The State's Responsibility to Stabilize Non-Money Assets

Most of the money in the economy is not produced by the state. It's money that is just a little bit less liquid than official state money. And so there is a public-private partnership that has been developed over the constitutional history of the last, say, 300 years of the Anglo-American world-dominated world order. If we're going to rethink our relationship between the state and distribution of justice, there's important ways that becoming safe for capital asset markets requires states to take distributional justice off the table.

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