"Contemporary monetary institutions posit money as an ‘exceptional' domain, outside of democratic sovereign authority in modern capitalist states, on the basis of the claim that without it, liberal democracy would fall apart. Labour's distributional critique of capitalism and the state must wrestle with the possibility that money in modern capitalism is anti-democratic by definition, and that as such, any social-democratic project of radical redistribution, implicit in labour's critique of capitalist distribution, will require not merely a different allocation of existing money, but a radically different monetary relation."

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