The Political Economy and Feasibility of Bitcoin and Cryptocurrencies

Insights from the History of Economic Thought

Spencer J. Pack, Professor Emeritus of Economics, Connecticut College, US and Economic Advisor, Hack Venture Capital

In The Political Economy and Feasibility of Bitcoin and Cryptocurrencies Spencer J. Pack brings his authority as a scholar and entrepreneur advisor to this study of bitcoin and cryptocurrencies from the perspective of the history of economic thought. Major theorists analyzed in depth include Aristotle, Smith,Law, Marx, Keynes, Rothbard and Hayek, and the book draws extensively upon the ideas of Schumpeter, Galbraith and Sraffa. The book argues for reconceptualization of the basic microeconomic categories into rental, sale, and financial asset prices along with a reconsideration of Keynes’ general theory to his special theory and Rothbard’s relationship to Rousseau. The author posits that intense theoretical and practical struggles will continue over who should control the quantity of money, the cause of the capitalist economy’s instability, and who or what is more dangerous- concentrated centers of private wealth and private enterprises or the contemporary state.

‘At a time when the history of economic thought is unfortunately neglected, it is refreshing to see this book in which Spencer Pack deals brilliantly with a critical contemporaneous and practical issue from the perspective of the history of economic thought. The analysis fills a big gap in the literature on bitcoin and cryptocurrencies.’
– Imad Moosa, RMIT, Australia