The legacy of G.F. Knapps monetary theory and contemporary challenges to national security

https://elibrary.ru/ZHDVVO

Abstract

The paper examines the monetary theory of G.F. Knapp through the prism of modern challenges to national security. A retrospective analysis of key tenets of Knapp's theory is provided, particularly his concept of the state origins of money. An analytical review of the literature allows us to compare various interpretations of Knapp's theory and contrast his concept of «state money» with commodity, quantity, and Keynesian theories. A causal relationship between the tenets of Knapp's theory and national security is established, as well as a correlation whereby the state of the monetary system acts as a factor influencing the level of national security. The key conclusion: understanding how the state shapes and maintains the value of money is not simply an academic question, but a fundamental condition for the strategic provision of national security. In this context, the legacy of G.F. Knapp offers valuable experience.