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The Nature of Money 1st Edition

by Geoffrey Ingham (Author)
4.6 4.6 out of 5 stars 27 ratings
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In this important new book, Geoffrey Ingham draws on neglected traditions in the social sciences to develop a theory of the ‘social relation’ of money.
  • Genuinely multidisciplinary approach, based on a thorough knowledge of theories of money in the social sciences
  • An original development of the neglected heterodox theories of money
  • New histories of the origins and development of forms of money and their social relations of production in different monetary systems
  • A radical interpretation of capitalism as a particular type of monetary system and the first sociological outline of the institutional structure of the social production of capitalist money
  • A radical critique of recent writing on global e-money, the so-called ‘end of money’, and new monetary spaces such as the euro.
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Previous page
  1. ISBN-10
    074560997X
  2. ISBN-13
    978-0745609973
  3. Edition
    1st
  4. Publisher
    Polity
  5. Publication date
    April 9, 2004
  6. Language
    English
  7. Dimensions
    6.05 x 0.77 x 9.08 inches
  8. Print length
    264 pages
  9. See all details
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Editorial Reviews

Review

"This excellent book reveals a sounder grasp of credit-money than many contemporary heterodox economists and almost all orthodox monetarist economists."
OpenDemocracy

From the Inside Flap

The Nature of Money draws on neglected intelectual traditions in the social sciences to develop a theory of the social relation of money. Geoffrey Ingham argues that mainstream economics and sociology fail to grasp the specific nature of money. It is seen either as a ‘neutral veil’ over the operation of the ‘real’ economy or its existence is simply taken for granted.

Defining money as a socially and politically constructed ‘promise to pay’, Ingham applies this approach to a range of important historical and analytical questions. The origins of money, the ‘cashless’ monetary systems of the ancient Near Eastern empires, the pre-capitalist coinage of Greece and Rome and the emergence of capitalist credit-money are all given new interpretations. In contrast to the conventional focus on production and property relations, ir is argued that capitalism’s distinctiveness is to be found in the social structure Ä comprising complex linkages between firms, banks and states Ä by which private debts are routinely ‘monetized’. Monetary ‘disorders’ Ä inflation, deflation, the collaspe of currencies Ä are the result of disruptions of, or the inability to sustain, these creditÄdebt relations. Finally, this concept of money is used to clarify confusion in the recent debates on the emergence of new forms and spaces of money Ä such as global electronic money, local exchange trading schemes and the euro.

Product details

  • Publisher ‏ : ‎ Polity; 1st edition (April 9, 2004)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 264 pages
  • ISBN-10 ‏ : ‎ 074560997X
  • ISBN-13 ‏ : ‎ 978-0745609973
  • Item Weight ‏ : ‎ 13.8 ounces
  • Dimensions ‏ : ‎ 6.05 x 0.77 x 9.08 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 27 ratings

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Geoffrey K. Ingham

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Customer reviews

4.6 out of 5 stars
4.6 out of 5
27 global ratings

Top reviews from the United States

Amazon Customer
5.0 out of 5 stars Informative
Reviewed in the United States on August 11, 2018
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Interesting
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Derek Gatta
5.0 out of 5 stars Five Stars
Reviewed in the United States on November 24, 2014
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Prompt Service!
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Indikos
5.0 out of 5 stars Whole Heartedly Recommended
Reviewed in the United States on July 8, 2017
I have had a deep interest in Money for a long time and have had a very
inchoate understanding of it. This is first book I come across that satisfies
my needs. Is an excellent book on money and I highly recommend it to the
economist and social scientist. Defining money as a socially and politically promise to
pay, the author applies this approach to an array of historical and economic
analytical questions. This book opened my eyes to the multifarious functions
of money, a good number of which were very dim to me.

If you are interested in money from an investing point of view then
this book is probably not for you.
5 people found this helpful
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Dr. Warren Coats
3.0 out of 5 stars A sociologist’s explanation of money and is value
Reviewed in the United States on January 17, 2019
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The author includes an informative review of alternative theories of the origins of money and the source and determination of its value. However he occasionally misrepresents orthodox theories, especially the monetarism of Friedman. The sociologist’s view that moneties value is the outcome of the conflict between different interests or classes is hard to swallow.
One person found this helpful
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Michael W. Turner
4.0 out of 5 stars A helpful reference in understanding the role of money from a sociological viewpoint
Reviewed in the United States on December 27, 2014
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Ingham delves into the origins of money and its precursors debt and credit in a systematic investigation. I found the book helpful in understanding the origins of the various schools of thought that have shaped the public conception of money. The concept of money as a social and political construct that defines the relationship between creditors and debtors, and in whose favor that construct works, needs closer examination. The author admits as much and urges an investigation into the uses and influence of money based on the concept that money is not an abstraction covering a deeper natural relationship between producers and consumers, but has been constructed based on social relationships between classes of people. Far from being neutral, how money is constructed and produced in a modern capitalist society's determines the balance of power between classes, and is itself an instrument that shapes society.
16 people found this helpful
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Veyron
3.0 out of 5 stars Three Stars
Reviewed in the United States on February 21, 2015
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Top reviews from other countries

jonone100
5.0 out of 5 stars A profound, succinct and challenging examination of concepts and theories of Money
Reviewed in the United Kingdom on March 26, 2013
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Ingham's book was first published in 2004, prior to the credit crunch of 2008 and before the birth of bitcoin. However, it would be a mistake to regard this work as anachronistic. The first 85 pages of the book, sectioned together as 'Concepts and Theories' is quite simply the best appraisal and review of theories of money that I've ever read. Ingham shows clearly the inconsistencies of thought that have riddled the various academic schools of thought on Money across the centuries. He explains how economics has claimed possession of the money phenomenon, which in turn has led the work of other disciplines, in particular sociology, to be neglected. Ingham does a brilliant job of explaining the important aspects of Simmel's work on money, and bringing into the light the work of Weber whose contribution seems to have been hidden in the shadow of his more famous work on the nexus of religion and capitalism. Ingham gives a penetrating critique of both the orthodox/Austrian view of Money and the Marxian view of Money. My only criticism of this first section is that it does not deal with the question of the difference between the terms currency and money. But this omission - I don't think Ingham sees any real difference between the terms - is not enough of a fault within the dynamic of the book for me not to award it 5 stars.

The second section of the book may be more problematic for some. Effectively Ingham endorses a view of Money akin to 'State Theory'. In 'History and Analysis' he gives his account of how Money is both born from and impacts upon social structures. He doesn't go quite as deeply as some anthropological texts do, in regard to the formation of indebted relations, but nevertheless provides a consistent and persuasive account of Money and power. His examination of the role of central banks is particularly strong. However, if you find that Inghman's emphasis on the role of the state grates against your libertarian or anarchist sensibilities, you'll find much to make you huff and puff in the second section of this book. What you won't be able to do though is make any claim as to a lack of rigor or consistency in Ingham's arguments. Indeed, his work challenges you to strengthen your own arguments.

For what its worth I do disagree with thrust of Ingham's argument. For me, there are fatal weaknesses in his non-differentiation of Money and currency, and in his (short) discussion of theories of value. I also think that the advent of Bitcoin creates questions which Ingham would find difficult to answer. But, nevertheless this is one of the most important books written on Money in the noughties. It may not have the popular appeal of David Greaber's tome 'Debt', but at just over 200 pages it is both profound and succinct. Anyone claiming to understand economics should read it.
10 people found this helpful
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M. S. Stewart
5.0 out of 5 stars Outstanding if dense but best book on subject
Reviewed in the United Kingdom on February 6, 2014
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Heavily plagiarised by a more recent and better packaged author this remains THE revisionist text. Very poorly written but if is well worth getting over that. The ideas and the history is fascinating. Highly recommended alongside Coggan's Paper Promises.
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Käufer
5.0 out of 5 stars Five Stars
Reviewed in the United Kingdom on March 30, 2015
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