Table of Contents

Monetary Economies of Production

Monetary Economies of Production

Banking and Financial Circuits and the Role of the State

Edited by Louis-Philippe Rochon and Mario Seccareccia

The central focus of this book is the relationship between money, the sphere of production, and the State. It explores how best to adapt the fundamental ideas of the circulationist perspective to achieve a better understanding of the financialisation of the production processes within contemporary capitalist economies. Importantly, the expert contributors illustrate that the true challenge ahead is to address how these new emerging forms can be eventually tamed, a challenge that the recent financial crisis has forcefully proven essential.

Chapter 2: The State, the central bank and the monetary circuit

Marc Lavoie

Subjects: economics and finance, post-keynesian economics

Extract

I met Alain Parguez during the 1976–1977 academic year, at the University of Paris 1, in the awful-looking Tolbiac tower building, where most of the lectures to Master’s students in economics were being offered (this in France was called the Diplôme d’Études Approfondies, DEA). Bernard Ducros, who had been a doctoral thesis advisor of Alain Parguez and the author of the foreword of his first book (Parguez 1975), and who also turned up to be my PhD thesis advisor, was teaching one of the four courses offered in the advanced macroeconomics field, and for some reason could not attend several of his lectures. His replacement would then be Alain Parguez, who at that time was a maître-assistant at the University of Paris 1, before he became professeur agrégé during the 1977competition. Alain would sometimes be stuttering during his presentations, but what many students found most remarkable was the powerful loudness of his delivery. Almost each week, teachers lecturing in an adjacent room would knock on our door and shyly ask Alain if he could speak less loudly, as their own voice would be buried by Alain’s delivery, through the wall, of his comments on modern macroeconomic theory.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information