Hardback
Money and Banking
Theory and Debate (1900–1940)
9781858987651 Edward Elgar Publishing
Money and Banking provides an original and comprehensive interpretation of the debate on banking and the nature of money in Keynes’s time from a post Keynesian point of view. The book traces the pre-history of monetary circuit theory and its challenge to mainstream analysis in the first four decades of the century, contrasting the neoclassical approach with the monetary theory of production.
More Information
Critical Acclaim
Contents
More Information
Money and Banking provides an original and comprehensive interpretation of the debate on banking and the nature of money in Keynes’s time from a post Keynesian point of view. The book traces the pre-history of monetary circuit theory and its challenge to mainstream analysis in the first four decades of the century, contrasting the neoclassical approach with the monetary theory of production.
The author comprehensively examines and reconstructs the contributions of both well-known and more neglected authors to the debate on the nature of money and the function of the banks, from the viewpoint of a circuit theorist. He concludes with a comprehensive account of heterodox analyses of the creation of money by banks, beginning with Wicksell and ending with British and American proponents of ‘free banking’.
The author comprehensively examines and reconstructs the contributions of both well-known and more neglected authors to the debate on the nature of money and the function of the banks, from the viewpoint of a circuit theorist. He concludes with a comprehensive account of heterodox analyses of the creation of money by banks, beginning with Wicksell and ending with British and American proponents of ‘free banking’.
Critical Acclaim
‘Realfonzo’s book is wide-ranging and well documented. It usefully traces back the historical origins of the monetary circuit and analyses a number of themes that are still central to the contemporary theoretical debate.’
– Giovanni Pavanelli, History of Economic Ideas
‘. . . it was without doubt a pleasure to read this book that puts in historical perspective, particularly for post Keynesians, some of the debates over the issue of endogenous money. Readers interested in the development of monetary theory from a broader international perspective will have much to learn from Realfonzo’s book.’
– Mario Seccareccia, Review of Political Economy
‘This book should be welcomed by all those interested in the fundamental problems of our discipline. It is a fresh and serious effort to come to grips with a confusing and diverse literature that addresses yet unsolved problems. The unusual perspective from which the effort proceeds may make for occasional frustration, but in the end one feels illuminated, and even charmed by the author’s evident love for the great texts of the past. I look forward to his next book.’
– Peter Mehrling, The Economic Journal
‘Very well published by Edward Elgar, and with a sagacious “introduction” by John E. King, Realfonzo’s timely book represents on the whole an important attempt at clarifying the conceptual issues underlying a modern and rigorous construction of the complete theory of a monetary production economy. There is no doubt that his scholar contribution deserves careful attention by the academic as well as the policymaker.’
– Sergio Rossi, Kyklos
‘Riccardo Realfonzo’s excellent book traces the pre-history of monetary circuit theory and its confrontation with mainstream analysis in the first four decades of the century.’
– From the introduction by John E. King, La Trobe University, Australia
– Giovanni Pavanelli, History of Economic Ideas
‘. . . it was without doubt a pleasure to read this book that puts in historical perspective, particularly for post Keynesians, some of the debates over the issue of endogenous money. Readers interested in the development of monetary theory from a broader international perspective will have much to learn from Realfonzo’s book.’
– Mario Seccareccia, Review of Political Economy
‘This book should be welcomed by all those interested in the fundamental problems of our discipline. It is a fresh and serious effort to come to grips with a confusing and diverse literature that addresses yet unsolved problems. The unusual perspective from which the effort proceeds may make for occasional frustration, but in the end one feels illuminated, and even charmed by the author’s evident love for the great texts of the past. I look forward to his next book.’
– Peter Mehrling, The Economic Journal
‘Very well published by Edward Elgar, and with a sagacious “introduction” by John E. King, Realfonzo’s timely book represents on the whole an important attempt at clarifying the conceptual issues underlying a modern and rigorous construction of the complete theory of a monetary production economy. There is no doubt that his scholar contribution deserves careful attention by the academic as well as the policymaker.’
– Sergio Rossi, Kyklos
‘Riccardo Realfonzo’s excellent book traces the pre-history of monetary circuit theory and its confrontation with mainstream analysis in the first four decades of the century.’
– From the introduction by John E. King, La Trobe University, Australia
Contents
Contents: 1. The Neoclassical Model and the Monetary Theory of Production 2. The Nature of Money 3. Banks as Pure Intermediaries 4. Banks and the Deposit Multiplier 5. The ‘Flexible’ Multiplier and Potential Bank Credit 6. Creation of Money by the Banks 7. Concluding Remarks