The Currency of Politics - by Stefan Eich

About the Book

"The financial crisis of 2008 prompted a renewed critical interest in the moral limits and the sense of justice inherent in the market economy. But while the valuable pursuits of political theorists have enabled them to speak more directly to the economic dimension of our lives, they only rarely touch on the political roots of the central institution of all market economies-money. In The Currency of Politics, political theorist Stefan Eich responds to this blind-spot by offering an intellectual history of money, as the concept was developed over time through the insight of some key political philosophers. Showing the ways in which money is an inherently political institution, Eich examines six key moments of monetary crisis and the political reflection they elicited, from Aristotle and the invention of coinage to the "Great Inflation" of the 1970s and the subsequent disappearance of discussions of money from political theory. What ties the moments together, he argues, is a set of recurring concerns with monetary politics that unfold as a conversation across time, constantly offering revisionist assessments of prior crises. Whether we know it or not, these layers of crisis have come to define the way we look at money, and they continue to reverberate today. In surveying the history Eich responds to the most pressing political questions about money which arise from within the long history of political thought and maps out several possible paths for thinking politically about the governance of money"--

Book Synopsis

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 economies--money. 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 appearance--like so much about money--is 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.

Review Quotes

"Winner of the David and Elaine Spitz Prize, The International Conference for the Study of Political Thought"

"[A] rigorously ambitious work."---Catherine Desbarats, Canadian Business History Association

""[I]mpressive in its scope."---Alan S. Kahan, Journal of Modern History

"[The Currency of Politics] fits well into the growing critical debate on neoliberal policies that have dominated the economic discussion in the latest decades. . . . [and] helps us to understand that monetary policy must be the prerogative of a healthy and fruitful public and thus political debate."---Giampaolo Conte, Journal of European Economic History

"A deep ex­amination of the theoretical and political foundations of money that rescues the money discus­sion from economists."---Pratap Bhanu Mehta, Open Magazine

"Eich's contribution demarcates a new space for political thought on money, and brings together key theorists on the structuration of money both to show that political thought often has a direct effect on the type of monetary system that is maintained, and to show that democratic agency vis-a-vis money is often wilfully ignored."---Dominic Burbidge, Politics and Poetics

"Winner of the Best First Book Prize, Foundations of Political Theory section of the American Political Science Association"

"Exquisitely written."---Jorge González-Gallarza, The Critic

"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

"A very good book. . . . Eich takes us on a fascinating journey."---Paul Sagar, Perspectives on Politics

"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

"Eich's 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 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

"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

"Eich's book is ultimately a call to revive democratic debate about money...this excellent book...does not tell us what to do, but he does show us something can be done."---Geoff Mann, New Statesman

"Eich's extraordinary book provides an essential guide to thinking about the politics of money."-- "Adam Tooze"

About the Author

Stefan Eich is assistant professor of government at Georgetown University.