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.

KEGAGALAN PRIVATISASI BUMN DI ERA REZIM ORDE BARU DALAM PERSPEKTIF EKONOMI POLITIK

Wacana Publik ◽  
2019 ◽  
Vol 12 (02) ◽  
Author(s):  
Syamsul Ma'arif
Keyword(s):  
Market Economy ◽  
Free Market ◽  
Dominant Role ◽  
The State ◽  
Early Years ◽  
New Order ◽  
Free Market Economy ◽  
Economic Sectors ◽  
Role Of The State

After had being carried out nationalization and hostility against west countries, the New Order regime made important decision to change Indonesia economic direction from etatism system to free market economy. A set of policies were taken in order private sector could play major role in economic. However, when another economic sectors were reformed substantially, effords to reform the State Owned Enterprises had failed. The State Owned Enterprise, in fact, remained to play dominant role like early years of guided democracy era. Role of the State Owned Enterprises was more and more powerfull). The main problem of reforms finally lied on reality that vested interest of bureaucrats (civil or military) was so large that could’nt been overcome. 

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.

scholarly journals What Kind Of Capitalism For Azerbaijan? A Comparative Analysis From Economic View

2011 ◽  
Vol 10 (6) ◽  
pp. 57
Author(s):  
Ayhan Guney ◽  
Ilkin M. Sabiroglu ◽  
Cihan Bulut
Keyword(s):  
Market Economy ◽  
Capital Accumulation ◽  
Agricultural Sector ◽  
Free Market ◽  
Open Market ◽  
Before And After ◽  
Major Factors ◽  
The Impact ◽  
Historical Periods

Every country has experienced various capital accumulation processes due to their own specific conditions. Differences in these conditions have ensured various countries to enter the process of economic development in dissimilar historical periods. Due to the central characteristics of the previous command economic system and the impact of powerful heritage from the USSR on the bureaucratic administration, Azerbaijan is still having difficulties in transitioning to a free-market economy. Today, the transition to an open market economy for Azerbaijan is not completely realized. This research attempts to investigate the major factors of the formation process of the capitalist economic structure in Azerbaijan before and after the demise of the Soviet Union.It focused on the fundamental role of oil and relatively, the agricultural sector and also looked into the types of capitalism the country is currently experiencing based upon certain criteria and statistical indicators.

Introduction

2020 ◽  
pp. 3-10
Author(s):  
Vito Tanzi
Keyword(s):  
Market Economy ◽  
Free Market ◽  
The Political ◽  
Individual Liberty ◽  
Political Market ◽  
The Difference ◽  
The Government ◽  
Role Of The Government ◽  
Normative Role

This more theoretical chapter focuses on the normative role of the government, in democratic countries with a market economy, and how that role has been tied to the prevalent view of the assumed relationship between individual citizens and their government. That view has been different in different countries. The chapter stresses the difference between choices made in and by the free market and those made through the political market. In the former, income distribution and individual liberty are important. In the political market, with one person one vote, the income of the voters should be less important. However, it often is important. Some societies place a lot of importance on individual liberty. Others give more weight to community goals. These attitudes influence government policies.

scholarly journals Los desarrollos teóricos de la Escuela Austriaca de Economía inspirados en la Escuela de Salamanca. Validez en el estudio de problemas contemporáneos

2021 ◽  
pp. 123-155
Author(s):  
Carlos Arturo Gómez Restrepo
Keyword(s):  
Free Market ◽  
Value Theory ◽  
Austrian School ◽  
Monetary Theory ◽  
Market Theory ◽  
Capital Theory ◽  
Jel Codes ◽  
Palabras Clave ◽  
School Of Salamanca ◽  
Theory Of Value

This paper studies the theoretical contributions of both The School of Salamanca and The Austrian School regarding the theory of value, capital theory and monetary theory. This study permits to understrud the failure of the economic analysis of the mainstream based on the equilibrium, simmetric information, and the narrow concepts of perfect competion and rationality, among others. Key words: School of Salamanca, Austrian School, free market, theory of capital and interest, value theory, monetary theory. JEL codes: B11, B25, B53. Resumen: En este artículo se muestran los concurrentes desarrollos teóricos de la Escuela de Salamanca y de la Escuela Austriaca de Economía, que para efectos de su análisis se agrupan en tres teorías enmarcadas dentro de la concepción del libre mercado: La teoría del valor, la teoría del capital y del interés, y la teoría monetaria, y que permiten evidenciar los fallos del análisis económico de problemas actuales, realizado por la denominada «corriente principal», y desarrollados a partir de los supuestos de mercado en equilibrio, información simétrica, competencia perfecta, y racionalidad económica, entre otros. Palabras clave: Escuela de Salamanca, Escuela Austriaca de Economía, libre mercado, teoría del capital y del interés, teoría del valor, teoría monetaria. Códigos JEL: B11, B25, B53.

The transition of housing in Albania and the role of adopted practices. Dynamics of social integration in differentiated urban contexts

2021 ◽  
pp. 100-117
Author(s):  
Fereniki Vatavali
Keyword(s):  
Social Integration ◽  
Market Economy ◽  
Free Market ◽  
Housing Sector ◽  
Free Market Economy ◽  
Main Argument ◽  
Housing Production ◽  
Urban Dynamics ◽  
Urban Contexts

This article aims to investigate the transition of housing in Albania from a centrally planned to a free-market economy, by studying practices adopted in housing production. The main argument is that, despite differentiations in urban dynamics, housing sector plays an important role in social integration processes in the post-socialist context and, at the same time, poses crucial questions about the future of Albanian cities.

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.

Neoconservative Catholicism in the United States

2018 ◽  
Author(s):  
Matthew A. Shadle
Keyword(s):  
Market Economy ◽  
Political Institutions ◽  
Free Market ◽  
The United States ◽  
Free Market Economy ◽  
Democratic Capitalism ◽  
The Social ◽  
Human Creativity ◽  
The Us

This chapter looks at neoconservative Catholicism, and in particular the work of Michael Novak. Neoconservative Catholics were critical of both progressive Catholics and the US Catholic bishops for not recognizing the benefits of the free-market economy. In his work, Novak provides a defense of what he calls democratic capitalism, consisting in a free-market economy, democratic political institutions, and a pluralistic culture. Novak offers a Catholic justification of democratic capitalism, appealing to human creativity and the social bonds created through commerce. The chapter also considers criticisms of Novak’s work, looking at issues such as the role of institutions and structures in the economy and the relationship between human creativity and the call to be a disciple of Jesus Christ.

Biopolitics of Transnational Private Law – Sovereign Debt Crises, Market Order and Human Rights

2012 ◽  
Vol 13 (12) ◽  
pp. 1571-1578
Author(s):  
Alessandro Somma
Keyword(s):  
Market Economy ◽  
Sovereign Debt ◽  
Free Market ◽  
Economic Behavior ◽  
Economic Life ◽  
Market Failures ◽  
Market Economies ◽  
Market Order ◽  
Production And Consumption ◽  
Direct Market

A market economy is not a product of free economic behavior but rather, of an order requiring the fulfillment of systemic tasks by market operators. Their performance needs to be guided by rules imposing competition as a political tool to functionalize their action, in such a way that market failures can be avoided. This is not only the case for coordinated market economies, typically making use of direct market regulations, but also for liberal market economies, even if these latter ones prefer an indirect regulation of economic life, by having to condition individual behavior. Different modes of regulation may be used to stabilize the same accumulation regime, which is understood as patterns of production and consumption reproducible over a long period. In other words, liberal market ideology, as well as liberalism, is anything but a theory on unlimited freedom: it “needs freedom”, but also needs to “consume” this freedom as a condition of historical and social possibilities for a free market economy. Even if differences may involve the way of assuring those possibilities, the necessity to force economic behavior into functionalizing schemes must be seen as unavoidable.

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