The Fourth Estate Policy marks the conclusion of what has amounted to almost an entire decade of painstaking research into the hypothetical feasibility of Currencies tailored specifically for Socialistic financial regimes and the beginnings of their theoretical application among differing economic models backed by historical evidence, hard economic and financial data, as well as the mathematical equations to support its conclusions.
Its formal and technical designation ought to be “SMP” (or “Socialist Monetary Policy”). Periodically, I will be posting bits and pieces of my Research over the years in an attempt to outline the theoretical framework of SMP, including where it deviates from orthodox Monetary Theories and where are the points of agreement and contention with them as well. Ideally, SMP should be akin to the panacea to the flaws of running a Planned or Command Economy model as opposed to Market and Mixed Economy models.
Much has been written in economics and financial textbooks and academic journals about the role of Currency within everyday economic activities. Today, Currency continues to be gained and lost within the daily lives of individuals to the governmental policies of nation-states. It has been argued by Liberal Capitalists that the question of Currency will become an important issue under Socialism. Its perceived “absence” under Socialism is something which cannot be taken seriously by them. Much to this author’s dismay, no convincing rebuttal or viable alternative has been offered by Socialists and Communists in the Western world alone.
The longstanding argument is that Currency is closely integrated to Liberal Capitalist concepts such as the “Market Economy,” “Kapital,” “Schuld,” “Interest,” “Usury” and so forth. Due to these associations, it becomes inevitable to assume that Currency will also cease to exist along with Liberal Capitalism within the nation-state. While some will reject the notion of Currency as not being essential for any potential Socialist nation-state, or perhaps even the idea of Currency being tailored toward specific Ideas, the excuse of failing to investigate alternatives to Liberal Capitalist Currencies has proven to be foolish and even outright dangerous. The historical record over the past century has demonstrated that there has not been a proper Socialistic Currency by any known regime. I have not been able to find anyone forwarding a feasible Monetary Policy custom-tailored to work under Socialism.
In essence, what has yet to be ascertained is the philosophical, theoretical, legal, technological, diplomatic, financial, institutional, organizational, political-economic and practical basis of what will be described on this Blog as SMP (Socialist Monetary Policy). SMP refers to the conceptualization of a Currency intended specifically for use under proper Socialist regimes. My conclusions here will be articulated on the basis that the economies relying on them are proper “Command and Planned Economies” rather than “Mixed and Market Economies,” “Council Democracies” instead of “Parliamentarian Democracies.”
By outlining the specifications of SMP, I will be able to introduce what will be referred to as the “Work-Standard.” The Work-Standard is a type of Currency which has taken me a decade to gather research conducive to its feasibility and applications. What I am proposing is the conceptualization of Currency where the Quality of Money is pegged to the Quality of Work at all given points in Time. In short, such a Currency will have its Value backed by the overall performance and well-being of a people and its Price enforced by the power of their government. Its application will not be relying on conventional Liberal Capitalist understandings of economics and finance, operating instead on proper equivalents and alternatives.