This book explores the historical evolution of monetary theory while placing a particular focus on the relationship between currency and credit money. Rather than using traditional classifications based on schools of thought, it develops a structure for comparing monetary theories. This taxonomy better captures the diversity of perspectives with regard to money. The study presents twenty-five selected theories from the late Middle Ages to the early twentieth century, contextualizing them within their historical background. Rather than synthesizing these perspectives into a unified framework, the book provides a comparative “panopticon” of diverse and often contradictory ideas. In doing so, it demonstrates how debates concerning the essence, value, and function of money – questions that remain pertinent in light of contemporary discussions surrounding digital currencies and Modern Monetary Theory – have recurred in various forms throughout history.

Jan Greitens is a professor of economics at the Westphalian University of Applied Sciences and a Lecturer at the Goethe University Frankfurt, Germany.