Journal Article

Debt as Money

Tony Lawson

in Cambridge Journal of Economics

Volume 42, issue 4, pages 1165-1181
Published in print July 2018 | ISSN: 0309-166X
Published online July 2018 | e-ISSN: 1464-3545 | DOI: https://dx.doi.org/10.1093/cje/bey006
Debt as Money

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  • General Economics
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Abstract

Money is positioned bank debt. This is a thesis I have previously defended in this journal. In the current paper, I elaborate the thesis and provide further grounding for it, especially in the light of criticism by others. In so doing, I examine how positioned bank debt as money works and how, in one case at least, it originally emerged

Keywords: Money; Credit/debt; Social ontology; Social positioning; Means of payment; Purchasing power; Legal tender; Liquidity; Rights; Obligations

Journal Article.  10836 words. 

Subjects: General Economics ; History of Economic Thought ; History of Economic Thought (to 1925) ; History of Economic Thought (1925 onwards) ; Individual Economists ; Economic Methodology ; Economic History ; Economic Systems ; Capitalist Systems

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