Money upside down A paradigm shift in economics and monetary theory?

by Haas, Harald

• ISBN13: 9783825872076
• ISBN10: 3825872076
• Format: Paperback
• Copyright: 2004-02-06
• Publisher: Lit Verlag

Summary

A historic analysis of the evolution of money and credit reveals how the nature of money changed: private property plus interest, tally sticks, coinage, fractional reserve banking, gold standards, fiat currencies, debasement of fiat against gold. The results of the historic analysis are combined with the new theories of money, credit, and finance of Bethmann, Heinsohn, Kindleberger, Kutyn, Malik, Martin, Minsky, Nuri, Rothbard, Soddy, Soros, and Steiger. Their integration forms a stringent economic theory that is able to explain the past and present economic and financial system from a very new perspective executing a paradigm shift in economics, finance, and monetary theory.

Table of Contents

Acknowledgements	7
1. Introduction	1	(21)
1.1. Motivation	8	(1)
1.2. Subject	9	(11)
1.3. Methodology	20	(2)
2. Conventional monetary theories	22	(19)
2.1. Classical economics	23	(5)
2.2. Marxist theory of commodity money	28	(2)
2.3. Austrian and neoclassical approaches	30	(3)
2.4. Keynesian theories	33	(3)
2.5. Monetarism	36	(4)
2.6. Summary	40	(1)
3. Applicability of conventional monetary theory - Monetary evolution and policy in retrospective	41	(82)
3.1. Tally stick economies	43	(12)
3.2. Gold standards	55	(20)
3.3. Fractional reserve banking	75	(13)
3.4. Bretton Woods	88	(8)
3.5. Post-war inflation	96	(6)
3.6. Japanese bubble economy	102	(3)
3.7. Disintermediation and securitisation	105	(3)
3.8. Currency crises in the late 1990's and early 2000's	108	(3)
3.9. Gold and yen carry-trades	111	(8)
3.10. Explosion of fiat money	119	(3)
3.11. Summary	122	(1)
4. New approaches of a paradigm shift in economics and monetary theory	123	(29)
4.1. Historical and sociological origins of credit, interest, and money	125	(1)
4.2. Property theory of interest and money	126	(7)
4.3. Concept of Debitism and Monetary economics - value, price, and market redefined	133	(9)
4.4. Debt deflation dynamics and credit waves	142	(9)
4.5. Summary	151	(1)
5. Impact of a paradigm shift in economics and monetary theory	152	(11)
5.1. New assessment of risk positions of public and private sector entities	154	(2)
5.2. Suitable action for risk management strategies	156	(1)
5.3. Suitable action for monetary policy	157	(6)
6. Conclusion	163	(6)
Abbreviations	169	(1)
List of tables and figures	170	(1)
References	171