Abstract
Money is the most ubiquitous institution on the planet and lays the foundation for human civilization. As such it should underlie economic theory. Due to the dualized nature of Western culture, however, mainstream economic theory assumes that money is simply a value relation to make barter efficient. This theory is manifest in orthodox monetary theory and policy. Ecological economics understands the problems attendant to modern money but has heretofore not developed a theory of money of its own. In order to make its economic theory and policy prescriptions viable, this paper argues that ecological economics must develop a theory of money that is simultaneously rooted in an understanding of money’s socio-history, and an ontological reimagining of dualized Western culture.
Highlights
Western society and culture are characterized by hierarchical dualisms in which reality is divided into superior/inferior pairs [1,2]
Since money is a social relationship that forms the basis of human civilization [15] [75] (p. 163), ecological economics must develop a foundational theory of money upon which alternative economic theory and subsequent social and environmental policy may rest
This dualization leads to an economic theory that is atomistic and mechanistic, and, must treat money as a neutral reflection of barter
Summary
Western society and culture are characterized by hierarchical dualisms in which reality is divided into superior/inferior pairs [1,2]. In order to provide a viable alternative to mainstream economics, ecological economics must develop a foundational theory of money that is simultaneously rooted in a social understanding of money and an ontological re-imagining of the relationship amongst and between humans and nature. Without such a theory of money, ecological economics risks importing flawed monetary theories and dualistic social/ecological ontologies, and proposing inefficacious and contradictory policies. An ecological monetary theory is valuable for its ability to provide the economic foundation that has heretofore been missing and upon which ecological economics’ theories and policies may efficaciously rest
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