The Perverse Evolution of Money: Shadow Banking, Wealth Accumulation and the Real Economy
Bibliographic record
Abstract
Money has always had a public character in the sense that it is meant to serve the needs of the community, ranging from the acquisition of necessities to the accumulation of wealth. Access to goods, services, and assets requires money as a publicly recognized means of payment, carrying value and guaranteeing purchasing power. A central question in monetary economics is why there is not enough money to satisfy all societal needs. This paper examines the structural reasons limiting the supply and availability of money, arguing that money creation depends on the organizing principles of the socio-economic system. Historically, whether communal or state-sanctioned, money originates as debt, requiring collective or state validation to acquire value. This validation inherently depends on collateral, material or otherwise — thus embedding scarcity into the monetary system right from the start. Today, as Keynes (1936) observed, this scarcity benefits the capitalists and ‘functionless investors,' who prefer maintaining the economy below full employment. This dynamic is exacerbated in the era of shadow banking. The paper attempts to set the stage for proposals that could answer Keynes's (1936, p. 376) call for ‘an increase in the volume of capital [money] until it ceases to be scarce’.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".