Author Govert SchullerPosted on Categories Monetary Reform
B. Academic Studies on Sovereign Monetary Theory and Reform
Armelius, Hanna & Carl Andreas Claussen, David Vestin. 2020. “Money and monetary policy in times of crisis”. Monetary Policy Department and the Payments Department of the Riksbank. Riksbank of Sweden. Economic Commentaries, 4 (11 June 2020): 1-15.
Assenmacher, Katrin & Claus Brand. 2018. “The Swiss Sovereign Money Initiative”. Credit and Capital Markets, 51/4: 621-644.
Baeriswyl, Romain. 2017. “The Case for the Separation of Money and Credit”. In Heinemann, F., Klüh, U., and Watzka, S. (eds.), 2017, Monetary Policy, Financial Crises, and the Macroeconomy, Cham: Springer, pp. 105–21.
Barber, G. Russell. 1973. “The One Hundred Percent Reserve System”. The American Economist, 17/1: 115–127.
Bertocco, Giancarlo & Andrea Kalajzic. 2018. “How much does finance benefit society?”. PSL Quarterly Review, 71/287: 419-437.
—–, —–. 2001. “Is Kaldor’s theory of money supply endogeneity still relevant?” Metroeconomica, 52/1: 95–120.
—–, —–. 2010. “The endogenous money theory and the characteristics of a monetary economy”. Rivista Italiana degli Economisti, 15/3: 365–401.
—–, —–. 2013a. “Money as an institution of capitalism: Some notes on a monetary theory of uncertainty”. Economic Notes, 42/1: 75–101.
—–, —–. 2013b. “On Keynes’s criticism of the loanable funds theory”. Review of Political Economy, 25/2: 309–26.
Bjerg, Ole. 2018. “We Need to Put Things Back to Normal”. Interview with Ole Bjerg (2018) Journal of Economic Sociology = Ekonomicheskaya sotsiologiya, 19/4: 172–181.
Brown, Harry Gunnison. 1940. “Objections to the 100 Per Cent Reserve Plan.” The American Economic Review, 26/3: 309–314.
Buchanan, James M. 2010. “The Constitutionalization of Money.” Cato Journal, 30/2: 251–258.
Burns, Scott. 2016. “Old (Chicago) School, New Century: The Link between Knight and Simons’ Chicago Plan to Buchanan’s Constitutional Money.” Constitutional Political Economy, 27/3: 299–318.
Carroll, Charles Holt. 1964. Organization of Debt into Currency and Other Papers. Edited with an Introduction by E. C. Simmons. Princeton, NJ: Van Nostrand.
Chai, Hee-Yul, and Sang B. Hahn. 2018. “Does Monetary Policy Regime Determine the Nature of the Money Supply?: Evidence from Seven Countries in the Asia-Pacific Region“. East Asian Economic Review, 22/2: 217-239.
Currie, Lauchlin B. [1934] 1968. The Supply and Control of Money in the United States. New York, NY: Russell & Russell.
Demeulemeester, Samuel. 2019. “The 100% money proposal of the 1930s: Conceptual clarification and theoretical analysis.” PhD thesis, ENS de Lyon.
—–, —–. 2020. “Would a State Monopoly over Money Creation Allow for a Reduction of the National Debt? A Study of the ‘Seignorage Argument’ in Light of the ‘100% Money’”. Debates, Research in the History of Economic Thought and Methodology, vol. 38A, A Symposium on Public Finance in the History of Economic Thought, 123–44.
—–, —–. 2021. “The 100% money proposal of the 1930s: An avatar of the Currency School’s reform ideas?” The European Journal of the History of Economic Thought, 28,/4: 577–98.
Doorman, Frans. 2015. Our Money – Towards a New Monetary System. Lulu internet publishers.
Douglas, Paul H. 1935. Controlling Depressions. New York, NY: Norton.
Dow, S.C. 1997. “Endogenous Money”. In G.C. Harcourt and P.A. Riach (eds), A ‘Second Edition’ of The General Theory, vol. II, London and New York: Routledge, 61–78.
Fisher, Irving. 1936. “100% Money Again.” Social Research, 3/2: 236–241.
—–, —–. 1936. “The Bankers’ Interest in 100% Money.” The Bankers’ Magazine, October, 1936.
—–, —–. 1937. “100 Percent Reserves—An Old System Adapted to Modern Needs.” Commercial & Financial Digest, Los Angeles, California, June 1937. Reprinted in I. Fisher, Testimony before a Subcommittee of the Committee on Agriculture and Forestry, U.S. Senate, 75:1, August 12, 1937, 292–296.
—–, —–. 1937. “Note Suggested by Review of ‘100 Per Cent Money.’” Journal of the Royal Statistical Society, 100/2: 296–298.
—–, —–. 1946 (1997). “Answers to Objections to the 100% Plan.” Fisher Papers, Yale University Library. Reprinted in Barber et al, 1997, The Works of Irving Fisher – Vol. 11. 100% Money, 308–311.
Graham, Frank D. 1936. “Partial Reserve Money and the 100 Per Cent Proposal.” The American Economic Review, 26/3: 428–440.
—–, —–. 1941. “100 Per Cent Reserves: Comment.” The American Economic Review, 31/2: 338–340.
Higgins, Benjamin. 1941. “Comments on 100 Per Cent Money.” The American Economic Review, 31/1: 91–96.
Hook, Andrew. 2022. “Examining modern money creation: An institution-centered explanation and visualization of the “credit theory” of money and some reflections on its significance.” The Journal of Economic Education, 53/3: 210-231.
Krainer Robert E. 2013, “Towards a Program for Financial Stability”. Journal of Economic Behavior & Organization, 85 (January): 207-218.
—–, —–. 2017, “Economic Stability under Alternative Banking Systems: Theory and Policy”. Journal of Financial Stability, 31: 107-118.
Kumhof, Michael, et al. 2020. “Central Bank Money: Liability, Asset, or Equity of the Nation?” Cornell Law School Research Paper No. 20-46.
Lainà, Patrizio. 2017. “Seignorage from Full-Reserve Banking”. Published in Lainà, Patrizio, “Full-Reserve Banking: Separating Money Creation from Bank Lending”, PhD Thesis, University of Helsinki (November 13, 2017).
Lehmann, Fritz. 1936. “100% Money.” Social Research, 3/1: 37–56.
Lester, Richard A. 1935. “Check-Book Inflation.” The American Scholar, 4/1: 30–40.
Mellor, Mary. 2019. Money: Myths, Truths, and Alternatives. Bristol, UK: Policy Press.
Nayan, S., Kadir, N., Abdullah, M. S., & Ahmad, M. 2013. “Post Keynesian Endogeneity of Money Supply: Panel Evidence”. Procedia: Post Keynesian Endogeneity of Money Supply: Panel Evidence Economics and Finance, 7: 48-54.
Neuman, Andrew M. 1937. “100 Per Cent. Money.” The Manchester School, 8/1: 56–62.
Ponsot, Jean-François. 2017. “Rethinking Money“. In: Rochon, Louis-Philippe, and Sergio Rossi (eds), A Modern Guide to Rethinking Economics, Edward Elgar Publishing, 2017, 114-28.
Robbins, Richard H. 2014. “Debt and the Monetary Foundations of Inequality”. Anthropology News, 55, 14–15.
—–, —–. 2020. “Financialization, Plutocracy, and the Debtor’s Economy: Consequences and Limits”. In: Hann, Chris and Don Kalb (Eds.), Financialization: Relational Approaches. Max Planck Studies in Anthropology and Economy, Volume 6, New York and Oxford: Berghahn, 65–94.
—–, —– & Tim DiMuzio. 2020. “Capitalized money, austerity and the math of capitalism”. Current Sociology, 68: 149–168.
Robinson, George Buchan. 1937. “100% Bank Reserves.” Harvard Business Review, 15: 438–447.
Rochon, Louis-Philippe. 1999. Credit, money, and production: An alternative post-Keynesian approach. Cheltenham, UK and Northampton, MA: Edward Elgar.
—–, —–. 2001. “Cambridge’s Contribution to Endogenous Money: Robinson and Kahn on Credit and Money”. Review of Political Economy, 13/3: 287-307.
—–, —– & —–, —–. (eds). 2003. Modern Theories of Money: The Nature and Role of Money in Capitalist Economies. Cheltenham, UK and Northampton, MA: Edward Elgar.
Schuller, Govert. 2023. “Rochon’s Five Propositions on Bank Credit Creation”. Valatie, NY: American Monetary Institute.
Simarmata, Djamester. 2023. “Development Finance by Money Creation, instead of Foreign Debt or Saving: A New Paradigm For Development Economics”. MS [Forthcoming]
Simons, Henry C. 1934. “A Positive Program for Laissez-Faire”. Public Policy Pamphlet No 15. Chicago: University of Chicago Press.
Skaggs N.T. 1997. “Henry Dunning Macleod and the Credit Theory of Money”. In: Cohen A.J., Hagemann H., Smithin J. (eds), Money, Financial Institutions and Macroeconomics, Recent Economic Thought Series, vol 53, Dordrecht: Springer.
Smithin, J. 2013. “Keynes’s theories on money and banking in the Treatise and the General Theory”. Review of Keynesian Economics, 2/2: 242–56.
Stellinga, Bart, et al. 2021. Money and Debt: The Public Role of Banks. Research for Policy Series. Studies by the Netherlands Council for Government Policy. Cham, Switzerland: Springer.
Thomas, Rollin G. 1940. “100 Per Cent Money: The Present Status of the 100 Per Cent Plan.” The American Economic Review, 30/2: 315–323.
Tolley, George S. 1962. “100 Per Cent Reserve Banking”. In: Yeager, L. B. (ed.), In Search of a Monetary Constitution, Cambridge, MA: Harvard University Press, 275–304.
Watkins, Leonard L. 1938. Commercial Banking Reform in the United States: With Especial Reference to the 100 Per Cent Plan and the Regulation of Interest Rates on Bank Deposits. Vol. 5. Michigan Business Studies, 8. Ann Arbor, MI: University of Michigan.
Werner, Richard A. 2003. Princes of the Yen: Japan’s Central Bankers and the Transformation of the Economy. New York: M.E. Sharpe.
—–, —–. 2018. “Shifting from Central Planning to a Decentralised Economy”. Paper presented at the 14th Rhodes Forum: Dialogue of Civilisations Research Institute, Panel 2: “Economic Alternatives when Conventional Models Fail”, Rhodos, Greece, on 1 October 2016 and at the 4th European Conference on Banking and the Economy (ECOBATE 2016), in Winchester Guildhall, Winchester UK, on 12 October 2016.
Whittlesey, Charles R. 1935. “Banking and the New Deal”. Public Policy Pamphlet No. 16. Chicago: University of Chicago Press.
C. Studies Critical of Sovereign Monetary Theory and Reform (including MMT section)
Pro MMT
Berkeley, A., Ryan-Collins, J., Tye, R., Voldsgaard, A. and Wilson, N. 2022. “The self-financing state: An institutional analysis of government expenditure, revenue collection and debt issuance operations in the United Kingdom.“ UCL Institute for Innovation and Public Purpose, Working Paper Series (IIPP WP 2022-08)
Ryan-Collins, Josh. 2022. “Why the British state is a magic money tree“. The New Statesman, 26 May 2022
Keen, Steven. 2022. “A Little Knowledge is a Dangerous Thing: Observations on the debate between MMT advocates and Progressive Money Canada founder Jeff Eder”. Planksip, 30 Sept 2022.
Critical of MMT
Eder, Jeff. 2022. “Steve Keen has lost his way in a Minsky Maze”. Progressive Money Canada. [Response to Keen, 2022]
Epstein, Gerald A. 2019. What’s Wrong with Modern Money Theory? A Policy Critique. Cham, Switzerland: Palgrave.
Mueller, Antony P. 2019. “The magic money tree: The case against modern monetary theory (MMT).” Research Paper Series Adam Smith Institute (ASI), UK.
Schuller, Govert. 2020a. “Requesting Evidence for a Crucial MMT Claim”. Blog. Alliance For Just Money, 16 Aug 2020.
—–, —–. 2020b. “Triple-column Comparison between Modern Monetary Theory (MMT), the Actual Monetary System, and Sovereign Money Reform (SMR)”. Blog. Alliance For Just Money, 21 Sept 2020.
—–, —–. 2020c. “ ‘What’s Wrong with Modern Money Theory?’: A Summary”. Blog. Alliance For Just Money, 5 Oct 2020.
—–, —–. 2022. “Did Dr. Joshua Ryan-Collins go MMT?”. Paper presented at the American Monetary Institute conference, October 8, 2022. Video here.
D. Non-academic Advocacy Pamphlets, Reports, Briefings and Books
AMI. 2021. “AMI Conference Statement to COP26: Regarding the Monetary Dimension of Climate Change”. American Monetary Institute, Evanston, IL, USA, 11 Nov 2021.
Anon. 2019. “Open Letter: Rethinking the Role of Banks in Economics Education”. Rethink Economics.
Hermanutze, Derryl. 2020. A Brief History of Financial Plunder. Independently published.
Jordan, Thomas J. 2018. “How money is created by the central bank and the banking system.” Speech at the Zürcher Volkswirtschaftliche Gesellschaft, Zürich, 16 Jan 2018. Speech given in German. Zürich: Swiss National Bank.
McConnachie, A. 2006. Clarifying Our Money Reform Proposals: A Report for the Tenth Annual Bromsgrove Conference. Bromsgrove Conference, Bromsgrove, England.
Positive Money. N.d. “What people think banks do: The money multiplier and other myths“. London: Positive Money.
Stuart, James Gibb. 1991. Scotland and Its Money. Edinburgh: John Dunlop.
—–, —–. 1992. Economics of a Green Renaissance. Glasgow: Ossian Publishers.
—–, —–. 1993. Hidden Menace to World Peace. Glasgow: Ossian Publishers.
Turner, W.E. 1966. Stable Money: A Conservative Answer to Business Cycles. With introduction by Representative Wright Patman. N.p.
E. Supporting Studies Addressing Monetary Issues
Costa, Jorge Meira & Marc Gauvin, McNeill. 2015. “A proposal for harmonising current disparate (scientific and legal) definitions of money towards greater decidability in the provision of Justice according to universal principles of contract law“. Presentation at MERC first annual conference on The Monetary Policies in The Balkans, The Future of The Euro and The Eurozone in The Balkan Region. Monetary and EconomicResearch Center, Sofia -Bulgaria, 2015.
DiMuzio, Tim. 2023. “Capitalism, Money and Inequality in the World”. In: Bieri, Sabin & Bader, Christoph (Eds.), Transitioning to Reduced Inequalities, Basel, Switzerland: MDPI Books.
Gauvin, Marc & Sergio Dominguez. 2020. “A Systems Engineering Approach to Formal Monetary and Financial Stability Without the Vagaries of “Austerity” “. Submitted December 2020 to Monetary Research Centre (MRC), University of National and World Economy (UNWE), Sofia Bulgaria.
F. Journalistic Articles Addressing Monetary Reform
Baker, Scott, 2012. “The Instant Solution to the New Depression: Debt-free Money”. HuffPost, 4 june 2012.
Howell, John. 2017a. “Who creates money and where does it go?” The Athens Messenger, 25 Jan 2017.
—–, —–. 2017b. “Why money creation is central to most of the problems faced by society”. Athens, OH: Democracy over Corporations.
Joób, Mark. 2014. “The Sovereign Money Initiative in Switzerland“. World Economics Association Newsletter, 4/3 (June 2014): 6-7. (Comments here)
Hulsmann, Jorg Guido & Patrizio Laina & Joseph Huber & Ib Ravn & Bryan Gould. 2020. “Letter: It’s time to reconsider full reserve banking”. Financial Times (UK), 30 Aug 2020.
G. Educational and Promotional Videos (and other media)
Collins, Josh Ryan & Gabor, Daniela & Dyson, Ben & Werner, Richard. 2014. “Money and Banking”. Rethinking Economics, London Conference, June 2014. RE YouTube Channel, 25 Aug 2014.
Reiss, Michael. 2012. “Money… How It Works”. Unconventional Economics YouTube Channel, 22 dec 2012.
Schasfoort, Joeri. 2020. “How Commercial Banks Really Create Money (the Money Multiplier is a MYTH).” Money & Macro YouTube Channel, 28 Mar 2020.
—–, —–. 2020. “The Monetary Financial System Visually Explained“. Money & Macro YouTube Channel, 9 Dec 2020.
—–, —–. 2021. “Why Private Bank Money Creation is Dangerous.” Money & Macro YouTube Channel, 27 Jan 2021.
Turner, Adair. 2014. “The Need for Radical Change”. Keynote Speech, Rethinking Economics, London Conference, June 2014. RE YouTube Channel, 25 Aug 2014.
Kamp, Diane & Dave Zollinger. 2008. “Stephen Zarlenga Talks About the Lost Science of Money”. Demcracy’s Edge talk radio. 48m31s. Internet Archive, 20 Oct 2008.
Werner, Richard. 2015. “A Prosperous Future Together”. Dialogues of Civilizations. Rhodes Forum 2015. Dialogues of Civilizations YouTube Channel, 23 Dec 2015.
H. Other Relevant Background Studies
Barrdear, John & Kumhof, Michael. 2021. “The macroeconomics of central bank digital currencies.” Journal of Economic Dynamics and Control (2012): 1041-48.
Bichler, Shimshon, Jonathan Nitzan, and Timothy DiMuzio. 2012. “The 1%, Exploitation and Wealth: Tim Di Muzio interviews Shimshon Bichler and Jonathan Nitzan“. Faculty of Law, Humanities and the Arts, University of Wollongong – Papers 810.
Chick, Victoria. 1986. “The evolution of the banking system and the theory of saving, investment and interest”. Economies et Sociétés, 20/8–9: 111–26.
Grim, Ryan. 2009. “Priceless: How the federal reserve bought the economics profession.” Huffington Post,23 Oct 2009
Hockett, Robert C. 2020. “The capital commons: A plan for building back better and beyond.” 20 Aug 2020. Available at SSRN 3697337.
—–, —– & Omarova, Saule T., 2018. “Private Wealth and Public Goods: A Case for a National Investment Authority“. Journal of Corporation Law, 437:
—–, —– & —–, —–. 2020. “Financing Continuous Development: The ‘American Plan’ of State Capitalism”. Cornell Legal Studies Research Paper No. 20-31 (April 2, 2020). Available at SSRN. Also in: Wright, Mike et al (eds.), 2020, The Oxford Handbook of State Capitalism, Oxford: Oxford UP.
Kaldor, N. 1970. “The New Monetarism”. Lloyds Bank Review, 97/1: 1–18.
Kuypers, Stef. 2019. Money, behavior and society: The invisible link. TEDxAntwerp, Nov 2019.
Lietaer, Bernard & Christian Arnsperger, Sally Goerner, Stefan Brunnhuber. 2012. Money and Sustainability The Missing Link. A Report from the Club of Rome – EU Chapter – to Finance Watch and the World Business Academy. Axminster, UK: Triarchy Press.
—–, —– & Dunne, Jacqui. 2013. Rethinking Money: How New Currencies Turn Scarcity into Prosperity. San Francisco: Berrett-Koehler.
Lonergan, Eric. 2014. Money (The Art of Living). Second edition. Oxon, UK & New York: Routledge.
Minsky, Hyman P. 1994. “Financial Instability and the Decline (?) of Banking: Future Policy Implications“. Working Paper No. 127, October 1994. The Jerome Levy Research Institute of Bard College.
—–, —–. 1995. “Would Universal Banking Benefit the U.S. Economy?” Hyman P. Minsky Archive, Paper 51, reworked version dated April 5, 1995.
Nain, Aditya, & P. G. Jung. 2021. Understanding Money: Philosophical Frameworks of Monetary Value. London & New York: Taylor & Francis.
Omarova, Saule T. “The People’s Ledger: How to Democratize Money and Finance the Economy”. Vanderbilt Law Review, 74/5:
Palley, Thomas. 2022. Theorizing dollar hegemony, Part 1: The political economic foundations of exorbitant privilege. No. PKWP2220. Post-Keynesian Economics Society, August 2022.
Ricardo, David. [1824] 1951. Plan for the Establishment of a National Bank. London: John Murray, Albemarle-Street, 1824. Reprinted in: Sraffa P. (ed.), 1951, The Works and Correspondence of David Ricardo, Vol. 4, Cambridge, UK: Cambridge UP, 271-300
Robbins, Richard H. 2022. “ ‘An Opportunity of a Lifetime’: Covid-19 in the Age of Finance”. In: Tim Di Muzio and Matt Dow (Eds.), Covid-19 and the Global Economy, London & New York: Routledge.
—–, —–. 2022. “Financialization”. In: James G. Carrier (ed.), The Handbook of Economic Anthropology, 3rd Edition, Oxford: Berg Publishing.
—–, —–. 2020. ‘The Economy After Covid-19”. Focaal Blog.
Sanderson, Stephen K. 1995. Civilizations and World Systems: Studying World-historical Change. Lanham, MD: Rowman Altamira.
Schuller, Govert. 2020. “Talk About Borders”. Blog, Alliance For Just Money, 23 May 2020.
Seligman, Edwin Robert Anderson, et al. 1908. The Currency Problem and the Present Financial Situation: A Series of Addresses Delivered at Columbia University, 1907-1908. New York, NY: Columbia University Press.
Suaste Cherizola, Jesús. 2021. “From Commodities to Assets: Capital as Power and the Ontology of Finance”. Review of Capital as Power, 2/1: 1-29.
Toynbee, Arnold J. 1962–1964 [1934–1961]. A Study of History. 12 vols. Oxford: Oxford University Press.
Toynbee, Arnold J. 1947a. A Study of History. Vol. I. Abridgment of vols. I–VI by D. C. Somervell. London: Oxford University Press.
Toynbee, Arnold J. 1947b. A Study of History. Vol. II. Abridgment of vols. VII–XI by D. C. Somervell. London: Oxford University Press.
Viñuela, Carlos, Juan Sapena, and Gonzalo Wandosell. 2020. “The Future of Money and the Central Bank Digital Currency Dilemma” Sustainability, 12/12: 9697.
Wallerstein, Immanuel. 1974-1989. The Modern World-System. 3 volumes. New York & San Diego & London: Academic Press.
—–, —–. 2000. The Essential Wallerstein. New York: The New Press.
—–, —–. 2004. World-Systems Analysis: An Introduction. Durham, NC: Duke University Press.
Wilkinson, David. 1987. “Central Civilization”. Comparative Civilizations Review, 17/17: Article 4. Also in: Sanderson, Stephen K., 1995, Civilizations and World Systems: Studying World-historical Change, Lanham, MD: Rowman Altamira, pp. 46-74.
New Links to Older Studies
Klein, Manuel et al. 2018. “The Future of Money – 10 years after Lehman and Nakamoto” (Conference). Conference videos and papers. 24 Nov 2018. Berlin, Germany: Monetative.
Robertson, James. 2012. Future Money: Breakdown or Breakthrough? Totnes, UK: Green Books.
Werner, Richard A. 1997. “Towards a New Monetary Paradigm: A Quantity Theorem of Disaggregated Credit, With Evidence from Japan“. Kredit und Kapital, 30/2 (July 1997): 276–309 .
—–, —–. 2005. New Paradigm in Macroeconomics: Solving the Riddle of Japanese Macroeconomic Performance. Basingstoke, UK & New York: Palgrave Macmillan.