The State Theory of Money

The book presents Georg Friedrich Knapp's groundbreaking 1895 work that established the chartalist school of monetary theory, asserting that money's value is derived from government issuance rather than intrinsic worth. Written during a time of intense debate over monetary standards, Knapp challenged existing notions by proposing that a metallic standard was unnecessary. His ideas sparked significant discussion among academics and policymakers, paving the way for a new understanding of fiat money and its role in the economy.