The monetary circuit, as a social macroeconomic analysis, considers the modern economy as a monetary production economy, and, thereby, it involves a completely different mechanism from that of a barter economy. A monetary economy entails that all exchanges are settled in money, and this raises immediately the problem of how money is created and introduced into the system. Capitalist production is described as a process characterized by sequential phases, the first one being the creation of money by banks. Financialization changed the capitalist economy dramatically and represented a systemic transformation of production and finance. The chapter aims to develop two different frameworks of a monetary economy of production: he first one represents the New Economy scenario, while the second one represents the monetary circuit during the real-estate bubble. A monetary economy of production should be designed by taking into account the technological dynamics that characterize it.