Only the modern nation-state can transform private debt into standard payment

Evidence

This movement to money proper involves the intervention of the state, which acts as the guarantor of value. Only the state (which means here the modern nation-state) is able to transform private debt transactions into a standard means of payment—in other words, to bring debt and credit into balance in respect of an indefinite number of transactions. — Anthony Giddens, The Consequences of Modernity, 67

Categorization

• XREF: connects to: A sovereign-currency state can never become insolvent in its own currency; A sovereign currency makes a state incapable of defaulting on its own obligations; Currency issuance is inseparable from national sovereignty

Related

• Indebted states now answer to transnational currency and stock markets (similarity 0.83)
• Nation states can now default on international debts (similarity 0.81)
• A sovereign currency makes state insolvency in that currency impossible. (similarity 0.80)
• A sovereign currency makes a state incapable of defaulting on its own obligations (similarity 0.80)
• Only seven countries hold true monetary sovereignty today. (similarity 0.80)
• Monetary sovereignty is a precondition for capital accumulation and full employment (similarity 0.79)
• A sovereign-currency state can never become insolvent in its own currency (similarity 0.79)
• Currency issuance is inseparable from national sovereignty (similarity 0.79)
• No state with over 100 million people lacks its own national currency (similarity 0.78)

Broader Connections

• Currency issuance is inseparable from national sovereignty #corroborates (0.80)
• A sovereign-currency state can never become insolvent in its own currency #expands (0.70)
• A sovereign currency makes a state incapable of defaulting on its own obligations #expands (0.65)