Money and Capital: A Critique of Monetary Thought, the Dollar and Post-Capitalism

The book emphasizes the contradiction between the social functions of money (unit of account, means of circulation) and its private functions (store of value, accumulation). It distinguishes between the monetary base and the commodity base of money, accounts for the new forms of monetary constraints, and emphasizes the state's intervention on the collective and social conditions of capitalisms. It provides a fresh look at the 2008 crisis and its consequences for the international monetary system and a possible post-capitalist financial system.

Format: Paperback / softback
Length: 302 pages
Publication date: 30 December 2022
Publisher: Taylor & Francis Ltd

This comprehensive work revitalizes Marx's theory of the general equivalent by illuminating the profound contradiction between the social and private functions of money. It establishes a clear distinction between the monetary base, consisting of money itself, and the commodity base, which encompasses the goods and services it represents. By doing so, it avoids the conflation of money and credit, as well as the confusion between money and capital, which are prevalent in other heterodox monetary theories. Moreover, the book adeptly addresses the emerging challenges posed by monetary constraints under an inconvertible fiat money standard, the complex class dynamics underlying the interventions of monetary authorities and governments, and the evolving nature of the state, which increasingly intervenes in the collective and social conditions of capitalism, particularly in the realms of money and labor power.

The book's central focus on the contradiction between these two monetary functions provides a more profound understanding of the conflict between the international role and the national origin of the dollar. This contradiction has been a persistent issue for the United States since the Triffin dilemma emerged in the 1960s. However, the author goes beyond the Triffin dilemma by demonstrating how the dollar gradually gained relative autonomy from the US economy, starting in the 1950s. This evolution is intricately explained through the author's analysis of the dollar's role and international functions.

By examining the dollar's role in global trade, finance, and investment, the book offers a fresh perspective on the 2008 financial crisis and its far-reaching consequences for the international monetary system. It sheds light on the vulnerabilities and imbalances that underpinned the crisis and explores potential alternatives, such as the rise of digital central bank currencies. The book thus serves as a valuable resource for policymakers, economists, and scholars seeking to navigate the complex and evolving landscape of global finance.

In conclusion, this book is a groundbreaking contribution to the field of monetary economics. It renews the Marxian theory of the general equivalent by highlighting the contradictions between the social and private functions of money. Through its comprehensive analysis and insightful perspectives, it provides a necessary update to the tools and frameworks used to understand and analyze the global monetary system. By examining the role and international functions of the dollar, the book offers valuable insights into the challenges and opportunities facing the world economy in the 21st century.

Weight: 580g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032424255