Abstract
The vast majority of what has been written about the monetary system and its theories was developed when money was totally or partially backed by some type of merchandise. At present, commodity money no longer exists, only debt money. This paper addresses money from its transition to the current situation, through this 'manifesto of money', for the construction of a new theoretical framework that adapts to the current reality and adopting money as a real medium of exchange. This paper uses the methodology of historical review and of existing power relations in this historical moment in time called the archaeological and genealogical methodology by Foucault. Using this tool, a review of the related economic literature is made and the incongruities of the current monetary system are described. The central axis of this work is the 'neutrality of money' which is used to develop a proposal for a national currency and a proposal for an international exchange currency as the basis for the construction of a new model.
Highlights
The various aspects to be considered in the historical conformation of the quantitative theory of money, such as the construction of the current monetary system, must have as a central axis a critical perspective of capitalism with the aim of an alternative search to the current system
The proposal of local or national currencies and the proposal of an international currency can be developed, which has as its central axis the correction of market imperfections, whether they are monopolies and oligopolies in any sector of the economy, and mainly, the correction of the participation of imperfect agents in the creation of the money supply, which is the basis of the correction of monopolies and oligopolies
Market imperfections have predominated; imperfections that have been the product of the development of ideological economic theory itself and imposed as the dominant discourse, as well as the product of the imposition of the private financial banking sector, in the present, and from its origin
Summary
The various aspects to be considered in the historical conformation of the quantitative theory of money, such as the construction of the current monetary system, must have as a central axis a critical perspective of capitalism with the aim of an alternative search to the current system. A central phenomenon in the history of societies, it is the intersection between power relations – knowledge with strategic relationships and the results of their interaction, that manifest themselves in a massive and universalising form of domination of a group, a caste or a class, together with the resistance and revolts that this domination encounters” [Rivera Vicencio, (2012), pp.747–748; Foucault, (1994), p.242] Capitalism, by building this new governmentality, until it reaches the current corporate governmentality, sustained in the very orientation of power – knowledge, constructs a discourse, establishes certain disciplines and controls; it models a certain ‘ethic’ and develops its pillars in which it will be sustained, like the evolution of knowledge of science and, in particular, of economics. Even in their inability to solve their own internal problems and to take measures in favour of the lives of their own citizens, they have sought to blame third parties for their own ineffectiveness
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