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| Author: | Bryan, D. Rafferty, M. |
| Title: | Financial derivatives and the theory of money |
| Journal: | Economy and Society
2007 : FEB, VOL. 36:1, p. 134-158 |
| Index terms: | Financial services Marxian economics monetary theory money risk |
| Freeterms: | derivatives |
| Language: | eng |
| Abstract: | Although financial derivatives are used and counted as money, it is unclear exactly what sort of money they are. This article examines the monetary role of financial derivatives in securing the global financial system. Derivatives have a role where they are a form of commodity money, but the role is still very different from conventional understanding of commodity money. This article takes issue with Ingham's state theory of money and Lapavitsas' approach to a Marxist theory of money, which relegates commodity money to a historical abstraction. |
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