Jump to ContentJump to Main Navigation
Conceptualizing CapitalismInstitutions, Evolution, Future$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 22 October 2019

Money and Finance

Money and Finance

Chapter:
(p.147) Chapter Six Money and Finance
Source:
Conceptualizing Capitalism
Author(s):

Geoffrey M. Hodgson

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226168142.003.0006

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

Chicago Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs, and if you can't find the answer there, please contact us.