1.

Introduction

   

2.

Ecologically Sustainable Objective

 

2.1.

Ruling out a Steady-State Economy

 

2.2.

Choosing an Ecologically Sustainable Economy

     

3.

The Nature of Money

 

3.1.

Defining money

 

3.2.

Roles of Money

     

4.

Why Money in an ESE Must be Fiat

 

4.1.

Maintenance costs

 

4.2.

Production costs

     

5.

Fiscal and Monetary Policy

 

5.1.

The interdependence of fiscal and monetary policy

 

5.2.

Insuring against the paradox of thrift

 

5.3.

Achieving full and liveable employment

   

5.3.1.

Connections between unemployment, liquidity, and public debt

   

5.3.2.

Finding the best means of reducing unemployment

 

5.4

Sustaining public indebtednes

   

5.4.1.

Financial flow indicator

   

5.4.2.

Sustainable stock indicator

 

5.5.

Controlling consumer price inflation

 

5.6.

What should determine the overnight interest rate?

   

5.6.1.

Discounting and the overnight interest rate

   

5.6.2.

Equalizing the effective cost of borrowing

     

6.

International Monetary Policy

 

6.1.

Currency areas

   

6.1.1.

The merits of many currency areas

   

6.1.2.

Redrawing currency maps

 

6.2.

A new global reserve currency and financial architecture

     
7.

Modelling the Relationship between Money and an Ecological Economy

     

8.

Implications for Alternative Monetary Reform Proposals

 

8.1.

100% reserves (or less)

 

8.2.

Negative interest rates (or scrip)

 

8.3.

Community money like LETS

   

8.3.1.

Ensuring that exchange is reciprocal

   

8.3.2.

Creating demand for community exchange

     

9.

Conclusions

   

10.

Appendix 1. Post Keynesian Assumptions and Key Cited Authors

   

11.

References