Mohsen M. Yazdanpanah
Erasmus University Rotterdam
His study aims to explore the structural relation between money and capitalism from the standpoint of development ethics in order to understand and alter capitalism's generative potency. In contrast to mainstream economics that sees merely money-in-circulation in a barter economy, money is a social relation that plays a pivotal role in capitalism, as its one of the most important integral part. Accordingly, the process of money-in-its-creation is an organizing/coordinating institution from which the production and a peculiar logic of accumulation follow. In this sense, what matters is the process of money creation, not money itself--as theorised in various strands of thought including from Keynes to Post-Keynesians, Schumpeter, and monetary circuitists. Drawing on this insight, his study proceeds to justify rationales and also to sketch a design of an alternative arrangement of money creation, satisfying some of the principal values in development ethics, in following directions.