All Monetary and Banking Schools

Schools organized around a specific theory of money, banking and the note issue, from the nineteenth-century British banking controversies to present-day monetary theory. Belongs here: the Banking School and the Currency School, opposing sides of the nineteenth-century British debate over what backs a sound note issue; the Free Banking School, which argues competitive private note issue needs no central bank; Chartalism, which holds that money derives its value from the state's power to tax rather than from a commodity backing; Monetary Circuit Theory, which models money as created and destroyed through the bank-firm credit circuit; and Modern Monetary Theory, a present-day chartalist-descended school on the fiscal constraints facing a sovereign currency issuer. Does not belong here: general macroeconomic schools for which money is one topic among several, such as monetarism, which groups under Chicago School, Monetarism and the Free-Market Counter-Revolution.