In the post-war period prior to 1990 policy proposals aimed at reducing the instabilities associated with increased capital flows focused on increasing market efficiencies so that nominal variables would reflect real conditions in the economy. However, those in charge of financial resource flows...

Georg Simmel reached the conclusion that evolution drives money towards an ever‐higher level of functionality while, at the same time reducing its importance as a substance. This article confronts Simmel’s one hundred‐year‐old hypothesis with the changes money has undergone since the...