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The Political Economy and Feasibility of Bitcoin and Cryptocurrencies

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The Political Economy and Feasibility of Bitcoin and Cryptocurrencies

Insights from the History of Economic Thought

9781803920931 Edward Elgar Publishing
Spencer J. Pack, Professor Emeritus of Economics, Connecticut College, US and Economic Advisor, Hack Venture Capital
Publication Date: 2022 ISBN: 978 1 80392 093 1 Extent: 272 pp
In The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and entrepreneur advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith,Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa. The book argues for reconceptualization of the basic microeconomic categories into rental, sale, and financial asset prices along with a reconsideration of Keynes’ general theory to his special theory and Rothbard’s relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy’s instability, and who or what is more dangerous- concentrated centers of private wealth and private enterprises or the contemporary state.

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In The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith, Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa.

The book argues for reconceptualization of the basic microeconomic categories into rental, sale and financial asset prices along with a reconsideration of Keynes’ general theory to his special theory and Rothbard’s relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy’s instability, and who or what is more dangerous: concentrated centers of private wealth and private enterprises or the contemporary state. He concludes that in terms of the quality of money, the cryptocurrency community is probably correct, with new forms of money potentially being better than sovereign fiat currency.

The book’s relevance will appeal to members of the history of economic thought community, economic theorists, and political science and political theory scholars as well as to policy makers and members of the cryptocurrency community.

Critical Acclaim
‘At a time when the history of economic thought is unfortunately neglected, it is refreshing to see this book in which Spencer Pack deals brilliantly with a critical contemporaneous and practical issue from the perspective of the history of economic thought. The analysis fills a big gap in the literature on bitcoin and cryptocurrencies.’
– Imad Moosa, RMIT, Australia
Contents
Contents: Preface PART I ESSENTIAL FOUNDATIONS: BEFORE THE FRENCH REVOLUTION 1. Introduction to The Political Economy and Feasibility of Bitcoin and Cryptocurrencies 2. Aristotle’s (384–322 BCE) seminal contributions to the economics tradition 3. Adam Smith (1723–1790) on money 4. John Law (1671–1729): the financial engineer as social engineer PART II SOME ESSENTIAL DEBATES AND DEVELOPMENTS IN THE MODERN ERA 5. Marx’s (1818–1883) monetary theory: mainstream conservative theory; yet radical, revolutionary challenge 6. Keynes (1883–1946): monetary theorist as capitalism’s saviour – the key issues PART III BLOWBACK 7. The surprising rise of libertarianism and the libertarian
response: starring Murray Rothbard (1926–1995) – What Has Government Done to Our Money? 8. On the road again: Friedrich A. Hayek’s (1899–1992) Denationalisation of Money PART IV CURRENT ISSUES ON THE POLITICAL ECONOMY OF BITCOINS AND CRYPTOCURRENCIES 9. Issues raised by bitcoins and cryptocurrencies for monetary theory 10. Issues raised by monetary theory concerning bitcoins and cryptocurrencie References Index
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