Introduction; Theoretical foundations; Substance and purposes of economic activity; Money and credit; Debts and balance sheets; The creation of bank deposits; The creation of central bank deposits; The instruments of a central bank (monetary policy); The creation of sovereign securities (fiscal...

In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from...