123
–
100). With Žižek, we can understand the commodity theory of
money as an effort to found the value of money in the dimension of the real by pointing to the intrinsic value of gold as the ultimate support of the currency. It is crucial to note how Žižek’s definition of the real is anything but straightforward and even varies throughout his writings. At some points, the real is located in a positive existence beyond the sphere of symbolization. He defines the real as ‘that which resists symbolization’ and ‘as the rock upon which every attempt at symbolization stumbles’ (1989, 69, 169). At other points, the real is located in a negative existence, i.e. as merely a void or an aporia inherent in the symbolic
15
order. Žižek states that: ‘the symbolic order itself, is …
barré, crossed-out, by a fundamental impossibility, structured around an impossible/traumatic kernel, around a central lack’ (1989, 122). This lack is the real.
Credit money plays a crucial role in Schumpeterian theoretical analysis of economic development.
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice: The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wish to form new combinations and the possessor’s of productive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in the name of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
Recollection of the famous passage in The Theory of Economic Development
(Schumpeter, 1934,p. 74) should suffice: The banker […] is not so much primarily a middleman in the commodity ‘purchasing power’ as a producer of this commodity […] He stands between those who wish to form new combinations and the possessor’s of productive means. He is essentially a phenomenon of development, though only when no central authority directs the social process. He makes possible the carrying out of new combinations, authorizes people, in the name of society as it were, to form them. He is the ephor of the exchange economy. In other words – as Schumpeter wrote in his ambitious and unlucky
Business Cycles credit creation is the monetary complement of innovation
(Schumpeter, 1964, p. 110):
Soddy
‘It’s not under supervision of any central bank’ – Saudi billionaire
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MUSO MUSINGS : Fatherhood, Theory & Stuff: The Magic Money Tree and Private Banks , misunders… https://t.co/zTv14CHrUL #ConquestofDough
MUSO MUSINGS : Fatherhood, Theory & Stuff: The King Is dead long live the king. Bitcoin Bubbl…
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