chapter  10
The Monetary Constituents of Capitalism
Pages 20

Introduction: capitalism captured through a monetary deepening from Walras to Keynes The works of Jean Cartelier and Carlo Benetti systematized the analytical opposition between on the one hand theories of value (West) and on the other hand monetary approaches (East). A common list of goods or a common unit of account essentially constitutes two alternative basic ways to conceive the social objectivity grounding economic valuations. But their research also distinguished two basic kinds of economic societies: on one side pure market economies, made of homogeneous agents (North); and on the other side capitalist economies, made of heterogeneous individuals (South). The two-term alternatives “nomenclature of goods postulate versus monetary postulate” and “pure market economy versus capitalist economy” being independent, a four-piece partition of political economy emerges. The four typical economies obtained can easily be exemplified by the Walrasian economy (North-West), the Ricardian economy (South-West), the monetary pure market economy1 (North-East), and the Keynesian economy (South-East).