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Conceptualizing CapitalismInstitutions, Evolution, Future$
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Geoffrey M. Hodgson

Print publication date: 2015

Print ISBN-13: 9780226168005

Published to Chicago Scholarship Online: January 2016

DOI: 10.7208/chicago/9780226168142.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 September 2021

Money and Finance

Money and Finance

(p.147) Chapter Six Money and Finance
Conceptualizing Capitalism

Geoffrey M. Hodgson

University of Chicago Press

This chapter is about money and financial institutions. The first question concerns the nature of money. Carl Menger's famous thought experiment showing the spontaneous emergence of money from barter is not only historically inaccurate, but is undermined by modifications that move it in a more realistic direction. It is argued that money involves a combination of state power and individual incentives. The history of money underlines the role of the state in its creation and management. A brief account of the development of financial institutions shows how financial leadership passed from Italy through the Netherlands to Britain in the eighteenth century, where a Financial Revolution helped trigger the rise of capitalism. A penultimate section outlines John Searle's ontology of money.

Keywords:   money, barter, Carl Menger, spontaneous order, history of money, coinage, debt, State Theory Of Money, financial institutions, ontology of money

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