Modern Money and the Rise and Fall of Capitalist Finance : The Institutionalization of Trusts, Personae and Indebtedness

Modern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personal identities to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personal identity and modern money, because it is more than creditor-debtor relations - it takes the form of a trust. In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance. Modern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personae to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personae and modern money, because it is more than creditor-debtor relations—it takes the form of a trust. In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics, and the philosophy of economics and finance. Cover 1 Half Title 2 Series 3 Title 4 Copyright 5 Dedication 6 Contents 8 List of Figures 11 List of Tables 14 Introduction 16 Persona, Property, Trusts, and Modern Money 16 Money Economy Versus Credit Economy 23 Structure of the Book 25 1 Money and Property 29 1.1. Analogy 32 1.2. Property was Created in the Image of Money 35 2 Person and Property—Mistaken Ideas 41 2.1. Is Locke’s Ontological Formula of “Person-Property” a Case of the Linguistic Structure of “Subject-Predicate”? 42 2.2. Locke’s Ontological Formula of “Person-Property” Creates a Peculiar Concept of Ownership Rights 49 2.3. An Analogy between Property, Slavery, and Money 51 2.4. Linear or Recurrent 54 3 The Origin of Modern Money—Modern Money as a Trust 59 3.1. Bills of Exchange and the London Goldsmith Bankers’ Notes 62 3.2. Methods of Maintaining a Fractional Reserve 68 Permanent Indebtedness & Liquidity 69 3.3. The Nature of the London Goldsmith Bankers’ Deposit-Taking 70 Economists’ Understandings of Goldsmith Bankers’ Deposit-Taking 72 3.4. Goldsmith Banking as a Trust 76 3.5. Transforming into the Capitalist Money Economy 81 3.6. Summary 81 4 The Political Economy of Modern Money in Early Modern Times: Indebted Personae and the Rise of Modern Money 89 4.1. Modern Banking as a Trust Scheme 90 4.2. Acceptance for the Payment of Tax 91 4.3. Modern Politics as the Constructor of Modern Banking 93 4.4. Modern Politics as a Trust Scheme 96 4.5. Representative Democracy as a Trust 101 4.6. Socialization of Debt 103 5 Shadow Banking in Neoliberalism 109 5.1. Money Market Funds and Propertization 110 5.2. Propertization and the Crisis of 2008 113 6 Person, Property, and Trusts: Revisited 123 6.1. Trusts and the Person-Property Formula 123 6.2. Modern Business Corporations as a Trust 125 The Nature of Shares 125 Social Irresponsibility and Inequality 128 6.3. Quantitative Easing as a Trust 133 7 The Fall of the Neoliberal Form of Finance and Its Predicaments 146 7.1. The Withering of Private Banking and Finance 149 7.2. The Inflationary Period 154 7.3. Demography and Globalization 158 7.4. Global Inflation 161 7.5. The Privilege of Being the World’s Reserve Currency 163 7.6. Effects of Quantitative Easing 165 7.7. Beggar-Thy-Neighbor and Global Inflation 171 7.8. Genuine Solution? 174 8 What is to be Done?: Cooperative Basic Capital and the Abolition of the Hybridity 178 8.1. Abolishing the Hybridity 178 8.2. Basic Capital as a New Method of Wealth Redistribution 181 Contemporary Proposals for Basic Capital 184 Basic Capital in Ancient Times 185 Plato’s Klēros 185 Mencius’s Well-Field System 186 Breaking Down the Dichotomy between the Private and the Public 187 Cooperative Basic Capital 188 Duty to use Productively: Workers’ Cooperatives 188 Distinguishing Unproductive Debts from Productive Debts 191 Financing Basic Capital: Social Inheritance 192 Index 198 capitalist;,fall;,finance;,indebtedness;,kim;,modern;,money;,personae;,rise;,trusts;,capitalism;,banking;,politics;,business,corporations;,credit,economy;,representative,democracy;,modern,politics;,private,banking;,neoliberalism;,shadow,banking capitalist,fall,finance,indebtedness,kim,modern,money,personae,rise,trusts,capitalism,banking,politics,business corporations,credit economy,representative democracy,modern politics,private banking,neoliberalism,shadow banking "Modern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society. This book suggests that adopting the ideas and institutions of a trust allowed personal identities to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personal identity and modern money, because it is more than creditor-debtor relations - it takes the form of a trust. It also helps explain how the capitalist credit-money economy differs from previous credit or money economies. This book marks a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance"-- Provided by publisher