• be familiar with different theories on money creation covered in class
• be able to reflect critically about the nature and functioning of markets, banks and debt
• be able to think and theorize about money in a crossdisciplinary fashion
• be able to reflect about the differences between conflicting theories about the origins, history and functioning of money
• be familiar with alternative models of money, finance and banking
• be able to imagine how new forms of money can be applied in the practice and development of business.

The purpose of the course is to apply philosophical and economic thinking to the analysis of money. While money is obviously central to economic problems and phenomenon, the thing itself is often overlooked or disregarded in conventional economic theory. However, since the onset of the Great Financial Crisis of 2008 academic and political interest in the constitution of money has increased. Fundamental questions such as 'what is money?', 'where does money come from?', 'what is a bank?', 'what is the purpose of central banks?', 'what is debt?' have come to the fore in contemporary academic debates within economics as well as related disciplines such as philosophy, sociology, anthropology, theology, etc. The course is structured around literature emerging from these debates and it invites the students to engage with these fundamental questions.

The course aims to introduce the students to three different kinds of knowledge: 1) Factual knowledge about the constitution of the contemporary monetary system. This includes knowledge about the functioning of banks, the relations between banks and central banks, and familiarity with key financial terms such as solvency, liquidity, securitization, etc. 2) Knowledge about different theories about money and the controversies between these theories. This includes the commodity theory, the state theory and the credit theory of money. 3) The ability to connect fundamental questions about the nature of money with contemporary economic phenomenon such as debt crisis, housing bubbles, asset inflation, inequality, Quantitative Easing, Bitcoin, etc.

The course consists of four modules plus and introduction and a wrap-up. The purpose of each component is specified below.

Introduction - Session 1

Martin Heidegger once said that the things that are most difficult to think about are the things with which we are most familiar. The quip is very apt for the phenomenon of money. The purpose of this first session is to tune our minds into even thinking about money in the first place.

We shall start reading the two books that constitute the core of the curriculum. Huber's book is a thorough introduction to the mechanics of contemporary money and banking. At the same time he also includes more theoretical and philosophical reflections in his exposition. My own book is less detailed and more theoretical in the sense that it applies the concepts of Slavoj Zizek's philosophy to various issues within the field of money. The two book complement each other in so far as they cover similar ground from two different perspectives.

In addition to the readings, I have also included a video that I want you to watch before each session. They are meant as a source of inspiration and perspective on the readings. Most of the videos come from the show Renegade Inc. I have chosen these videos because they connect academic discussions with contemporary political and economic issues.

First Module: Theory of Money - Session 2-3

In this module we shall qualify our thinking about money by looking into the three major theories about the nature of money: the commodity theory, the state theory and the credit theory. We shall also be discussing how the thinking about money found in Huber's as well as my own book differs from common sense as well as from conventional economics.

The two books talk about the issue in slightly different fashion but I hope you will recognize the same line of argument in both. The idea is to give you two different kinds of introductions. If you are not familiar with Žižek, you might find some of the terminology of my text odd. Don't panic. We can talk about this in class.

Along the with exposition of the different theories of money both texts also begin to sketch the architecture and mechanics of contemporary money and banking. We shall begin to think about the relations between the different kinds of money in the money system: cash, bank deposit money and central bank reserve money.

Second Module: Contemporary Money - Session 4-5

In this module, we broaden the scope to discuss how the money system interacts with the rest of the economy. Both Huber's and my own book present a critique of our current money system. We shall discuss the role of money in the unfolding of the Great Financial Crisis of 2008. We shall also look into some of the phenomenon that are high on the agenda of contemporary monetary policy such as Quantitative Easing and negative interest rates.

Third Module: Future Money - Session 6-7

In this module, we shall be looking into Bitcoin and other currencies based on block chain technology. These new forms of money are interesting for a number of reasons. First, they allow us to apply some of the theoretical concepts that we have learned in the previous modules. Second, their novelty provokes us to think even more about the constitution of existing money. Third, block chain technology in one form or another is going to shape the future of money and finance.

Literature in this module are chapters from Tapscots very recent book on Bitcoin. It is not very theoretical so I invite you to keep some of the concepts from the previous module in mind as you read the text. I have also include the classic text by the mysterious Satoshi Nakamoto. This is the founding paper of Bitcoin. Don't despair if you do not understand all of the technical detail. I hope you will appreciate the conciseness of the text and the idea behind Bitcoin.

The module consist of a workshop, where guests will present and facilitate discussions about Bitcoin and blockchain as well as a visit to Copenhagen Fintech Lab.

Fourth Module: Money, debt, land and economics

In this module we address three topics related to the issue of money. We shall be using the issue of debt to look closer into the subjective dimensions of money. How does debt constitute subjectivity? What does it mean to the constitution of subjectivity that we live in an age of debt? How does debt shape our experience of time? Etc. Next we shall be looking into the relations between money and land. This includes a discussion about the relation between banking and house prices. We shall also be discussing the relations between money, land and economic inequality. The module is concluded with a session on the way that money has been treated in mainstream economics and the implications of including money creation in economic models.

The texts are book excerpts and a paper, which I have all found very useful and inspiring in my own studies of money.

Wrap-Up and Exam Kick Off

In this session, we wrap-up the themes covered in the course and I present you with guidelines and advice regarding your exam essay.

Bjerg, Ole. 2014. Making Money - The Philosophy of Crisis Capitalism. London: Verso.

Huber, Joseph. 2017. Sovereign Money: Beyond Reserve Banking. Cham: Palgrave Macmillan.

Lazzarato, Maurizio. 2012. The Making of the Indebted Man: Essay on the Neoliberal Condition. Reprint edition. Los Angeles, CA: MIT Press.

Nakamoto, Satoshi. 2008. ‘Bitcoin: A Peer-to-Peer Electronic Cash System’. www.bitcoin.org.

Ryan-Collins, Josh, Toby Lloyd, and Laurie Macfarlane. 2017. Rethinking the Economics of Land and Housing. London: Zed Books.

Tapscott, Don, and Alex Tapscott. 2016. Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. New York: Portfolio.

The Economist. 2015. ‘What Is Quantitative Easing?’, March 15. http:/​/​www.economist.com/​blogs/​economist-explains/​2015/​03/​economist-explains-5.

Werner, Richard A. 2016. ‘A Lost Century in Economics: Three Theories of Banking and the Conclusive Evidence’. International Review of Financial Analysis 46 (July): 361–79. doi:10.1016/​j.irfa.2015.08.014.