The modern concept of money on the theory that originated back in the XVII-XVIII centuries. First of all, it refers to the metal, the nominalist and the quantity theory of money.
However, previous theories appear in a new form.
If before the main attention was paid to the problem of the origin, nature, the formation of the value of money, in the present conditions of the theory of money shifted to study the effect of the latter on the development of a market economy.
Differentiation of metal and nominalist theory due to the fact which of the functions of money the authors of these theories was considered paramount.
MONEY THEORY OF METAL came in the era of primitive accumulation of capital. Its representatives were mercantilists W. Stafford, T. Man, D. North, etc. They absolutised function of money as a treasure and a world of money and on this basis identified money with precious metals. Were active opponents of corruption coins state. Considered as the money thing, not as a social relation.
The creators of the nominalist theory of money were the Roman and medieval jurists. Later it developed G. Berkeley (England) and J. Stewart (Scotland). Criticizing the "metal", they absolutised other functions of money - medium of exchange and means of payment. "Nominalists" announced money purely conventional signs, counting units that serve the exchange of goods and are a product of the government.
The founders of the quantity theory of money are considered John Locke (the end of the XVII century.), Montesquieu, David Hume, David Ricardo (the end of XVIII century.). They defended the cost basis of money. Supporters of the quantity theory of money is considered that the value of the currency and the level of commodity prices determined by the amount of money in circulation. A significant contribution to the modernization of the quantity theory have I. Fisher (beginning of XX c.), AS Pigou (mid XX century.) And other prominent economists