Abstract
Money has been a polarising and unresolved socio-economic issue for more than 300 years. In this article, we explore how the state became increasingly involved in money and, through the words of prominent monetary theorists, identify the problem of the state in money. We analyse Bitcoin to see if it is a solution to this problem but move on to contend that the political dimension needs to be the focus of theory in the 21st century and that control of the supply of money, and the power that it gives, is the root of contention.
Highlights
Money is ‘the pivotal institution of modern capitalism’ (Ingham, 2004: 18)
We argue that debate should move beyond the traditional and fundamental clash of commodity theory versus claim theory, thereby framing the second element of the money question as the most important
The argument that gold is a better form of money than Bitcoin as it has other uses is not correct according to the philosophy of Simmel
Summary
Money is ‘the pivotal institution of modern capitalism’ (Ingham, 2004: 18). Yet, debates about the form of money, its politicisation, and even about what it is, have persisted for millennia (Ingham, 2020: 3). If Smith, Knapp, Keynes, Von Mises, Hayek and others have acknowledged the problem of the state in money, why does Bitcoin receive such opposition? The argument that gold is a better form of money than Bitcoin as it has other uses is not correct according to the philosophy of Simmel.
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