1st Edition

Modern Money and the Rise and Fall of Capitalist Finance The Institutionalization of Trusts, Personae and Indebtedness

By Jongchul Kim Copyright 2023
    198 Pages 59 B/W Illustrations
    by Routledge

    Modern Money and the Rise and Fall of Capitalist Finance examines the true nature of modern money and seeks ideas for an alternative economic system for a just society.

    This book suggests that adopting the ideas and institutions of a trust allowed personae to be combined with creditor-debtor relations and, by doing so, led to the evolution of modern money. This also helps explain why modern banking arose in England rather than continental Europe, by conceptualizing modern money as a trust and investigating the inseparable relationship between personae and modern money, because it is more than creditor-debtor relations - it takes the form of a trust.

    In explaining how the capitalist credit-money economy differs from previous economies, this book is a significant contribution to the literature on modern money, heterodox economics and the philosophy of economics and finance.

    Introduction 1. Money and Property 2. Person, Property, and Trusts 3. Modern Bank Money and a Trust: Hybridity of Property and Debt 4. Modern Bank Money and Trusts: Indebted Legal Personae, such as Corporations and States, 5. Liquidity as a Trust 6. Modern Money as a Trust Conclusion


    Jongchul Kim has critically examined the modern concepts of "person" and "property" and applied this critique to an understanding of money and finance. He is currently an associate professor in Sogang University, South Korea.