Moneyness
An example of tax-driven money during the greenback era
JP Koning
An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
I am teaching Origins of Political Economy this fall which allows me to (re)read some classical books starting with Adam Smith. Having read Ricardo, students were wondering whether the metalist view still holds today and if not, what replaced it. I found this paper by Stephanie Bell [now Kelton] very enlightening, which contains a quote from Adam Smith. Here is the full paragraph (source) from ‘Chapter II (continuation): On Money considered as a particular Branch of the general Stock of the Society, or of the Expense of maintaining the National Capital‘: