Die Lehre vom Gelde in der Wirtschaft. Universalismus und Individualismus in

[Title Page and Publisher Information]: Title page and publication details for Richard Kerschagl's 1921 work on the theory of money, emphasizing the tension between universalism and individualism. [Book Review and Overview]: A brief overview of the book's purpose, noting it as the first major scientific work on money by an Austrian author since Knapp's 'State Theory of Money'. It outlines the book's focus on the historical development of money since the 19th century through the lens of the conflict between individualist and universalist perspectives. [Preface]: The author clarifies that the work is a methodological investigation rather than a complete history of monetary theory. He explains the decision to focus on a few typical, sharply defined theories (such as those of Ricardo, Müller, Knapp, and Wieser) to maintain clarity while exploring the social phenomena of the money problem. [Table of Contents]: A list of the book's sections, covering major thinkers from David Ricardo to Friedrich Bendixen. [Introduction: Individualism vs. Universalism in Monetary Theory]: Kerschagl defines the two primary methodological approaches to economics: Individualism (viewing the economy as an aggregate of individuals and money as an independent commodity) and Universalism (viewing the economy as an organic whole where money is a social function of the division of labor). He critiques the individualist focus on absolute quantity and intrinsic value, contrasting it with the universalist focus on subjective value, social community, and the relationship between money and the state. [The Monetary Doctrine of David Ricardo]: The author analyzes David Ricardo's dualistic approach to money. Ricardo initially treats money as a commodity with intrinsic value (metallism) but shifts toward the Quantity Theory of Money when addressing value and quantity. Kerschagl critiques Ricardo's individualistic failure to account for the organic social context of money, noting that Ricardo's attempt to link quantity and value eventually led to contradictions with his own labor theory of value. [The Teachings of Adam Müller]: Kerschagl presents Adam Müller as the first truly universalist monetary theorist. Müller views the state and money as organic expressions of social unity and the division of labor. He rejects the necessity of intrinsic value (metallism), arguing that money's value stems from its 'ideal productivity' in facilitating social exchange. Müller's preference for paper money is rooted in his belief that money should represent the social community rather than function as a commodity. [The State Theory of Money by G. F. Knapp]: An analysis of Knapp's 'State Theory of Money' (Chartalism). Kerschagl explores Knapp's legalistic definition of money as a 'creature of the law' and his concepts of 'amphitropic' positions (individuals as both debtors and creditors). While Knapp avoids economic value theory, Kerschagl argues his framework is universalist because it treats money as a social-legal institution. The section concludes with Knapp's defense of paper money during wartime as a necessary tool for state economic shifts. [Money in the Theory of Social Economy: Friedrich Wieser and the Viennese School]: Kerschagl examines the Austrian School's subjective approach to money, primarily through Friedrich von Wieser. He explains how the theory of marginal utility was applied to money, shifting the focus from absolute quantity to individual income and the 'payment community'. Wieser's theory is seen as universalist because it integrates money into the broader social-economic organism, though Kerschagl notes it still struggles with the problem of objective aggregate value. [A Socialist Theory of Money: Silvio Gesell]: A discussion of Silvio Gesell's 'Free Money' theory. Gesell argues that money's superiority over commodities (due to its durability) allows for capitalist exploitation. He proposes 'reform money' that loses value over time (demurrage) to force circulation and align money with the nature of perishable goods. Kerschagl finds universalist elements in Gesell's focus on the division of labor and the state's role in monetary management, despite Gesell's lack of formal academic training. [Conclusion]: The author summarizes the shift in monetary theory from individualist/objective views to universalist/subjective views. He concludes that the most significant progress in the field comes from viewing money not as an isolated commodity, but as a vital social function within the organic whole of the national economy. [Bibliography]: A comprehensive list of the primary and secondary literature referenced in the text, including works by Bendixen, Knapp, Ricardo, Müller, and others. [Final Remarks and Author's Other Works]: The author reflects on his selection of literature, defending his focus on major works over obscure ones, and lists his other publications on currency separation and the Austro-Hungarian Bank.