Valance Co. Inc., p. 18 50 Knapp, G. F., (1905). The State Theory
ofMoney. London: Macmillan
51 Eladio, F. (2009). Three difficulties with neo -chartalism, Journal of Post Keynesian Economics 31 (3): 523-541. Retrievable from
http ://www.ucm.es/info/ec/ecocri/cas/ Febrero.pdf 52 Innes (1913). op. cit.
53 Davies (2002). op. cit., pp.
203-8 quoted in Ingham (2004) op. cit. p.
123
54 Wray (1998) op. cit. pp. 57-61
55 Tolstoy, L., (1904). What Shall We Do Then? On the Moscow Census Collected Articles. London: J.M. Dent & Co.
56 Zelizer, V, 1997 (1994). The SocialMeaning ofMoney: Pin Money, Paychecks, Poor Relief and Other Currencies. Princeton, New Jersey: Princeton University Press, p. 17 57 Ferguson (2008). op. cit., p. 31
58
See Ingham (2004) op. cit. pp.107-33 for a guide to developments at a
European level and Davies (2004) op. cit. pp. 238-83 fora British focus. See Werner, R.A., (2005). op. cit. Chapter 12, for an overview of the history of banking and its implications