Evaluating Stephen Zarlenga's treatment of historical monetary thought
Purpose – The aim of this paper is to examine the proposition that the monetary reform movement has correctly identified the central importance of money-issue whilst, simultaneously, not appreciated the sophistication of previous monetary theorists. Design/methodology/approach – The Classical, Keynesian and Marxian monetary traditions are explored within the context of the views of the monetary reformers, as espoused by Stephen Zarlenga of the American Monetary Institute. Findings – The monetary reform movement has presented a far too simplistic view of previous monetary theorists yet identified an underdeveloped arena for research. Practical implications – The development of understanding towards a state theory of money. Originality/value – The paper contributes to theoretical knowledge regarding the political economy of money creation
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