TWO SIDES OF THE SAME COIN: THE ONTOLOGY OF MONEY IN THE POLITICAL ECONOMIES OF DAVID HUME AND ADAM SMITH

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dc.coverageSTUDIA UBB PHILOSOPHIA, Volume 67 (LXVII), No. 1, April 2022, pp. 117-128, DOI: 10.24193/subbphil.2022.1.06en-US
dc.creatorSMRCZ, Adam
dc.date2022-04-05
dc.date.accessioned2026-02-21T10:38:55Z
dc.descriptionThis paper analyses how the so-called metallist theory of money gave way to functionalism in early modernity. Theoretical metallism held that something, in order to perform the role of money, must bear some intrinsic value. Functionalism, on the contrary, endorsed a social ontology of money claiming that anything could perform that role as long as it was accepted as a means of payment. The paper argues that the early modern discovery of the so-called quantity theory of money played a key role in this transition, since this was the idea to question the inherent valueproofness of commodity money for the first time in history. According to our claim, commodity money was gradually replaced by fiat currencies after the former was no longer was regarded as more valueproof than the latter, and this theoretical struggle is clearly documented by Hume’s and Smith’s respective remarks on the subject.en-US
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dc.identifierhttps://studia.reviste.ubbcluj.ro/index.php/subbphilosophia/article/view/398
dc.identifier10.24193/subbphil.2022.1.06
dc.identifier.urihttps://hdl.handle.net/20.500.14637/971
dc.languageeng
dc.publisherBabeș-Bolyai University / Cluj University Pressen-US
dc.relationhttps://studia.reviste.ubbcluj.ro/index.php/subbphilosophia/article/view/398/376
dc.rightsCopyright (c) 2022 Studia Universitatis Babeș-Bolyai Philosophiaen-US
dc.rightshttps://creativecommons.org/licenses/by-nc-nd/4.0en-US
dc.sourceStudia Universitatis Babeș-Bolyai Philosophia; Volume 67, No. 1, April 2022; 117-128en-US
dc.source2065-9407
dc.source10.24193/subbphil.2022.1
dc.subjectquantity theory of money, theoretical metallism, theoretical functionalism, Luis de Molina, John Locke, John Law, David Hume, Adam Smith.en-US
dc.titleTWO SIDES OF THE SAME COIN: THE ONTOLOGY OF MONEY IN THE POLITICAL ECONOMIES OF DAVID HUME AND ADAM SMITHen-US
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion
dc.typePeer-reviewed Articleen-US
dc.typetexten-US

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