List of monetary reformers

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Monetary reformers are economists, politicians, and activists who seek fundamental changes to monetary systems, banking practices, or currency policies. Throughout history, these individuals and movements have challenged conventional banking and monetary theories, proposing alternative approaches to money creation and financial regulation. Monetary reform movements have historically gained increased attention during economic crises and periods of financial instability. [1]

Contents

This article lists individuals and organizations associated with monetary reform movements, including historical figures, contemporary economists, and advocacy groups.

History

Early monetary reform movements

Early American economic thought contributed to monetary reform movements. Benjamin Franklin advocated for colonial paper money and wrote extensively on monetary policy, arguing that properly managed paper currency could stimulate economic growth without the constraints of gold and silver. [2] During the American Civil War, Abraham Lincoln issued greenback currency to finance government operations without borrowing from private banks, establishing a precedent for government money creation that would influence later reformers. [3]

The late 19th and early 20th centuries saw increased monetary reform activism during periods of economic instability. [4] Jacob Coxey led a march on Washington demanding public works programs funded by government-issued money, [5] while the Populist movement advocated for silver monetization to address deflation affecting farmers.

20th century developments

The Great Depression catalyzed significant monetary reform thinking. C.H. Douglas developed social credit theory in the 1920s, proposing that direct distributions of money to citizens could address underconsumption. [6] This influenced political movements in Canada and New Zealand, [7] with William Aberhart attempting implementation in Alberta. [8]

Post-World War II developments included the emergence of ecological economics, with scholars like Herman Daly connecting monetary systems to environmental sustainability. [9] The creation of the European Union sparked debate about monetary sovereignty, with figures like Bernard Lietaer advocating for complementary currencies alongside the Euro. [10]

Contemporary resurgence

The 2008 financial crisis renewed interest in monetary reform. [11] Organizations like Positive Money gained prominence, advocating for sovereign money creation. [12] The rise of cryptocurrency and central bank digital currencies has introduced new dimensions to monetary reform debates, [13] while climate change has elevated ecological approaches to monetary policy. [14]

Core concepts

Fractional-reserve banking critique

Many monetary reformers critique fractional-reserve banking, [15] which they argue allows banks to create money through lending practices. Reformers argue this system allows commercial banks to "create money out of thin air" through lending, [16] concentrating monetary control in private institutions. [17] The Bank of England explained the mechanics of modern banking, stating that "rather than banks lending out deposits that are placed with them, the act of lending creates deposits – the reverse of the sequence typically described in textbooks". [18]

Monetary sovereignty

Many reformers emphasize monetary sovereignty – the idea that governments should control money creation rather than delegating this power to private banks. [19] This connects to chartalist theories suggesting that money derives value from government acceptance for tax payments, not from intrinsic commodity value. [20]

Alternative approaches

Reformers propose various alternatives:

Schools of thought

Monetary reformers may belong to various heterodox economics schools. [26] [27]

Institutional economics

Institutional economists focus on monetary systems as social institutions [28] requiring democratic oversight. [29] They emphasize monetary sovereignty [30] and the role of money in power relationships. [28]

Social credit

Social credit theory, developed by C.H. Douglas, applies engineering principles to economics, [35] arguing that chronic underconsumption requires broader money distribution to maintain purchasing power. [36]

Notable advocates:

Ecological economics

Ecological economists integrate environmental sustainability concerns with economic theory.

Complementary currencies

Complementary currency advocates focus on local or decentralized monetary systems.

Austrian school

See more in List of Austrian-school economists

Austrian school economists commonly advocate for minimal government intervention [43] while supporting full-reserve banking or a return to the gold standard. [44]

Key figures:

Notable organizations

International

International Movement for Monetary Reform - Global network of monetary reform advocacy organizations [45]

Regional organizations

Europe:

North America:

See also

References

  1. ↑ Einzig, Paul (2014-07-16). Monetary Reform in Theory and Practice (Routledge Revivals). Routledge. ISBN   978-1-136-69276-5.
  2. ↑ Block, Seymour Stanton (27 January 2015). Benjamin Franklin, Genius of Kites, Flights and Voting Rights. McFarland. ISBN   978-0-7864-8024-1.
  3. ↑ Moosa, Imad A. (27 December 2019). The Economics of War: Profiteering, Militarism and Imperialism. Edward Elgar Publishing. ISBN   978-1-78897-852-1.
  4. ↑ Mehrotra, Ajay K. (2013-09-30). Making the Modern American Fiscal State: Law, Politics, and the Rise of Progressive Taxation, 1877–1929. Cambridge University Press. ISBN   978-1-107-43600-8.
  5. ↑ Alexander, Benjamin F. (2022-02-03). Coxey's Army: Popular Protest in the Gilded Age. JHU Press. ISBN   978-1-4214-1622-9.
  6. ↑ Surette, Leon (1999). Pound in Purgatory: From Economic Radicalism to Anti-semitism. University of Illinois Press. ISBN   978-0-252-02498-6.
  7. ↑ Armstrong, Tim (2025-02-28). Micromodernism. Edinburgh University Press. ISBN   978-1-3995-3592-2.
  8. ↑ Irving, John A. (1959-12-15). The Social Credit Movement in Alberta. University of Toronto Press. ISBN   978-1-4875-9045-1.{{cite book}}: ISBN / Date incompatibility (help)
  9. ↑ Adams, Bill (2019-12-05). Green Development: Environment and Sustainability in a Developing World. Routledge. ISBN   978-1-136-73469-4.
  10. ↑ Leonard, Liam; Barry, John (2009-01-01). Special Edition: Financial Crisis - Environmental Crisis: What is the Link?. Emerald Group Publishing. ISBN   978-1-78052-671-3.
  11. ↑ Dow, Sheila; Jespersen, Jesper; Tily, Geoff (2018). The General Theory and Keynes for the 21st Century. Edward Elgar Publishing. ISBN   978-1-78643-988-8.
  12. ↑ Weber, Beat (2018-05-17). Democratizing Money?: Debating Legitimacy in Monetary Reform Proposals. Cambridge University Press. ISBN   978-1-108-17392-6.
  13. ↑ Huber, Joseph (2023-02-17). The Monetary Turning Point: From Bank Money to Central Bank Digital Currency (CBDC). Springer Nature. ISBN   978-3-031-23957-1.
  14. ↑ Proedrou, Filippos (2018-05-02). Energy Policy and Security under Climate Change. Springer. ISBN   978-3-319-77164-9.
  15. ↑ Polleit, Thorsten (December 23, 2010). "The Faults of Fractional-Reserve Banking". Mises Daily. Retrieved September 19, 2011.
  16. ↑ Pibel, Doug (July 7, 2009). "How Banks Make Money Creating Money Out of Thin Air". Yesmagazine.org. Retrieved September 19, 2011.
  17. ↑ Kuzminski, Adrian (2013-05-16). The Ecology of Money: Debt, Growth, and Sustainability. Bloomsbury Publishing PLC. ISBN   978-0-7391-7718-1.
  18. ↑ Jem Bendell, "There is a magic money tree, but it's only magic for banks", HuffPost , 5 June 2017 (page visited on 25 February 2018).
  19. ↑ Lehmann, Paul-Jacques (2019-03-01). The Future of the Euro Currency. John Wiley & Sons. ISBN   978-1-119-59742-1.
  20. ↑ Shaikh, Anwar (2016). Capitalism: Competition, Conflict, Crises. Oxford University Press. ISBN   978-0-19-939063-2.
  21. ↑ Rochon, Louis-Philippe; Rossi, Sergio (2015-02-27). The Encyclopedia of Central Banking. Edward Elgar Publishing. ISBN   978-1-78254-744-0.
  22. ↑ Ingham, Geoffrey (2020-01-08). Money. John Wiley & Sons. ISBN   978-1-5095-2685-7.
  23. ↑ Hillenkamp, Isabelle; Lapeyre, Frédéric; Lemaître, Andreia (October 2013). Securing Livelihoods: Informal Economy Practices and Institutions. OUP Oxford. ISBN   978-0-19-968701-5.
  24. ↑ Parker, Martin; Cheney, George; Fournier, Valérie; Land, Chris (2014-01-03). The Routledge Companion to Alternative Organization. Routledge. ISBN   978-1-135-00538-2.
  25. ↑ Burkitt, Brian; Hutchinson, Frances (2006-04-14). The Political Economy of Social Credit and Guild Socialism. Routledge. ISBN   978-1-134-75583-7.
  26. ↑ Mearman, Andrew (2011). "Who Do Heterodox Economists Think They Are?" . The American Journal of Economics and Sociology. 70 (2): 480–510. doi:10.1111/j.1536-7150.2011.00774.x. ISSN   1536-7150.
  27. ↑ "American Economic Association: JEL Codes". www.aeaweb.org. Retrieved 2025-07-21.
  28. 1 2 Batie, Sandra; Mercuro, Nicholas (2008-06-16). Alternative Institutional Structures: Evolution and Impact. Routledge. ISBN   978-1-135-97491-6.
  29. ↑ Rose-Ackerman, Susan; Lindseth, Peter L. (2010-01-01). Comparative Administrative Law. Edward Elgar Publishing. ISBN   978-1-84980-810-1.
  30. ↑ Kasper, Wolfgang; Streit, Manfred E.; Boettke, Peter J. (2012-01-01). Institutional Economics: Property, Competition, Policies. Edward Elgar Publishing. ISBN   978-1-78100-663-4.
  31. 1 2 (in French) "Monnaie pleine : une opportunité en Suisse pour changer la monnaie" [The "sovereign money" initiative: an opportunity to change currency in Switzerland], La revue durable, number 60, winter-spring 2017-2018, pages 26-29.
  32. ↑ Szepanski, Achim (2022-02-02). Financial Capital in the 21st Century: A New Theory of Speculative Capital. Springer Nature. ISBN   978-3-030-93151-3.
  33. ↑ Crocker, Geoff (2020-02-20). Basic Income and Sovereign Money: The Alternative to Economic Crisis and Austerity Policy. Springer Nature. ISBN   978-3-030-36748-0.
  34. ↑ Yamaguchi, Kaoru; Yamaguchi, Yokei (25 February 2025). Public Money: The Systems Solution to End National Debt, Banking Crisis, Built-In Inequality, Inflation and Control by CBDC. Springer Nature. ISBN   978-981-97-6564-5.
  35. ↑ Evans, Bryce; Kelly, Stephen (2014-04-14). Frank Aiken: Nationalist and Internationalist. Merrion Press. ISBN   978-0-7165-3256-9.
  36. ↑ Surette, Leon (1999). Pound in Purgatory: From Economic Radicalism to Anti-semitism. University of Illinois Press. ISBN   978-0-252-02498-6.
  37. ↑ Copsey, Nigel (2016-10-04). Anti-Fascism in Britain. Routledge. ISBN   978-1-317-39761-8.
  38. ↑ Weisbrod, Carol (2017-11-28). Grounding Security: Family, Insurance and the State. Routledge. ISBN   978-1-351-15702-5.
  39. ↑ Kolmar, Martin (2017-09-11). Principles of Microeconomics: An Integrative Approach. Springer. ISBN   978-3-319-57589-6.
  40. ↑ Larue, Louis (2025-05-06). Alternative Currencies: A Critical Approach. Taylor & Francis. ISBN   978-1-040-35754-5.
  41. ↑ Jakobsen, Ove (2017-04-21). Transformative Ecological Economics: Process Philosophy, Ideology and Utopia. Taylor & Francis. ISBN   978-1-351-79401-5.
  42. ↑ Davies, Anna (2012-01-12). Enterprising Communities: Grassroots Sustainability Innovations. Emerald Group Publishing. ISBN   978-1-78052-484-9.
  43. ↑ Fillieule, Renaud (2025-03-11). The Austrian School of Economics: Concepts and Theories. Springer Nature. ISBN   978-3-031-83414-1.
  44. ↑ Holcombe, Randall G. (2020-07-31). Advanced Introduction to the Austrian School of Economics. Edward Elgar Publishing. ISBN   978-1-78990-964-7.
  45. ↑ Huber, Joseph (2023-02-17). The Monetary Turning Point: From Bank Money to Central Bank Digital Currency (CBDC). Springer Nature. ISBN   978-3-031-23957-1.
  46. ↑ Members of the Vollgeld-Initiative meet with Adair Lord Turner, British business man, academic, former director of the Financial Market Authority and author of the book Between Debt and Devil (page visited on 25 February 2018).
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