Money and Society: A Critical Companion

by Axel T. Paul

This is a comprehensive, critical introduction to the sociology of money, covering many topics, from the origins of money to its function today. Though our coins, bank notes and electronic tokens do function as means of exchange, money is in fact a social, intangible institution. This book shows that money does indeed rule the world. Exploring the unlikely origins of money in early societies and amidst the first civilizations, the book moves onto inherent liaison with finance, including the logic of financial markets. Turning to the contemporary politics of money, monetary experiments and reform initiatives such as Bitcoin and positive money, it finally reveals the essentially monetary constitution of modern society itself. Through criticizing the simplistic exchange paradigm of standard economics and rational choice theory, it demonstrates instead that money matters because it embodies social relations.

Genres: Sociology, Economics

192 pages, Hardcover

Published November 20, 2020

Reviews

[Jon · Rating 2 out of 5]

Despite my differences with Paul's philosophical outlook, I think this book is an easily absorbable, historically focused definition of money. It also gives other definitions, and states quite plainly why they are inadequate. I found it insightful, but to be honest his ontological focus on money is underwhelming, and he frankly lost me right at the end:

Both the problems linked to environmental destruction and the economisation of the social could ultimately lead to the self-destruction, or at least the dedifferentiation, of society as we know it. Yet, knowing what we know about the vast potential for innovation that monetary economies have, which we will have to rely on to solve – or at least delay the need for a solution to – these problems, it would be ill-advised to aim to abolish, rather than further differentiate the monetary system.

We will have to? "There Is No Alternative," in other words. I've already heard that one, I'm afraid.

[Frank Brooks · Rating 5 out of 5]

Not an easy read, but one of the best treatments of "money" I've read. The sociology frame is actually the last to be formally addressed, but it's preceded by some very focused and enlightening (but dense) discussions of how mainstream economic theory conceptualizes the functions of money, and of how money actually emerged historically. Bearing in mind the empirical challenges of discerning its origins, Paul is right to insist that understanding money requires a serious attempt to figure how, when, and why money emerged, and not blithely and retrospectively answer that based on recent theories of market economies. The other two chapters, on how money relates to financial institutions (banks, investment, stocks, etc.) and how it is never "neutral" politically (focusing on the role of central banks, etc.), are also quite solid, focused, and enlightening.

[Ramzey · Rating 2 out of 5]

Another sociologist attempting to whitewash the origins of money/capitalism with their academic jargoon bourgouise sociology. Although the book had some interesting things about bitcoin and banks to say and critque of neoclassical economy.

For example at the end he writes "theories of social differentation better describe reality than theories of social inequality." Also he has some critque against David Grabers theory that the origin of money was not violent and suggested other theories that it was created to solve conflicts to pay revenge, (philips grierson)

Warning Bourgouise propaganda against marxism!.