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CAPITAL-AND-CLASS  November 2018

CAPITAL-AND-CLASS November 2018

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Subject:

NEW IN FROM VERSO: MONEY

From:

Verso Books <[log in to unmask]>

Reply-To:

Verso Books <[log in to unmask]>

Date:

Mon, 12 Nov 2018 17:57:58 +0000

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NEW FROM VERSO

MONEY

5,000 Years of Debt and Power

by Michel Aglietta

Translated by David Broder

With Pepita Ould Ahmed and Jean-François Ponsot

---------------

The major French economist offers a new theory of money

As the financial crisis reached its climax in September 2008, the most
important figure on the planet was Federal Reserve chairman Ben
Bernanke. The whole financial system was collapsing, with little to
stop it. When a senator asked Bernanke what would happen if the
central bank did not carry out its rescue package, he replied, “If we
don’t do this, we may not have an economy on Monday.”

What saved finance, and the Western economy, was fiscal and monetary
stimulus – an influx of money, created ad hoc. It was a strategy that
raised questions about the unexamined nature of money itself, an
object suddenly revealed as something other than a neutral signifier
of value. Through its grip on finance and the debt system, money
confers sovereign power on the economy. If confidence in money is not
maintained, crises follow. Looking over the last 5,000 years, Michel
Aglietta explores the development of money and its close connection to
sovereign power. This book employs the tools of anthropology, history
and political economy in order to analyse how political structures and
monetary systems have transformed one another. We can thus grasp the
different eras of monetary regulation and the crises capitalism has
endured throughout its history.

---------------

Reviews

“Believe it or not, money is absent from the economic theories that
underpin every policy ever enacted on our behalf! Michel Aglietta’s
new book explains splendidly this remarkable absence and, in the
process, highlights beautifully the clash between finance and
democracy, with special emphasis on how the US dollar’s domination
reflects, on the one hand, America’s geopolitical power and, on the
other, the inherent incongruities of the financial sector.”

– Yanis Varoufakis, author of And the Weak Suffer What They Must?

“A splendid account of the history of money from antiquity through
modern times. Aglietta places money, debt, and credit at the heart of
an analysis of—among many things—the Great Financial Crisis and the
future of the dollar, the renminbi, and the euro.”

– James K. Galbraith, author of The End of Normal

“Money is one of the most misunderstood parts of modern-day
capitalism: it is not just a medium of exchange; it is a social
relationship. How we structure the financial system and the associated
characteristics of debt payments fundamen¬tally affects how the real
economy operates. Michel Aglietta brings his powerful ‘regulation
school’ framework to understanding money and how we use this
understanding to restructure the international monetary system.”

– Mariana Mazzucato, author of The Value of Everything

“An impressive attempt to reintegrate macroeconomics into
macrosociology and political theory and philosophy, from one of the
leading economists of our time. The book develops a
state-sovereigntist theory of money to cover the wide field from
global exchange relations to local complementary currencies intended
to promote local sustainable prosperity and social cohesion.”

– Wolfgang Streeck, author of How Will Capitalism End?

“In this magnificent and intellectually brilliant review of money over
the longue durée—5,000 years—Aglietta challenges Anglo-American
economists' narrow, deceitful, and ideologically-driven understanding
of money. Essential reading for those who are rethinking economics.”

– Ann Pettifor, author of The Production of Money

---------------

Hardback :  October 2018 / 9781786634412 / £25.00 / $34.95 / $45.95 (CAN)

WORK is available to buy on the Verso website at 20% off:
https://www.versobooks.com/books/2608-work

---------------

Visit Verso's website for information on our upcoming events, new
reviews and publications and special offers: http://www.versobooks.com

Sign up for the Verso mailing list:
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