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Mathew Forstater & Geoffrey Ingham: Tax-Driven Money and Credit Theory of Money
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Notebook LM generated. The Credit Theory posits that money's essence is not as a physical commodity, but as a social relation representing debt/credit. All participants in a monetary system engage in these relations, settled by transferring abstract value.
The Tax Driven Money approach, a specific form of credit theory, argues that the government's power to levy taxes and demand payment in a specific unit of account drives the value and general acceptability of money.
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