Review of Keynesian Economics

The shackling of free money: lessons from Parguez and Argentina

Wesley C. Marshall * *

Keywords: endogenous money, monetarist counter-revolution


During the ongoing financial crisis in the North Atlantic, the central role that money plays in monetary production economies is undergoing fundamental changes. Specifically, traditional money-creating institutions, both public and private, increasingly eschew the fulfillment of aggregate demand for money. The implications of this development are wide-reaching, both in terms of academic debate and the quickly evolving international monetary system. Based on Alain Parguez's insights and the monetary transformation of Argentina a decade ago, this article will present several initial conclusions regarding the changing role of money in current western capitalism.

Author Notes

The author wishes to thank the anonymous referees for their very helpful critiques. The usual disclaimers apply.

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