Introduction
Because we use it every day, most people assume that they know how money works. The truth is that money is a strange invention: the way it works today is neither natural nor inevitable, but the product of particular choices that could have been made differently. Like other complex technical systems, the design of our monetary system has profound consequences for our politics and collective well-being.
In Against Money (2026, Chicago University Press), economists Josh W. Mason and Arjun Jayadev unpack misleading depictions of money, often found in the business press and introductory economics courses, which collapse the complex and deeply political story of money, credit, and debt into a simple narrative that obscures the laws and institutions that make up modern monetary systems. They argue that money is not a neutral ledger of real exchange values, but a powerful and malleable technology for coordinating the activities of market actors, making possible the complex economic coordination on which modern economies depend.




