by Summary:
This is not just a matter of markets requiring a system of enforced property rights, which presupposes government, at least in rudimentary form. In monetary economies, functioning markets also require a viable currency, one that is generally accepted in exchange. Government ensures a currency’s acceptance when it imposes and effectively enforces taxes that are payable only in that particular currency. This is true not only of exogenous taxes but of taxes on consumption, income and wealth so long as these are assessed in the government’s chosen unit of account....Markets are institutional and as such are embedded socially, legally and also financially, especially in a monetary production economy — think banking.The fact that banks are chartered public-private institutions that have
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This is not just a matter of markets requiring a system of enforced property rights, which presupposes government, at least in rudimentary form. In monetary economies, functioning markets also require a viable currency, one that is generally accepted in exchange. Government ensures a currency’s acceptance when it imposes and effectively enforces taxes that are payable only in that particular currency. This is true not only of exogenous taxes but of taxes on consumption, income and wealth so long as these are assessed in the government’s chosen unit of account....Markets are institutional and as such are embedded socially, legally and also financially, especially in a monetary production economy — think banking.The fact that banks are chartered public-private institutions that have
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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This is not just a matter of markets requiring a system of enforced property rights, which presupposes government, at least in rudimentary form. In monetary economies, functioning markets also require a viable currency, one that is generally accepted in exchange. Government ensures a currency’s acceptance when it imposes and effectively enforces taxes that are payable only in that particular currency. This is true not only of exogenous taxes but of taxes on consumption, income and wealth so long as these are assessed in the government’s chosen unit of account....Markets are institutional and as such are embedded socially, legally and also financially, especially in a monetary production economy — think banking.
The fact that banks are chartered public-private institutions that have privileges and responsibilities in creating currency through credit extension and having access to the central bank as lender of last resort, as well as an international banking system for clearing trade balances in different currencies.