Evaluating Stephen Zarlenga's treatment of historical monetary thought

Abstract

Purpose

The aim of this paper is to examine the proposition that the monetary reform movement has correctly identified the central importance of money‐issue whilst, simultaneously, not appreciated the sophistication of previous monetary theorists.

Design/methodology/approach

The Classical, Keynesian and Marxian monetary traditions are explored within the context of the views of the monetary reformers, as espoused by Stephen Zarlenga of the American Monetary Institute.

Findings

The monetary reform movement has presented a far too simplistic view of previous monetary theorists yet identified an underdeveloped arena for research.

Practical implications

The development of understanding towards a state theory of money.

Originality/value

The paper contributes to theoretical knowledge regarding the political economy of money creation.

Citation

Mouatt, S. (2008), "Evaluating Stephen Zarlenga's treatment of historical monetary thought", International Journal of Social Economics, Vol. 35 No. 11, pp. 846-856. https://doi.org/10.1108/03068290810905450