Abstract
In this paper the bases of the monetary metalism are confronted with the institutionalist monetary fundaments of chartalism. Initially, an attempt is made to unmask the erroneous conception of money that still permeates economic and political doctrines in contemporary societies, in order to propose instead a new conception of money, more adjusted to reality and historical evidence where it acts as a driving force for the development of the real variables. In this context, the nature of modern credit money is highlighted as a unit of account whose transferability incorporates the State as debtor. In this sense, it is concluded that a modern conception of money gives the monetary authority useful and concrete economic policy tools to deal with the problems of full employment and price stability that shake today's societies.
Highlights
En el trabajo confrontamos las bases de la economía monetaria metalista con los fundamentos monetarios institucionalistas del cartalismo
In this paper the bases of the monetary metalism are confronted with the institutionalist monetary fundaments of chartalism
An attempt is made to unmask the erroneous conception of money that still permeates economic and political doctrines in contemporary societies, in order to propose instead a new concep tion of money, more adjusted to reality and historical evidence where it acts as a driving force for the development of the real variables
Summary
En el trabajo confrontamos las bases de la economía monetaria metalista con los fundamentos monetarios institucionalistas del cartalismo. Inicialmente, intentamos desenmascarar la errónea concepción del dinero que impregna aun hoy las doctrinas económicas y políticas en las sociedades contemporáneas, para proponer, en su lugar, una nueva concepción del dinero más ajustada a la realidad y a la evidencia histórica, donde éste actúa como mecanismo impulsor para el desarrollo de las variables reales. Resaltamos especialmente la naturaleza del dinero-crédito moderno como una unidad de cuenta cuya transferibilidad incorpora al Estado como deudor. Concluimos que una concepción moderna del dinero concede a la autoridad monetaria herramientas de política económica útiles y concretas para afrontar los problemas del pleno empleo y de la estabilidad de precios que sacuden a las sociedades actuales
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