Money as a normative text

Rahmatian, A. (2014) Money as a normative text. Journal of International Business and Law, 13, pp. 221-230.

Abstract

The concept of money is regarded as difficult and complex. Today, lawyers leave the discussion of money to economists. Economists see money as a creation of the law and quietly presuppose its existence, so much so that money has disappeared as a separate entity in micro-economic models of market analysis. This article will show, by discussing briefly the modern double-tier system of money creation and the money multiplication within the fractional reserve banking system, that money is an unusual concept, an example of dematerialised property, created by formalised words, figures and symbols. It seems that writers and poets of the nineteenth and twentieth centuries were probably among the first who were able to realize and describe graphically the 'alchemist' impact of money on society and the representational and commodifying aspects of money. The article will give a few examples of literary works that delve into the concept of money.

• Item Type: Articles
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: Rahmatian, Professor Andreas
• Authors: Rahmatian, A.
• College/School: College of Social Sciences > School of Law
• Journal Name: Journal of International Business and Law
• Publisher: Hofstra University School of Law