State theory of money

“State theory of money” by Georg Friedrich Knapp (1842-1926), perhaps, is the most sensational book on the monetary theory of the 20th century. In his work, KNAPP formulated and substantiated the state-nominal ("hartal") theory of money. He stated that money is the creation of the state, and their material nature does not matter. The book of KNAPP was the manifesto of nominalism, which appeared during the heyday of the metallistic theory of money, which caused a powerful wave of criticism in his address. Supporters of metallism considered it unscientific, since it was not based on economic principles. Despite the fact that the “state theory of money” appeared in 1905, it has not lost its relevance so far. In the provisions of this theory, a modern theory of money (MMT) has recently been based on the provisions of this theory.

This book is required for those who deal with the problems of the theory of money, and can also be useful to everyone who is interested in issues of economics and history.