Understanding Modern Money¶
Wray, L. R. (1998). Understanding Modern Money: The Key to Full Employment and Price Stability.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Sovereignty
- Cryptocurrency challenges this monopoly, and Wray (1998) frames the underlying stake clearly: in a fiat regime, the state's monetary sovereignty rests on its monopoly power to define the unit of account and demand it back in taxes—a monopoly that decentralized currencies attempt to bypass.
This sourceFoundational Modern Monetary Theory text on monetary sovereignty: a state that issues its own non-convertible fiat currency and demands it back in taxes holds a monopoly position over the unit of account and over fiscal-policy space.
- Cryptocurrency challenges this monopoly, and Wray (1998) frames the underlying stake clearly: in a fiat regime, the state's monetary sovereignty rests on its monopoly power to define the unit of account and demand it back in taxes—a monopoly that decentralized currencies attempt to bypass.
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Registry ID ref:2b399196a6bd · see in the full table