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Cambridge Journal of Economics Advance Access originally published online on July 20, 2006
Cambridge Journal of Economics 2007 31(2):217-233; doi:10.1093/cje/bel022
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The hypostasis of money: an economic point of view

Jean Cartelier*

* Université de Paris

Address for correspondence: Université de Paris X- Nanterre, EconomiX, 220 avenue de la République, 92001 Nanterre cedex, France; email: jcartel{at}club-internet.fr

The purpose of this article is to show that money is not an entity but hic et nunc a genuine mode of circulation associated with a genuine social organisation. Criticising money hypostasis may help to to: (i) elucidate the ambivalence of monetary relations in our modern society (equivalence and subordination); (ii) criticise the idea that ‘primitive monies’ are nothing but imperfect forms of our modern money and show that exotic societies are worth studying for themselves; and (iii) relativise the knowledge we have about our societies and to develop comparative analysis. A sketchy comparison between wodani society and ours suggests that an abduction relation exists between money and society.

Key Words: Money • Wodani society • circulation • Abduction • hypostasis

JEL classifications: A12, A13, E1, E40, P5

Manuscript received October 22, 2004; final version received May 19, 2006.


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