This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

L. Randall Wray is a professor of Economics at the University of Missouri-Kansas City, USA, and Senior Scholar at the Levy Economics Institute of Bard College, New York, USA. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author ofWhy Minsky Matters (2015),Understanding Modern Money: The Key to Full Employment and Price Stability (1998) andMoney and Credit in Capitalist Economies (1990). He is the editor ofCredit and State Theories of Money (2004) and the co-editor ofContemporary Post Keynesian Analysis (2005),Money, Financial Instability and Stabilization Policy (2006), andKeynes for the Twenty-First Century: The Continuing Relevance of The General Theory (2008). Wray is also the author of numerous scholarly articles in edited books and academic journals. He is the co-editor of theJournal of Post Keynesian Economics. He has been a visiting professor at the University of Rome, the University of Paris, the University of Bergamo, the University of Bologna, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.