This podcast compares Samuel A. Chambers' Money Has No Value (a new #credit theory) with the social positioning theory of money, identifying points of agreement and disagreement. Both theories reject the idea that money is a commodity by nature and agree that money is inherently relational. However, they fundamentally differ on whether all credit is money and the nature of money's value, with Chambers claiming money has no value and is indistinguishable from credit ontologically, while social positioning theory sees money as constituted by being placed in a specific social 'position', separate from debt per se, and allows for the positioned item's properties to influence its functioning. The document argues social positioning theory provides a coherent alternative that addresses historical examples differently and counters Chambers' critiques.
Stephen Pratten, Money and Its Body in the Social Positioning and Credit Perspectives: Review Article of Samuel A. Chambers’ Money has No Value, Contributions to Political Economy, Volume 43, Issue 1, July 2024, Pages 249–274, https://doi.org/10.1093/cpe/bzae010
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