Discussion: Defining Money - Greenwich Local Group

You would thought that by now we would have an agreed definition of what constitutes "money". But the definitions on offer tend to specify its functions, what it does, rather than what it is. We need something more rigorous if we are to get agreement on how we should design and create a new and improved money system for the future. The central position of the commercial banks in the current production of most of our money was only formally acknowledged by the Bank of England in 2014, and there is still lively discussion about the theory of money among economists. Do, for example, the shadow banks also create money from a debt flow? Is Bitcoin actually money? Should central banks create their own digital currencies?

Tonight, we will discuss what can be called the "Cambridge view" of the constitution and nature of money, which depends on what they describe as social positioning. This extends MMT, and perhaps edges us towards greater clarity of the overall nature of money.

An important, challenging and stimulating topic where we hope you can join us in the discussion. What is your definition of money?

We'll be in the upstairs room of the Prince of Greenwich pub. Hope to see you there!

Mike and Tim
Positive Money Greenwich