Elgar original reference
Edited by Philip Arestis and Malcolm Sawyer
This Handbook seeks to cover the range of exciting and interesting work on money and ﬁnance that is taking place within heterodox economics. There are many themes and facets of alternative monetary and ﬁnancial economics. The contributions below will also show that there is not always agreement among heterodox economists. There are, though, two major themes, which run through many of the chapters. The ﬁrst comes directly from the nature of money: money is credit money created through the ﬁnancial system in the process of loan creation. Money is endogenous and not exogenous money (represented by the usual textbook assumption of ‘helicopter money’). The book opens with a chapter on the origins and nature of money, and the theme of endogenous money comes through the detailed analyses of money in a number of contributions, but especially in the survey of empirical work on endogenous money and in a chapter on the nature of monetary policy when money is endogenous. The second theme focuses on the ﬁnancial system, and the perception that this system is generally subject to volatility, instability and crisis. This theme recurs in a number of chapters, but more concretely in the chapters on deregulation of the ﬁnancial system and on ﬁnancial liberalization. We do not attempt to summarize the 29 contributions in this volume, but oﬀer them as a broad-ranging coverage of alternative monetary economics. We thank the authors for their enthusiastic response to the invitation to contribute to this volume. We also wish to thank...