The Neo-Chartalist Approach to Money

@inproceedings{Wray2000TheNA,
  title={The Neo-Chartalist Approach to Money},
  author={L. Randall Wray},
  year={2000}
}
As argued by Charles Goodhart, there are two competing approaches to the study of money: the orthodox, or M-form (for Metalist); and the C-form, or Chartalist. The central idea of M-form theory is that money was invented to facilitate exchange. The value of money was initially determined by the value of the coined metal, later by the commodity that backed it, i.e., gold; eventually, the public was fooled into accepting money with no backing. In the modern economy, says orthodox theory, the… Expand
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