The limits of currency politics

Abstract

In Locke’s philosophy money is ‘naturalised’ and thus ostensibly removed from political contestation. Locke has been criticised for marginalising monetary politics, and thus downplaying the conventional character of money that could potentially allow for democratic monetary reform. Drawing on Marx’s writings, this paper shows that money is indeed a social convention, but its inherent economic functioning restricts its susceptibility to political contestation. There are limits to the democratic reform of money in a capitalist economy that spring from money’s own nature.

Keywords

• Locke
• Marx
• monetary theory
• credit money
• capitalism, monetary reform.