scholarly journals CHARLES COQUELIN AND JULES DUPUIT ON BANKING AND CREDIT

2017 ◽  
Vol 39 (2) ◽  
pp. 239-256 ◽  
Author(s):  
Guy Numa
Keyword(s):  
Monetary Theory ◽  
Free Banking ◽  
Economic Crises

Charles Coquelin and Jules Dupuit both advocated free banking, but they articulated different views on credit, the note-issuing mechanism, and the role of banking in economic crises. For Coquelin, credit allowed producers to enhance their productive capacities. There was no need to restrict the issuing of banknotes to the quantity of metallic reserves. Coquelin emphasized the role that privileged banks played in the emergence of economic crises. For his part, Dupuit did not believe that credit could create more capital, and warned against the excessive issuing of banknotes. Dupuit considered economic crises to be caused by real factors. I argue that Coquelin’s ideas reflected a credit theory of money while Dupuit’s views were characteristic of a monetary theory of credit.

scholarly journals Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order

2021 ◽  
Vol 24 (2) ◽  
pp. 286-316
Author(s):  
Kristoffer Hansen
Keyword(s):  
Market Economy ◽  
Free Market ◽  
Monetary Theory ◽  
Free Banking ◽  
Large Role ◽  
Cash Balance ◽  
Market Order ◽  
Theory Of Value ◽  
Money Production

Recent debates in monetary theory have centered on so-called free banking and the role of banks in providing money in the form of fiduciary media in a pure market economy. This paper examines how and to what extent fiduciary media can emerge in a pure market economy. Based on the theory of value, it is argued that those economists are mistaken who claim that money substitutes must in all cases be interpreted as being money titles. Those economists too are mistaken, however, who claim a large role for the circulation of fiduciary media in a pure market economy. It is argued that holding fiduciary media in one’s cash balance is an entrepreneurial error, as fiduciary media by their nature do not have the qualities people demand in holding money. Money is the comparatively most certain good and the present good par excellence, qualities that fiduciary media do not have. Holding fiduciary media instead of money is therefore an entrepreneurial error, and like all errors in the free market, it will tend to be eliminated in the process of entrepreneurial profit and loss, leading to the virtual disappearance of all fiduciary media from the market economy.

150 Years of Das Kapital and No End in Sight. Unsystematic Remarks on a Never-Ending Story

2019 ◽  
Vol 29 (6) ◽  
pp. 23-46
Keyword(s):  
Political Economy ◽  
Formal Structure ◽  
Monetary Theory ◽  
Economic Crises ◽  
General Introduction ◽  
The Third ◽  
Social Forms ◽  
Adequate Understanding ◽  
Theory Of Value ◽  
The Masses

Michael Heinrich, one of the leading Marx scholars, provides a general introduction into Das Kapital with emphasis on the latest interpretations of it. The circumstances surrounding its writing and publication are shown to have interfered with an adequate appreciation of it. The formal structure and organization of the first volume are obstacles to readers and demand much from their education and intellect. The article summarizes the basic trajectories of Marx’s criticisms of political economy, including the critique of naturalizing social forms arising under capitalism and Marx’s original monetary theory of value. The author disentangles Marx’s Das Kapital from views mistakenly ascribed to it, such as the idea that value is determined solely by labor and the prediction of pauperization of the masses. First, Marx’s theory of value goes well beyond explaining prices under capitalism. Second, his main prophecy concerned the inevitable growth of inequality between the masters of capital and the employed classes and did not forecast impoverishment. The paper also points out that the sequence of publication of different volumes of Das Kapital caused lacunae in interpreting Marx’s oeuvre. For instance Engels’ efforts made the third volume more accessible to readers but also obscured the overall pattern of Marx’s thinking. the article shows that Das Kapital was a dynamic and fluctuating project to such an extent that Marx himself several times revisited his views of the causes of economic crises and falling profits and also intended to deal extensively with ecological issues. Reaching an adequate understanding of the theory contained in Das Kapital cannot depend on the manuscripts of those volumes alone. Marx’s notebooks, which have only recently published, are an indispensable aid to understanding it.

New York Free Banks and the Role of Reputations

1994 ◽  
Vol 38 (2) ◽  
pp. 66-77
Author(s):  
Michael J. Haupert
Keyword(s):  
New York ◽  
Free Market ◽  
The State ◽  
Free Banking ◽  
Competitive Markets

The era of free banking in the state of New York featured the competitive issue of money by banks. The results of this research provide support for the argument that banking during this period was not an anomaly, but an example of the effects of competition in a free market. This is done by establishing a link between bank reputations and the discount at which their notes traded. Quality is important and can be discerned through the use of reputations as a proxy, and thus can act as a stabilizing force in competitive markets where quality is difficult to recognize.

Coping with Economic Crises—The Role of Clusters

2013 ◽  
Vol 22 (10) ◽  
pp. 1993-2010 ◽  
Author(s):  
Asgeir Skålholt ◽  
Taran Thune
Keyword(s):  
Economic Crises

scholarly journals “Campesinos” and the crisis of modernization in Latin America

1996 ◽  
Vol 3 (1) ◽  
pp. 69 ◽  
Author(s):  
William M. Loker
Keyword(s):  
Political Economy ◽  
Latin America ◽  
Rural Poor ◽  
Economic Crises ◽  
Social Scientists ◽  
Economic Trends ◽  
Common Problems

This paper examines the effects of recent political and economic trends on the wellbeing of campesino communities in Latin America. After briefly reviewing the appropriateness of the term “campesino” in the rapidly changing political economy of Latin America, the article concludes that there is an identifiable group of people for whom the term campesino is appropriate and that members of campesino communities face common problems. Many analysts agree that campesino communities face interlocking social and economic crises with important consequences for the environment and the continued viability of their livelihoods. The paper analyzes these crises and their origins in the historical neglect of the rural poor. The paper concludes with some suggested actions to ameliorate these conditions, with special attention to the role of social scientists in this process.Key words: campesino, Latin America, environment, social scientists.

Unternehmensstrategien in der Krise?

2018 ◽  
Vol 63 (2) ◽  
pp. 275-305 ◽  
Author(s):  
Harald Wixforth
Keyword(s):  
Financial Markets ◽  
Corporate Strategy ◽  
Business History ◽  
Economic Crises ◽  
Course Of Action ◽  
Insight Into ◽  
Competitive Economy

AbstractCorporate strategy in crisis? Hyperinflation crisis and its management at Norddeutscher Lloyd.Business historians have studied causes and development of economic crises long before the last one, but the latest shifts in the financial markets further increased awareness of the course of action taken by the protagonists. Research may not pay attention to the role of «insolvents and bankrupts» to the same degree as it does to the heads of successful enterprises and concerns. More and more, however, focus is on the reasons for which some enterprises cope better with crises than others. Business history has come to the realization that not only are crises inherent to competitive economy, but furthermore they give insight into the machinery of the market and the behavior of its protagonists.

Sign in / Sign up

Export Citation Format

Share Document