| Introduction | p. xi |
| Acknowledgements | p. xvii |
| Classical Foundations | |
| Classical Political Economy of Money and Credit | p. 4 |
| Value, commodities and money | p. 5 |
| The measurement of value | p. 5 |
| The quantity theory of money | p. 7 |
| The 'channel of circulation' | p. 11 |
| Money and the processes of credit | p. 14 |
| Historical and institutional background | p. 14 |
| The reflux and the balance of payments | p. 16 |
| The real bills doctrine | p. 18 |
| The bullion controversy | p. 20 |
| The banking/currency controversy | p. 24 |
| Value and Money in Marx's Political Economy | p. 33 |
| Money and the forms of value | p. 33 |
| Marx's theory of the forms of value | p. 33 |
| The labour theory of value and commodity exchange | p. 37 |
| The functions and forms of money | p. 40 |
| Measure of value | p. 40 |
| Means of exchange (or means of purchase) | p. 43 |
| Money as money | p. 45 |
| Money, the nexus rerum of capitalism | p. 52 |
| Interest-Bearing Capital: The Distinctive Marxist Approach | p. 59 |
| Preliminary analytical considerations | p. 59 |
| Marx's two approaches to interest-bearing capital | p. 60 |
| The formation of interest-bearing capital in the circuit of industrial capital | p. 62 |
| 'Monied' capitalist and 'functioning' capitalist | p. 62 |
| Stagnant money and the circuit of capital | p. 65 |
| The rate of interest and the rate of profit | p. 69 |
| Precapitalist money lending | p. 73 |
| Usury and interest-bearing capital | p. 73 |
| Money lending and social reproduction | p. 74 |
| Neoclassical theory of interest and optimal contract design | p. 77 |
| Principles of Credit and Finance | |
| The Credit System | p. 83 |
| Preliminary remarks | p. 83 |
| The early historical development of credit | p. 83 |
| The representative form of the capitalist credit system | p. 84 |
| Commercial credit | p. 86 |
| Promissory notes and bills of exchange | p. 87 |
| The functions and limitations of commercial credit | p. 89 |
| Interest in credit prices | p. 91 |
| Banking credit | p. 92 |
| The discounting of bills of exchange | p. 92 |
| The liabilities of banks, bank capital and bank profit | p. 94 |
| The money market | p. 96 |
| The central bank | p. 98 |
| The social functions of banking credit | p. 101 |
| Joint-Stock Capital and the Capital Market | p. 103 |
| Brief historical overview | p. 103 |
| The era of mercantilism | p. 103 |
| The era of liberalism | p. 104 |
| The era of imperialism and after | p. 105 |
| The forms of joint-stock capital | p. 107 |
| Joint investment | p. 107 |
| The facilitation of mergers | p. 109 |
| The capital market and expected dividend yield | p. 111 |
| Founder's profit | p. 114 |
| The social functions of joint-stock capital | p. 116 |
| The mobilisation of capital and the efficient market hypothesis | p. 116 |
| The rate of profit of joint-stock capital and monopoly profit | p. 119 |
| Instability induced by capital market speculation | p. 121 |
| Monetary and Financial Aspects of the Business Cycle | p. 123 |
| Marx's analysis of monetary crises | p. 123 |
| Instability in a monetary economy | p. 123 |
| The theoretical interpretation of Marx's theory of crisis | p. 125 |
| Fundamental theory of the business cycle | p. 128 |
| Preliminary theoretical observations | p. 128 |
| The upswing | p. 129 |
| The final phase of the upswing | p. 131 |
| Crisis | p. 133 |
| Depression | p. 136 |
| Determination of the value of money over the business cycle | p. 139 |
| The quantity theory of money and the business cycle | p. 139 |
| Balancing the demand and supply of gold | p. 141 |
| The historical evolution of the business cycle | p. 143 |
| The transformation of the business cycle | p. 143 |
| Long-wave theories | p. 147 |
| Non-Marxist theories of instability and the business cycle | p. 150 |
| Central Banking | p. 154 |
| The nature of the central bank | p. 154 |
| Bank of banks | p. 154 |
| Bank of the state | p. 157 |
| Holder of international money | p. 160 |
| Operator of monetary policy, overseer of the credit system and lender of last resort | p. 163 |
| Monetary policy | p. 163 |
| Overseer of the credit system and lender of last resort | p. 166 |
| Central bank independence and free banking | p. 170 |
| Central bank independence | p. 170 |
| Free banking | p. 175 |
| Postwar Realities and Theories | |
| Loss of Control over Money and Finance | p. 185 |
| Relative stability under the Bretton Woods system | p. 185 |
| Four main causes of relative stability | p. 186 |
| Money and finance in the long boom | p. 189 |
| The inflationary crisis and the long downswing | p. 190 |
| The inflationary crisis and 'stagflation' | p. 190 |
| Overaccumulation and the transformation of the capitalist crisis | p. 193 |
| The long downswing | p. 194 |
| Increased financial instability | p. 195 |
| Increased economic instability | p. 195 |
| The impact of the information revolution | p. 197 |
| The limitations of economic policy | p. 200 |
| Can stability be restored? | p. 202 |
| The Rise and Fall of Keynesianism | p. 207 |
| The radical content of Keynes' General Theory | p. 208 |
| Rejection of Say's law | p. 208 |
| Money and interest | p. 211 |
| Expectations and effective demand | p. 213 |
| An assessment | p. 214 |
| The neoclassical synthesis | p. 216 |
| The return of a fragmented orthodoxy | p. 219 |
| Post-Keynesian Monetary Theory | p. 226 |
| Uncertainty, time and money | p. 227 |
| The critique of general equilibrium theory | p. 227 |
| Money, uncertainty and private property | p. 229 |
| Money supply endogeneity | p. 234 |
| Money supply endogeneity in Kaldor's work | p. 234 |
| Banks and the endogeneity of the money supply | p. 236 |
| Post-Keynesian critics of the horizontal money supply | p. 238 |
| Exogeneity/endogeneity and the form of money | p. 241 |
| The exchange value of endogenous credit money | p. 242 |
| Money and Credit in a Socialist Economy | p. 246 |
| Abolition or socialisation of money? | p. 246 |
| 'Money' in a planned socialist economy | p. 248 |
| 'Labour money' | p. 248 |
| Socialist money (S-money) | p. 251 |
| Money in a market socialist economy | p. 256 |
| The credit system and interest in a socialist society | p. 257 |
| Notes and References | p. 261 |
| Bibliography | p. 283 |
| Index | p. 297 |
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