Money As a Social Institution by Davis Ann E

Author:Davis, Ann E. [Ann E. Davis]
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)
Published: 2017-05-16T00:00:00+00:00

Money Asset Liability

Even though the assets and liabilities cancel in a given time period (Mehrling 2012), the process of cancelling the liability creates production and generates incomes and assets throughout the system.

B. Historical Emergence of the Liberal State in England by Legislation

Ironically, the market was the creation of the state (Evans 2008; Howe 1984; Polanyi 1944, 139–140). A series of laws were passed regarding property rights and privileges that helped to create the “legal persona of the national bourgeoisie” (Sassen 2006, 96–110). See key examples here:

Monopoly Merchant Corporations

Muscovy (1555), Merchant Adventurers, Staplers (Neal 1990, 44–54)

Property Laws

Statute of Monopolies 1624

Land Laws

Enclosure Movements (Sassen 2006, 102–104)

Statute of Merton 1236

First phase 1761–1780

General Enclosure Act of 1801

Labor Laws

Statue of Artificers 1563 (Polanyi 1944)

Anti-Combination Laws 1769, 1799 (Hunt 1990, 54; Sassen 2006, 104–114)

Elizabethan Poor Law 1598, 1601 (Hunt 1990, 30, 41; Withington 2005, 25–34)

Restriction of Slave Trade 1807

Abolition of Slavery 1833

Poor Law Reform of 1834 (Evans 2008, 81–97)

Maritime Laws

Navigation Acts of 1651 and 1663 (Koot 2011) and repealed in the 1840s

Staple Acts

Corporation Laws

Perpetual form of English East India Company (founded in 1600; permanent in 1650; Neal 1990, 9)

Dutch East India Company 1602 (permanent in 1612; Goetzmann 2016, 316–319)

Hudson Bay Company 1670

Royal Africa Company 1672

Bank of England 1694 (rechartered in 1697, 1708, 1713; established with central bank functions in 1844) (Broz and Grossman 2004; Neal 2000, 123–128; 2015, 81–83, 191; Wennerlind 2011)

Limited Liability in 1850s and 1860s

General Incorporation Laws

London Stock Exchange (Neal 2015, 171–177)

Governance Laws

Revolution of 1688

Triennial Election Act 1694

Reform of 1832 (Sassen 2006, 105–106)

Municipal Corporations Reform 1835

Banking Laws

BOE 1694

Perpetual British debt (“consols”) 1720s

Bubble Act 1720 and repealed in 1825

Bank Charter Act of 1844

Free Trade

Corn Law of 1815 (Rothschild 2001, 76–81; Evans 2008, 15–17)

Corn Law Reform in 1846 (Sassen 2006, 105–106)

Gold Standard

Restriction Act 1797–1821 (Poovey 2010, 333–335; Vogl 2015, 42–48)

Resumption Act of 1819

The privileges of property owners helped to construct a “disadvantaged subject” as well, such as workers (Sassen 2006, 110–115). The Lockean “social contract” supported the rights of private property, including workers, but in fact Parliamentary legislation supported bourgeois property as a foundation of the system.

With the public–private divide in the mid-nineteenth century, the business corporation is clearly differentiated from the municipal corporation, with the latter subordinate to the former, reflecting the priority on the expansion of the “wealth of nations.” The priority of the private business corporation over the public municipal corporation facilitated the expansion of the wealth, while permitting the state and municipal levels of government to facilitate property transfer and to lower transaction costs. The shift in role of local government, such as the parish in labor laws, facilitated the development of a mobile labor force in England, for example (Polanyi 1944). The privileging of the private business corporation as “property” in the Dartmouth Case in 1819 in the United States facilitated the accumulation of capital within the corporate form (Wright 2014).

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.