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Money: 5,000 Years of Debt and Power
— —
Michel Aglietta
Money: 5,000 Years of Debt and Power by Michel Aglietta at Abbey's Bookshop,

Money: 5,000 Years of Debt and Power

Michel Aglietta



Politics & government;
Business & Economics;
Monetary economics


432 pages

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The major French economist offers a new theory of money

As the financial crisis reached its climax in September 2008, the most important figure on the planet was Federal Reserve chairman Ben Bernanke. The whole financial system was collapsing, with little to stop it. When a senator asked Bernanke what would happen if the central bank did not carry out its rescue package, he replied, “If we don’t do this, we may not have an economy on Monday.”

What saved finance, and the Western economy, was fiscal and monetary stimulus – an influx of money, created ad hoc. It was a strategy that raised questions about the unexamined nature of money itself, an object suddenly revealed as something other than a neutral signifier of value. Through its grip on finance and the debt system, money confers sovereign power on the economy. If confidence in money is not maintained, crises follow. Looking over the last 5,000 years, Michel Aglietta explores the development of money and its close connection to sovereign power. This book employs the tools of anthropology, history and political economy in order to analyse how political structures and monetary systems have transformed one another. We can thus grasp the different eras of monetary regulation and the crises capitalism has endured throughout its history.

By:   Michel Aglietta
Imprint:   Verso
Country of Publication:   United Kingdom
Dimensions:   Height: 235mm,  Width: 156mm, 
ISBN:   9781786634412
ISBN 10:   1786634414
Pages:   432
Publication Date:   November 2018
Audience:   General/trade ,  ELT Advanced
Format:   Hardback
Publisher's Status:   Active

Michel Aglietta is Emeritus Professor at the Universite Paris-Ouest, where he is a scholarly advisor to the CEPII and France Strategie.

Praise for A Theory of Capitalist Regulation One of the most important and stimulating books in Marxian political economy for many years. --Capital and Class Regulation Theory's founding statement. --Robert Brenner, New Left Review Writing within the particularly vigorous discourse of contemporary French Marxism, Aglietta confirms the increasing interest of European Marxists in all aspects of US history and social development. --Mike Davis

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