Monetary Theory of Production

Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.

1. Introduction; 2. Neoclassical monetary theory; 3. A monetary economy; 4. The creation of bank money; 5. The distribution of income; 6. The role of financial markets; 7. Real and monetary interest; 8. Implications for monetary policy; 9. Concluding remarks; References; Index.