In this illuminating book, Randall Wray explores the origins, nature, and evolution of money, emphasizing the critical role played by both credit and state money in capitalism. Integrating and updating the influential theories presented in Wray's previous books, Money and Credit in Capitalist Economies and Understanding Modern Money, this new book addresses key questions in modern economic theory and policy.

Wray adopts the monetary theory of production shared by the three principle heterodox traditions, Marxism, Institutionalism and Keynesianism to highlight the role played by money in the capitalist system. He applies Keynes's liquidity preference theory and Marx's labor theory of value to examine the determinants of the value of money and uncover the systemic properties driving capitalist production. He provides insights into the vital role of the state in the development and regulation of the modern monetary system. Finally, he identifies how monetary and fiscal policy can be improved to mitigate future challenges and promote economic, social and environmental sustainability.

Students and scholars of heterodox approaches to economic theory, the endogenous approach to money and banking, and fiscal and monetary policy will greatly benefit from this valuable book. It is also a vital resource for academics studying the social sciences, such as sociology, political science and anthropology.

About the Author
L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, USA

Reviews
'For over thirty years, Randy Wray has sought to dispel entrenched misconceptions of the theory and practice of money. Understanding Modern Money Theory is a magnificent, successful culmination of this endeavour, providing a lucid account of the nature and history of money, and how it can be carefully used to achieve full employment and economic wellbeing.' -- Geoffrey Ingham, University of Cambridge, UK
'For decades, L. Randall Wray has helped us recognize that "there is no money without credit" and so challenged fundamentally conventional narratives about governance and the capitalist marketplace. This update to his influential work and brilliant synthesis of a multi-disciplinary literature is an essential and accessible introduction to understanding the monetary production economy.' -- David M. P. Freund, University of Maryland, USA
'This is Wray's best volume so far. The result of decades of research, it flows beautifully from discussions of the origins of money through to how financing really works and finally to how we absolutely CAN afford to address the crises of today. In fact, we cannot afford not to.' -- John T. Harvey, Texas Christian University, USA



Book Information
ISBN 9781800375147
Author L. Randall Wray
Format Hardback
Page Count 338
Imprint Edward Elgar Publishing Ltd
Publisher Edward Elgar Publishing Ltd