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What is Modern about Modern Money?
In this context the word “Modern” is used in the same context that Keynes has used it.
The State, therefore, comes in first of all as the authority of law which enforces the payment of the thing which corresponds to the name or description in the contracts. But it comes in doubly when, in addition, it claims the right to determine and declare what thing corresponds to the name, and to vary its declaration from time to time – when, that is to say, it claims the right to re-edit the dictionary. This right is claimed by all modern states and has been so claimed for some four thousand years at least. (Keynes 1930, p. 4)
Further Reading
Keynes, J.M., [1930] 1976. “A Treatise on Money,” Volumes I and II, New York: Harcourt, Brace & Company.
In this context the word “Modern” is used in the same context that Keynes has used it.
The State, therefore, comes in first of all as the authority of law which enforces the payment of the thing which corresponds to the name or description in the contracts. But it comes in doubly when, in addition, it claims the right to determine and declare what thing corresponds to the name, and to vary its declaration from time to time – when, that is to say, it claims the right to re-edit the dictionary. This right is claimed by all modern states and has been so claimed for some four thousand years at least. (Keynes 1930, p. 4)
Further Reading
Keynes, J.M., [1930] 1976. “A Treatise on Money,” Volumes I and II, New York: Harcourt, Brace & Company.
