The Evolution of a Pure Credit Monetary System
نویسندگان
چکیده
Copyright (1994) This paper places a new interpretation on the traditional evolutionary account of money and banking institutions. This allows the development of a new conceptual framework for a monetary model called the Loans Standard. The Loans Standard has an institutional structure that minimizes the transaction costs of using exchange credit (i.e. money). Developments within the existing system are interpreted as evolutionary steps in the direction of the Loans Standard model.
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