October 2023
Intermediate to advanced
220 pages
8h 55m
English
Content preview from Money Has No Value
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Chapter Five From Money/Credit to Money-Credit
1 The Ontology of Credit
As we have seen over each of the previous two chapters, even the most apparently radical, “heterodox” theorists of money ultimately insist on maintaining the distinction so central to “orthodoxy” – namely, that between credit and money. The commodity theory asserts that credit is a mere promise to pay actual money; hence the two (credit and money) differ fundamentally in kind. Money is a commodity with intrinsic value; credit is a legal or social obligation. Therefore, ontologically money and credit are inherently incompatible. Wray’s MMT purports to fully contest the commodity theory, yet he explicitly affirms the money/credit distinction, going out of his way to spurn ...
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