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Oh, you better argue it unless you have taken it to page in the papers you’ve written, if I say, I gave five apples to Bob and receive three oranges from Alice.
How then should I get hotdogs if I want them? What do I offer if I have an account of three oranges which I have now just eaten?
I don’t know the works of Proudhorn, but it sounds just a little bit like you’re working with his ideas which I believe failed. However, I don’t know much.
Thanks to Daniel here , now reading your first installment. This is an area I’ve spent a good deal of time learning about.
It’s going to be interesting to see what you come across and where you go with it. They’re a lot a little, very unknown corners with regard to monetary systems, one’s not even covered by the stellar work of Micheal Hudson for instance.
Economic theory based in 19th century western world views are subject to all the deficits of its parochialism
“ the fundamental theories on which the modern science of political economy is based”
yes this gem from the economic academic *occupation*. That starting assertion from the ..profession.. is such fertile soil for commentary.
Note: Hudson and Graeber collaborated; I think the former’s book “temples of enterprise” offers a less opinionated rendition of credit / money as an accounting tool.
It is interesting to note that Silvio Gesell wrote on the topic of money in 1916 pre-dating Keynes by some years. His attitude towards money is that it should lowered to the same level as every other good exchange by granting it the gift of death. He passionately detested that a creditor could withdraw money from circulation, denying everyone else the medium of exchange. Friegeld was his answer. A use it or lose it system, ensuring money could not be hoarded. 1/2
@GhostOnTheHalfShell @dlakelan Yeah, Gesell's demurrage is still tied to the idea that money is a medium with an independent value that has to "circulate," rather than a simple unit of account that anyone can create through the act of exchange.
But an even tinier corner of history that’s not well known is that between 1000-1300 in Europe, parallel to durable money (specie) another monetary system of money renewal, which enjoyed exactly the characteristics Gesell sought. It lasted for 200 years until the logistics of coins like that became largely impractical.
One of the acknowledged features of this monetary system or monetary subsystem really was price stability
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