Mutualization as Contested Terrain: A Money View of Regeneration Finance in Colombia

This thesis analyzes Colombian monetary policy between 1880 and 1904, using the theoretical frameworks of the Money View and Regulation School political economy. It highlights opposition by a specific fraction of capital — import and export interests — to the system of paper money inaugurated by Colombia’s government during the period. While traditional monetary theory expects depreciating currency to benefit exporters (Helleiner 2002), exporters allied with importers to reject this regime of paper money, favoring a return to the gold standard. An import-export bloc mobilized against this regime by freely stipulating contracts in gold, speculating on paper currency, and withholding exports. From a Money View perspective, these acts represent major challenges to the contingent functioning of a monetary system. By paying attention to the interlocking institutional balance sheets that comprise monetary systems, this thesis alights on the import-export bloc as a key node in the network of producing Colombian monetary liquidity.