Prevailing World Monetary Theory

04/11/2013 09:42

by Paul J. Dejillas

It was Milton Friedman who perceives “money as a means for mediating and facilitating exchange (1962:14). But money, in his view, mainly mediates or facilitates economic exchanges by enabling the act of purchase and sale. In this context, Dr. Ramirez introduces the term "mediated economics," money being the mediator of exchange (1996:7). Money as a mediator and facilitator is governed by some rules of the games that are dictated by the market forces. Behind these rules are some theories, which espouse some assumptions and inherent beliefs about economic, political, social, and cultural lives. [Read more] ...