Money

5,000 Years of Debt and Power

Michel Aglietta, David Broder

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Hardback

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English

Verso
01 November 2018

Politics & government; Economics & Business; Monetary economics

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
Translated by: David Broder
Imprint: Verso
Country of Publication: United Kingdom
Dimensions: Height: 235mm, Width: 156mm, Spine: 38mm
Weight: 782g
ISBN: 9781786634412
ISBN 10: 1786634414
Pages: 432
Publication Date: 01 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.

Reviews for Money: 5,000 Years of Debt and Power

In this magnificent and intellectually brilliant review of money over the longue durée - 5,000 years - Aglietta challenges Anglo-American economists' narrow, deceitful, and ideologically-driven understanding of money. Essential reading for those who are rethinking economics. -- Ann Pettifor, author of <i>The Production of Money: How to Break the Power of Bankers</i>