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Journal article

In Memory of Bernard Schmitt: A Survey of his Quantum Monetary Approach to Macroeconomics

BP2-STS

  • 2025
Published in:
  • Review of Political Economy. - Informa UK Limited. - 2025, p. 1-16
bank money
external debt
investment
payment systems
production
English Bernard Schmitt (born in Colmar on 6 November 1929) died in Beaune, France, on 26 March 2014. This paper is dedicated to his memory and to his ground-breaking contribution to macroeconomic analysis. It provides a summary of Schmitt’s main results as well as an introduction to his theory and a comparison with mainstream economics. The paper follows a line ranging from the main arguments developed by Schmitt in his positive analysis of national and international macroeconomics to the reform plans he advocated in his normative (regulatory) analysis. It also considers his critical analysis of general equilibrium and the relationship between his and Keynes’s macroeconomic theory. Money, profit, capital, and the anomalies affecting today’s capitalism, namely, inflation and unemployment, are some of the topics investigated in Schmitt’s analysis of national economic systems. Countries’ sovereign debt, together with the payment of interest on countries’ foreign debt and the monetary disorders caused by the absence of a properly-working international payment system, are the topics of Schmitt’s analysis of international economics addressed in this paper. The further points considered here are Schmitt’s proposal for a reform of the national payments system and his proposals for a worldwide and a single-country reform of the international payments system.
Faculty
Faculté des sciences économiques et sociales et du management
Department
Département d'économie politique
Language
  • English
Classification
Economics
License
CC BY-NC-ND
Open access status
green
Identifiers
Persistent URL
https://folia.unifr.ch/unifr/documents/332375
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