Amanda Podany - Ancient Mesopotamia: Life in the Cradle of Civilization

 
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J. G. Manning & Ian Morris - The Ancient Economy

 
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David S. Landes, Joel Mokyr & William J. Baumol, eds. The Invention of Enterprise

 
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James A .Dorn ed. - Monetary Alternatives: Rethinking Government Fiat Money

 
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George Cooper - Money, Blood and Revolution

 
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George Cooper - The Origin of Financial Crises

 
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Nathan Lewis - Gold the Final Standard

 
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George Gilder - The Scandal of Money

 
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Felix Martin - Money the Unauthorized Biography

 
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Peter Bernholz - Monetary Regimes and Inflation: History, Economic and Political Relationships

 
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Steve Forbes - Money: How the Destruction of the Dollar Threatens the Global Economy - and What We Can Do About It

 
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Glyn Davies - History of Money From Ancient Times to the Present Day

 
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Jack Weatherford - The History of Money

 
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R Christopher Whalen - Inflated: How Money and Debt Built the American Dream

 
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John Kay - Other People's Money

 
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Frederic S. Mishkin - The Economics of Money, Banking, Financial Markets, Fifth Edition

 
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Frederic S. Mishkin - The Economics of Money, Banking, Financial Markets, Ninth Edition

 

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