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Cambridge Journal of Economics 2005 29(5):817-825; doi:10.1093/cje/bei061
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Right arrow A14 - Sociology of Economics
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Review Article

What is the essence of money?

C. A. E. Goodhart*

* London School of Economics

Address for correspondence: Email caegoodhart{at}aol.com

Ingham combines insights from two hitherto largely separate social science fields, i.e., Chartalist theories of money and Weberian sociological theories on class struggle, to produce a wide-ranging and fascinating book, with a splendidly original Chapter 6 on the importance of establishing a constitutional monarchy in the UK for developing monetary institutions. This review finds the Chartalist analysis more compelling than the sociological emphasis on class struggle. Also, Ingham would dismiss many of the fundamental concepts of economics, e.g., long-run equilibrium, neutrality of money, natural rate of interest, etc., without providing any satisfactory alternative structure.

Key Words: Chartalism • Money • Methodenstreit • Class struggle

JEL classifications: A14, B15, E40, E42, N1, N2

Manuscript received September 10, 2004; final version received May 10, 2005.


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