List of monetary reformers

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]

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

Main article: 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

Main article: 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

Main article: Ecological economics

Ecological economists integrate environmental sustainability concerns with economic theory.

Complementary currencies

Main article: Complementary currency

Complementary currency advocates focus on local or decentralized monetary systems.

  • Silvio Gesell - German-Argentine economist who proposed demurrage currency to encourage circulation rather than hoarding
  • Thomas H. Greco, Jr. - American writer who advocates for local currencies
  • E.C. Riegel - American monetary theorist who promoted private money systems
  • Richard Werner - German economist who coined the term "quantitative easing" and advocates for local public banking

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:

  • Ludwig von Mises - Developed Austrian monetary theory and business cycle analysis
  • Friedrich Hayek - Nobel laureate who proposed competing private currencies
  • Murray Rothbard - American libertarian economist who promoted full-reserve banking and criticized central banking
  • Ron Paul - American politician who advocated for returning to the gold standard
  • Javier Milei - Argentine President implementing Austrian-influenced monetary policies

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. ^ a b 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. ^ a b (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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