The Creators of Inside Money: A New Monetary Theory (1st ed. 2018 edition.)

This title explores the endogenous creators of inside money, the commercial banks, and their key role in igniting the 2007-8 monetary crisis and the aftermath of the Great Recession.

This is an area of study overlooked by the traditional approach in the form of neo-classical analysis, a body of theory based on a barter system of exchange.

Money has evolved from a construct of barter to become a medium of exchange based on fiat money and loan creation by the banking system, underpinned by legal tender, and therefore, a creature of law.

It is not a phenomenon exogenously controlled by the monetary authorities and simply assumed to be a 'veil' over the real economy, which just determines the absolute price level.