The Intersection of Economics and Legal History in Europe's Capitalist Transformation
Valerian Klein's research project, The Legal Construction of Credit Money, examines the role of law in the formation and regulation of credit money. Integrating multidisciplinary legal theory and private law theory, this project analyzes how credit money—primarily created by commercial banks in the Euro area through loan issuance—constitutes the majority of the money supply. By viewing money as a socially constructed practice framed by law, the project sheds light on the legal mechanisms that shape money creation and their potential impact on financial stability and social inequality. This research addresses a key gap by exploring the legal structure behind credit money, focusing on how regulatory changes may influence distribution and economic justice.