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State Theory of Money

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State Theory of Money
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"The State Theory of Money" by Georg Friedrich Knapp (1842-1926) appears to be perhaps the most sensational book on monetary theory of the twentieth century. In his work, Knapp formulated and justified a state-nominalist ("hartal") theory of money. He argued that money was a creation of the state and that its material nature was irrelevant. Knapp's book was a manifesto of nominalism, which appeared during the heyday of the metallistic theory of money, and which caused a powerful wave of criticism against it. Supporters of metallism considered it unscientific, as it was not based on economic principles. Despite the fact that the "State Theory of Money" appeared in 1905, it has not lost its relevance to this day. The Modern Money Theory (MMT), which has recently gained popularity, is based on the provisions of this theory. This book is a must for those who deal with the problems of the theory of money, and can also be useful to anyone interested in economics and history.
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