Edited by Louis-Philippe Rochon and Sergio Rossi
Chapter 17: Horizontalism and structuralism: a suggested reinterpretation
This chapter sheds light on the endogenous nature of money. Contrary to the established post-Keynesian, or evolutionary, view, the chapter argues that money has always been endogenous, irrespective of the historical period. Instead of the evolutionary theory of money and banking that can be traced back to Victoria Chick’s 1986 paper, this chapter puts forward a revolutionary definition of endogenous money consistent with many aspects of post-Keynesian economics as well as with the monetary circuit approach. This alternative starting point leads to the conclusion that money is indeed ‘always and everywhere’ an endogenous phenomenon. This analysis rests on the nature of debt, the essential role of a settlement institution, and the link between production, money and income.
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