We use cookies to make your experience better. By continuing to browse our site you are agreeing to our use of cookies. Learn more.
Horizontalists and Verticalists by Basil Moore (Hardback)
£145.00
Available
Product Ref. (e.g. ISBN, SKU)
9781032720647
Published:
07 Nov 2025
Format:
Hardback
Number of pages:
288 pages
Dimensions:
234mm
Weight:
0.453kgs
Author:
This anniversary edition of Basil Moore's classic work features the original text along with an extensive new introduction and foreword. Providing much of the theoretical foundation on which post-Keynesian endogenous money and Modern Monetary Theory were subsequently developed.
This anniversary edition of Basil Moore's classic work features the original text along with an extensive new introduction and foreword. Providing much of the theoretical foundation on which post-Keynesian endogenous money and Modern Monetary Theory were subsequently developed, this seminal work continues to challenge the validity of much of mainstream monetary macroeconomics.Basil Moore argues that the money supply in modern economies is not under the control of central banks, but is determined by borrower demand for bank credit. In his analysis, Moore distinguishes sharply between commodity, fiat, and credit money, arguing that much of mainstream macroeconomic theory is not appropriate to contemporary credit money economies. Mainstream analysis takes the view that central banks have it in their power to initiate exogenous changes in the nominal supply of money. This 'Verticalist' view maintains that monetary change originates in changes in the high-powered base, which allegedly are under the control of the central bank. Moore, in contrast, contends that the supply of credit money is endogenous and responds to changes in the demand for bank credit. Central bank open-market operations affect how required reserves are supplied between borrowed and nonborrowed reserves, rather than the total volume of reserves that is endogenously determined. This 'Horizontalist' view holds that central banks have the ability to set exogenously the supply price of the money market, but not the quantity of credit money. It follows that all models that treat the supply of credit as exogenous are fundamentally misspecified and conventional views about the forces determining the money supply, national income, interest rates, exchange rates, inflation, and the role of saving are fundamentally in error.This book remains required reading for anyone interested in macroeconomics, central banking and monetary theory.
About the Author: Basil Moore was a leading Post-Keynesian economist, and a main advocate of the Horizontalist view of endogenous money. Born in Canada, Moore pursued his studies at the University of Toronto as well as at Johns Hopkins University. In 1958, Moore started a long and distinguished career, first as a member of the faculty at Wesleyan University, and then, starting in 1993, he joined the University of Stellenbosch, in South Africa, until he passed away, in 2018.Introduction by:Louis-Philippe Rochon is Full Professor of Economics at Laurentian University, Canada, where he has been teaching since 2004. Marc Lavoie is professor emeritus at both the University of Ottawa and the University of Sorbonne Paris Nord (Paris 13).
| Number of pages | 288 |
|---|
We will despatch your order as quickly as we can. If, for whatever reason, a product is out of stock we will contact you to discuss the likely delivery time or an alternative product.
| First Item | 2 Items & Over | |
|---|---|---|
| UK | £3.75 | £5.00 |
| EU | £15.00 | £30.00 |
| USA & Canada | £30.00 | £50.00 |
| Rest of the World | £45.00 | £60.00 |
| Collect in Store | free | free |
Additional Delivery Information (and some really important bits):
UK Delivery
Orders for delivery in the UK are normally despatched by Royal Mail, using the RM 48 Tracked Service with most orders delivered to you within a few days of placing your order with us. For larger parcels, Courier and Signed For delivery services may be used. Signed Books are shipped in our specially made book mailing cartons, with the books themselves wrapped in paper to protect them. Sometimes we may ship your order in several parts, particularly if you have 'Pre-Order' titles in your order or titles which are held in stock with our publishing partners.
The Really Important Bit: Because we use tracked, courier and signed for delivery services, please use an address at which your parcel can be received during the normal working day, for example, you may want to have your order delivered to your work address if you're not at home during the day.
First Item @ £3.75 (sometimes a shipping supplement may be added for particularly heavy books or specific postcodes*)
2 Items & over @ £5.00 in total
Another Really Important Bit: There are a number of Postcodes in the UK for which we will need to charge a shipping supplement, this will be calculated once we know the size and weight of the shipment. For these orders we will contact customers to agree a suitable and economic method of shipping. There may also be additional time required for delivery to some areas of the United Kingdom. Where possible, we will ship book orders (under 2kg) by Royal Mail to all UK postcodes. Large multiple book orders and books over 2kg are often shipped via APC Overnight or similar, regardless of Postcode.
Overseas Delivery
Shipments to EU countries:
First Item @ £15.00 (sometimes a shipping supplement will be added for particularly heavy books)
2 Items & over @ £30.00 in total
A really, really important Brexit bit: From 1st January 2021 shipments to EU addresses may incur additional costs which could be requested by Fed Ex at the time of delivery. These costs may vary from country to country and are not within our control and will be in addition to the costs paid to us for your delivery. If in any doubt, please check with your local Fed Ex office what, if any, additional costs will be applicable to your order - https://www.fedex.com
From 1st July 2021, VAT will be applicable to those EU countries where VAT is applied to books - this additional charge will be collected by Fed Ex (or the Royal Mail) at the time of delivery.
Shipments to the USA & Canada:
First Item @ £30.00
2 Items & over @ £50.00 in total
Shipments to the Rest of the World:
First Item @ £45.00
2 Items & over @ £60.00 in total
All overseas orders are shipped using a 'signed for' courier service - please provide an address at which your parcel can be signed for on receipt. We use the same packaging materials for our overseas deliveries as we do those in the UK. In some cases, particularly large and heavy books, or books being shipped to remote areas, may incur an additional shipping charge - if this is the case with your order, we'll notify you as quickly as possible of these charges and to arrange the additional payment. You can of course cancel your order with an immediate refund should you not wish to accept these additional costs. Shipments to overseas territories may incur additional Duty & Tax costs which could be requested by Fed Ex at the time of delivery. These costs may vary from country to country and are not within our control and will be in addition to the costs paid to us for your delivery. If in any doubt, please check with your local Fed Ex office what, if any, additional Tax & Duty costs will be applicable to your order - https://www.fedex.com
Collect in Person at Coles Books
We're open Monday - Saturday, 9:00am - 5:30pm. If you're collecting your order, please wait until you get the text, phone call or email from us, just to be on the safe side and to ensure we have your order ready for you on arrival (we'll use the contact information provided during checkout). Not everything on our website is available for immediate collection, please do wait for the text, call or email - if time is of the essence, we'd suggest you call us on 01869 320779 and check availability prior to placing your order. You can pick up your order from the till, please bring a copy of your email receipt (electronic or printed is fine).
Coming by Car
If you're coming to Coles by car, why not take advantage of the 2 hours free parking at Sainsbury's Pioneer Square - just follow the signs for Pioneer Square as you drive into Bicester and park in the multi-storey car park above the supermarket. Come down the travelators, exit Sainsbury's, turn right and follow the pedestrianised walkway to Crown Walk and turn right - and Coles will be right in front of you. You don't need to shop in Sainsbury's to get the free parking!
Where to Find Us
Coles Books
22 Crown Walk
Pioneer Square
Bicester, Oxfordshire
OX26 6HY, United Kingdom
It was the most impressive packaging that I have EVER SEEN!!! The books were in perfect condition!!!!!
Super fast delivery and well packaged. Quality item and service!