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New from Edward Elgar Publishing Theories of Money and Banking Edited by L. Randall Wray, Professor of , University of Missouri-Kansas City, Senior Scholar, Levy Economics Institute and Research Director, Centre for Full Employment and Price Stability, US

‘Randall Wray’s two volumes provide a bright beacon in a darkening night of turmoil, confusion and ignorance. By bringing together classics from both the mainstream and TO ORDER THIS TITLE, heterodox approaches to monetary theory and policy, Wray PLEASE CONTACT: provides a fundamental resource for the urgently needed Edward Elgar Publishing Inc. rethink on how the interrelated world of monetary production PO Box 960 economies functions or misfunctions, and also a basis for Herndon, VA 20172-0960 US the development of a sound theory on how to erect effective Tel: (800) 390-3149 policies for tackling major, potentially disastrous problems.’ Fax: (703) 996-1010 – Geoffrey Harcourt, University of New South Wales, [email protected]

This authoritative two-volume collection brings together FOR INFORMATION, the most important contributions to theories of money and PLEASE CONTACT: banking written over the past century. Professor Wray covers a number of key topics including the historical debates about The Sales & Marketing Department the nature of money, the role money and financial institutions play in the economy Edward Elgar Publishing Inc. and formation. A wide variety of approaches to money and banking The William Pratt House 9 Dewey Court are featured, among which are Monetarist, Keynesian, Marxian, Post-Keynesian and Northampton, MA 01060-3815 US Institutionalist, and the New Monetary Consensus. Also included are a number of Tel: (413) 584-5551 chapters presenting General Equilibrium, Chartalist or State Money, and Circuitiste Fax: (413) 584-9933 views. In addition to the views of economists, this well-rounded set incorporates [email protected] historical, sociological and anthropological approaches to money as well as theoretical topics such as interest rate, inflation rate, and exchange rate determination.This www.e-elgar.com collection, along with an original introduction by the editor, will be of immense value to anyone with an interest in the field of money and banking.

65 articles, dating from 1937 to 2010 Contributors include: P. Arestis, P. Davidson, D. Foley, M. Friedman, C. Goodhart, J.M. Keynes, J.A. Kregel, A. Lerner, H.P. Minsky, M. Sawyer, J. Tobin

For your free Two volume set November 2012 1,332 pp Hardback 978 1 84844 103 3 $685.00 catalogs [email protected] The International Library of Critical Writings in Economics series

Contents & Contributors Volume I: Development of Heterodox Approaches PART II HISTORICAL, SOCIOLOGICAL AND to Money and Banking ANTHROPOLOGICAL APPROACHES TO MONEY Acknowledgements 3. Philip Grierson (1977), ‘The Origins of Money’ Introduction: An Overview of Heterodox Approaches 4. Geoffrey Ingham (2000), ‘“Babylonian to Money and Financial Institutions Madness”: On the Historical and Sociological L. Randall Wray Origins of Money’ PART I HISTORICAL DEBATES ON THEORIES OF 5. Mark S. Peacock (2006), ‘The Origins of MONEY Money in Ancient Greece: The Political Economy of Coinage and Exchange’ 1. Charles A.E. Goodhart (1998), ‘The Two Concepts of Money: Implications for the 6. Viviana A. Zelizer (1989), ‘The Social Meaning Analysis of Optimal Currency Areas’ of Money: “Special Monies”’ 2. (1979), ‘The Distinction PART III KEYNESIAN AND INSTITUTIONALIST Between a Co-Operative Economy and an APPROACHES TO MONEY Entrepreneur Economy’ 7. John Maynard Keynes (1973), ‘A Monetary Theory of Production’

ElgarOnline is our book and journal content platform for libraries. More information at www.elgaronline.com In addition our eBooks are available for individuals from the Google ebookstore and eBooks.com and for libraries through eBooks on EBSCOhost, Ebrary, EBL, Myilibrary and Dawsonera. For inquiries about purchasing collections email [email protected] New from Edward Elgar Publishing Theories of Money and Banking Edited by L. Randall Wray Contents & Contributors 8. Dudley Dillard (1980), ‘A Monetary 28. Mathew Forstater (2006), ‘Tax-Driven 16. J.A. Kregel (1988), ‘, Great- Theory of Production: Keynes and the Money: Additional Evidence from the History Grandparent of the General Theory: Money, Institutionalists’ of Economic Thought, Economic History and Rate of Return Over Cost and Efficiency of 9. Éric Tymoigne (2003), ‘Keynes and Economic Policy’ Capital’ Commons on Money’ 29. Alain Parguez (2002), ‘A Monetary Theory 17. J. Tobin (1958), ‘Liquidity Preference as 10. Paul Davidson (1974), ‘A Keynesian View of Public Finance’ Behavior Towards Risk’ of Friedman’s Theoretical Framework for 30. Jan A. Kregel (2010), ‘Keynes’s Influence 18. L. Randall Wray (1992), ‘Alternative Monetary Analysis’ on Modern Economics: Some Overlooked Theories of the Rate of Interest’ 11. J.A. Kregel (1988), ‘The Multiplier and Contributions of Keynes’s Theory of Finance 19. John Smithin (2006), ‘A Real Interest Rate Liquidity Preference: Two Sides of the and Economic Policy’ Rule for Monetary Policy?’ Theory of Effective Demand’ Volume II: Alternative Approaches to Money, PART V MONEY, INFLATION AND EXCHANGE PART IV ENDOGENOUS MONEY Financial Institutions and Policy RATES Acknowledgements 12. Basil J. Moore (1979), ‘The Endogenous 20. Frederic S. Mishkin (1999), ‘International Money Stock’ PART I MONETARIST AND “KEYNESIAN” Experiences with Different Monetary Policy 13. Marc Lavoie (1985), ‘Credit and Money: APPROACHES TO MONEY AND BANKS Regimes’ The Dynamic Circuit, Overdraft Economics, 1. (1948), ‘A Monetary and 21. R.E. Rowthorn (1977), ‘Conflict, Inflation and Post-’ Fiscal Framework for Economic Stability’ and Money’ 14. L. Randall Wray (2006), ‘When are Interest 2. Karl Brunner (1968), ‘The Role of Money 22. Paul Davidson (2006), ‘The Declining Rates Exogenous?’ and Monetary Policy’ Dollar, Global , and Macro 15. Scott T. Fullwiler (2006), ‘Setting Interest 3. Milton Friedman (1968), ‘The Role of Stability’ Rates in the Modern Money Era’ Monetary Policy’ 23. John T. Harvey (1996), ‘Orthodox PART V MONEY AND THE CIRCUIT 4. (1963), ‘Commercial Banks as Approaches to Exchange Rate Creators of “Money”’ Determination: A Survey’ 16. Alain Parguez and Mario Seccareccia (2000), ‘The Credit Theory of Money: The 5. (2000), ‘Keynesian 24. John T. Harvey (1991), ‘A Post-Keynesian Monetary Circuit Approach’ without the LM Curve’ View of Exchange Rate Determination’ 17. Giuseppe Fontana (2000), ‘Post PART II MONEY AND GENERAL EQUILIBRIUM PART VI MONEY AND FINANCE Keynesians and Circuitists on Money and MODELS 25. Andrea Terzi (1986-87), ‘The Independence Uncertainty: An Attempt at Generality’ 6. and Randall Wright of Finance from Saving: A Flow-of-Funds 18. Eladio Febrero (2008), ‘The Monetization of (1989), ‘On Money as a Medium of Interpretation’ Profits in a Monetary Circuit Framework’ Exchange’ 26. J.A. Kregel (1998), ‘Aspects of a Post 19. (2004), ‘Weaving Cloth from 7. Joseph Aschheim and George S. Tavlas Keynesian Theory of Finance’ Graziani’s Thread: Endogenous Money in a (1997), ‘Money’ 27. J. Patrick Raines and Charles G. Leathers Simple (but Complete) Keynesian Model’ 8. Dror Goldberg (2009), ‘The Tax-Foundation (1996), ‘Veblenian Stock Markets and the 20. Wynne Godley and Marc Lavoie (2007), Theory of ’ Efficient Markets Hypothesis’ ‘Fiscal Policy in a Stock-Flow Consistent 9. Frank H. Hahn (1987), ‘The Foundations of 28. Robert J. Shiller (2005), ‘Behavioral (SFC) Model’ Monetary Theory’ Economics and Institutional Innovation’ PART VI MARX’S APPROACH TO MONEY PART III THE NEW MONETARY CONSENSUS PART VII FINANCIAL INSTABILITY AND THE 21. David Levine (1983), ‘Two Options for the 10. Laurence H. Meyer (2001), ‘Does Money GREAT CRASH Theory of Money’ Matter?’ 29. Hyman P. Minsky (1994), ‘Financial 22. Duncan K. Foley (1983), ‘On Marx’s Theory 11. Ben S. Bernanke (2004), ‘Gradualism’ Instability Hypothesis’ of Money’ 12. Giuseppe Fontana (2009), ‘Whither New 30. Lance Taylor and Stephen A. O’Connell 23. Riccardo Bellofiore (2004), ‘“As if its Body Consensus Macroeconomics? The Role of (1985), ‘A Minsky Crisis’ were by Love Possessed”. Abstract Labour Government and Fiscal Policy in Modern 31. Domenico Delli Gatti and Mauro Gallegati and the Monetary Circuit: A Macro-Social Macroeconomics’ (1997), ‘At the Root of the Financial Reading of Marx’s Labour Theory of Value’ 13. Edwin le Herron and Emmanuel Carre Instability Hypothesis: “Induced Investment 24. L. Randall Wray (1999), ‘Theories of Value (2006), ‘Credibility Versus Confidence in and Business Cycles”’ and the Monetary Theory of Production’ Monetary Policy’ 32. Christopher Brown (2007), ‘Financial PART VII THE MODERN MONEY OR 14. Philip Arestis and Malcolm Sawyer (2006), Engineering, Consumer Credit, and the NEOCHARTALIST APPROACH ‘The Nature and Role of Monetary Policy Stability of Effective Demand’ 33. (1993), ‘Finance and 25. Abba P. Lerner (1947), ‘Money as a when Money is Endogenous’ Hyman P. Minsky Stability: The Limits of Capitalism’ Creature of the State’ PART IV INTEREST RATE THEORY AND 34. (2009), ‘The Rise and Fall 26. Stephanie Bell (2000), ‘Do Taxes and POLICY L. Randall Wray Bonds Finance Government Spending?’ of Money Manager Capitalism: A Minskian 15. John Maynard Keynes (1937), ‘The Theory Approach’ 27. Stephanie Bell (2001), ‘The Role of the of the Rate of Interest’ State and the Hierarchy of Money’ 35. Robert Wade (2009), ‘From Global Imbalances to Global Reorganisations’

To order from N & S America: To order from the Rest of The World: www.e-elgar.com Edward Elgar Publishing Inc., Marston Book Services Limited PO Box 960, Herndon, VA 20172-0960 US PO Box 269, Abingdon, Oxon OX14 4YN UK Tel: (800) 390-3149 • Fax: (703) 996-1010 Tel: + 44 1235 465500 • Fax: + 44 1235 465555 [email protected] [email protected]