By Georg Friedrich Knapp, James Bonar, H. M. Lucas

2013 Reprint of 1924 version. complete facsimile of the unique version, now not reproduced with Optical acceptance software program. Georg Friedrich Knapp (1842-1926) was once a German economist who in 1895 released "The country conception of Money," which based the chartalist university of financial concept, which takes the statist stance that cash should have no intrinsic worth and strictly be used as governmentally-issued token, i.e., fiat funds. released initially in 1905, it created a stir between lecturers and coverage makers, with proponents and critics either arguing forcefully approximately it. It used to be written at a time whilst financial concerns have been in an exceptional flux. during the international, nations debated the optimum metal common for his or her financial structures. should still it's silver, gold, either in a set relation (bimetallism), a mixture of the 2 (symmetalism), or may still the choice of the normal be left to the industry? Knapp positioned the talk on new flooring through suggesting that there don't need to be a metal ordinary in any respect. rules in regards to the desirability of paper funds now not subsidized via gold or different metals were offered earlier than yet have been by no means in a position to command educational respectability.

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The metal gold would then have had no lower limit of price. In Bremen the gold would not have had a lower, but only an upper price limit. This phenomenon, which is in any case rare, cannot be made intelligible a t all when considered purely from the platic point of view. As a matter of fact the Bremen gold money was not specie money, because there was no hylic metal, in spite of the existence of metal discs. Really strict hylodromy exists nowhere in practice, but only a delimitation of the hylodromic range.

Nonmaterial Chartal money is not constructed according to the requirements of the schools. It is not narrow school tradition but actual fact which should teach us the essential principles of Chartal payment. The non-material Chartal form is not abnormal. On the contrary, it gives the bare normal lay-figure to be draped in all manner of imposing and useful fashions. A parallel case is the constitution of an army. It may be highly expedient to equip an army with breechloaders, because it will then be a better match for the enemy.

For the one the claim is positive-he is the creditor ; for the other, it is negative-he is the debtor. k Negative claims are d e b--. " When the State introduces new means of payment, this takes effect in reference to the negative and positive debts of each person, or-what comes to the same thing-his negative and his positive claims. Each individual has an amphitropic position in trade, i. e. he is in some quarters a debtor and at the same time in other quarters a creditor. This amphitropic position of the individual in economic transactions was so obvious that it was completely overlooked.

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The State Theory of Money by Georg Friedrich Knapp, James Bonar, H. M. Lucas


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