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The Currency of Politics

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Stefan Eich

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The financial crisis of 2008 reignited interest in the moral limits and sense of justice within market economies. While political theorists have engaged with the economic aspects of our lives, they often overlook the political origins of money, the cornerstone of all market systems. In this work, political theorist Stefan Eich addresses this gap by providing an intellectual history of money, tracing its development through the insights of key political philosophers. He argues that money is fundamentally a political institution and explores six significant monetary crises, from Aristotle's era and the invention of coinage to the "Great Inflation" of the 1970s, highlighting how these events prompted political reflection. Eich identifies recurring themes in monetary politics that create a dialogue across time, offering revised perspectives on past crises. These layers of crisis have shaped our understanding of money and continue to influence contemporary discussions. By examining this history, Eich tackles pressing political questions regarding money that emerge from the long tradition of political thought and suggests various approaches for politically governing money.