ancient coins gold

Photo by Navneet Shanu.

Money should be designed for the many not the few, argues Mary Mellor in her new book Money, Myths, Truths and Alternatives.

In an article in The Conversation, Mellor previews her book’s themes:

“The myths about money have led us to look at public spending and taxation the wrong way around. … It is no longer necessary to mint coins like Alexander, money can be created by keystrokes. There is no reason why this should be monopolized by the banking sector to create new public money as debt. … The answer must be to subject both forms of money creation – bank and state – to democratic accountability.

Mellor continues:

“This foray into the historical and anthropological stories about money shows that long-held conceptions – that money emerged from a previous market economy based on barter, and that it was originally made from precious metal – are fairytales. We need to recognize this. And we need to capitalize on the public ability to create money. … Money must become our servant, rather than our master.”

[Read the full article]

One Thought on “Redefining money”

  • This sounds like MMT? which is neither modern or a theory. Sound money must be a store of value from ones labor or ingenuity.

    Is MMT the basis of public banking?

    PS. Gold has never been a fairytale. History can prove this.. I can take gold anywhere in the world and sell or trade it for something of value.

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