This is an important book. Mouatt shows that the post-Keynesian theory of endogenous money can be incorporated within Marxian economic theory, and that the combination of the two offers powerful insights into the changing relations between the state, finance and the non-financial real economy. The book’s arguments and findings challenge prevalent conceptions within the financialisation literature and help concretize Marxian economic theory for the post-Bretton Woods era of credit money untethered from gold.

Andrew Kliman, Pace University

This book focuses on the events that led to the financial crisis by explaining the mechanics of the capitalist system in general, rather than reporting the step-by-step evolution of financial phenomena as if they were entirely independent of the productive economy. It should be of interest to all who are concerned to understand the behavior of the economy and the financial system. It adds to a growing heterodox literature that challenges conventional notions of any in-built efficiency or stability in the economy or finance, and its style should make it accessible to both academics and non-academics alike.

Nick Potts, Southampton Solent University

Who controls the issuing and value of money and, consequently, is able to exert true power over economies? This book addresses that very important question by providing a well reasoned discussion, drawing upon theory and an examination of data from the German and UK economies, it suggests that the UK financial sovereignty has been lost.The arguments presented are quite compelling. The book provides a detailed historical analysis of the main events affecting control and issuing of money since the 1930s. The book also provides an interesting analysis of monetary theory (incorporating mainstream and heterodox perspectives), captures the changing relationship and power between State and the financial sector and, provides a novel approach - using the analogy of a steam engine - to describe the capitalist credit-money system. The book complements other works such as those by John Stopford, Susan Strange, Peter Dicken and others that chart seismic changes in global power structures.

Carl Adams, University of Portsmouth