Bitcoin vs. Sovereign Money. On the Lure and Limits of Monetary Reforms

Paul, Axel. (2016) Bitcoin vs. Sovereign Money. On the Lure and Limits of Monetary Reforms. Behemoth : A Journal on Civilisation, 9 (2). pp. 8-21.

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Although indispensable and in daily use, money and more specifically money creation in our two-layered fractional reserve banking system is still poorly recognized by social science at large. Its main features are outlined in order to identify (a) money’s double nature to be private and public at once and (b) inflation and speculative excess as two of its inherent dangers. Bitcoin and sovereign money are discussed as prominent examples of, on the one hand, private or libertarian and, on the other hand state-oriented or social-democratic monetary reforms, each intended to solve one of the two systemic problems our currency order. The new money’s respective advantages notwithstanding, it is shown that neither Bitcoin nor sovereign money can overcome money’s double nature or realize the dream of an eventually neutral money.
Faculties and Departments:04 Faculty of Humanities and Social Sciences > Departement Gesellschaftswissenschaften > Fachbereich Soziologie > Soziologie (Paul)
UniBasel Contributors:Paul, Axel
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Universitätsbibliothek Freiburg im Breisgau
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:24 Aug 2017 10:08
Deposited On:24 Aug 2017 10:08

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