Which individuals, or entities, control the issue and operation of modern money? In the popular conception both these matters are the responsibility of the monetary authorities ? the state. Yet, in the four decades since Miliband?s ?The State in Capitalist Society?, we have experienced a reduction in the scope and size of the state generally. Does this extend to a diminishing state-role in the national monetary system? Whilst some thinkers, such as Killick, have outlined the existence of restricted (fiscal and monetary) policy autonomy, as a consequence of international capital flows, privatisation and foreign corporate investment, far less discussion has taken place regarding the existence and impact of the increasing private control of money-creation and money-value (Killick 1995). This is despite monetary debates, since the classical period, on topics as diverse as convertibility, neutrality or endogeneity.
|Publication status||Published - 2009|