The Currency of Politics: The Political Theory of Money from Aristotle to Keynes

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Money in the history of political thought, from ancient Greece to the Great Inflation of the 1970s

In the wake of the 2008 financial crisis, critical attention has shifted from the economy to the most fundamental feature of all market economiesmoney. Yet despite the centrality of political struggles over money, it remains difficult to articulate its democratic possibilities and limits. The Currency of Politics takes readers from ancient Greece to today to provide an intellectual history of money, drawing on the insights of key political philosophers to show how money is not just a medium of exchange but also a central institution of political rule.

Money appears to be beyond the reach of democratic politics, but this appearancelike so much about moneyis deceptive. Even when the politics of money is impossible to ignore, its proper democratic role can be difficult to discern. Stefan Eich examines six crucial episodes of monetary crisis, recovering the neglected political theories of money in the thought of such figures as Aristotle, John Locke, Johann Gottlieb Fichte, Karl Marx, and John Maynard Keynes. He shows how these layers of crisis have come to define the way we look at money, and argues that informed public debate about money requires a better appreciation of the diverse political struggles over its meaning.

Recovering foundational ideas at the intersection of monetary rule and democratic politics, The Currency of Politics explains why only through greater awareness of the historical limits of monetary politics can we begin to articulate more democratic conceptions of money.

'The Currency of Politics breaks the frame we use to understand money. More than an instrument or an institution, currency becomes a nerve center of political theory. Deeply in dialogue with the past, Stefan Eich compels us forward to conceptualise money as a medium for democratic agencyor its loss. A tour de force.' Christine Desan, author of Making Money: Coin, Currency, and the Coming of Capitalism

'With deftness, elegance, and intellectual verve, Eich paints a vivid and compelling picture of the whole history of political and economic thought as revealed through an interrogation of money. It is clear that this insightful book announces a new and important voice in the field.' David Singh Grewal, author of Network Power

Reviews

"A fresh and splendidly clear guide to the intellectual history of monetary policy. . . . The Currency of Politics is an invaluable guide to why and how to think about what comes next."---Felix Martin, Financial Times
"Eichs extraordinary book provides an essential guide to thinking about the politics of money." * Adam Tooze *
"Eich offers a rich treatment of each historical episode. But the chapters on the two Englishmen, Locke and Keynes, stand out. . . . pathbreaking."---Jonathan Levy, Project Syndicate
"Eichs book is ultimately a call to revive democratic debate about moneythis excellent bookdoes not tell us what to do, but he does show us something can be done."---Geoff Mann, New Statesman
"A pathbreaking new intellectual history of monetary policy. In examining how key thinkers approached the economic crises of their respective times, Eich offers a map for navigating the politics of money today."---Daniel Steinmetz-Jenkins, The Nation
"Eichs work is sure to be a landmark in political science. His argument is bold and ambitious; his writing clear and engaging; and his message timely, persuasive and imperative."---Erik Jones, Survival
"A deep examination of the theoretical and political foundations of money that rescues the money discussion from economists."---Pratap Bhanu Mehta, Open Magazine
"An intellectual history of money that theoretically grounds the works of others working on democratizing money. The Currency of Politics is a great addition to the philosophy of money."---Valerie Schreur, Oeconomia
"A very good book. . . . Eich takes us on a fascinating journey."---Paul Sagar, Perspectives on Politics
"Exquisitely written."---Jorge Gonzlez-Gallarza, The Critic

Author Bio

Stefan Eich is assistant professor of government at Georgetown University.