Social Comptabilism: The Cheque and Clearing Service in the Austrian Postal Savings Bank. Proposed Law Laid Before the Chamber of Representatives of Belgium

A scientific publication written in the late 19th century. The work explores the theoretical foundation of a new economic system that proposes replacing traditional money with a system of bookkeeping transactions, which it claims could offer significant advantages without the disadvantages of currency. The primary focus lies in analyzing how transactions could function without the necessity of money, emphasizing the idea of maintaining records of value and credit through a system referred to as “social comptabilism.” The opening of the work introduces the concept of replacing money with an account-keeping system that theoretically would allow for transactions to be conducted without physical currency. Solvay begins by discussing the role of money in society, arguing that it is mainly beneficial for commercial transactions and is not strictly necessary for all individuals. He posits that if transactions could be recorded legally and efficiently in a bookkeeping manner, money itself could become obsolete. The text outlines the theoretical implications of such a system, suggesting that it could simplify trade and improve economic relations without the complications brought about by the fluctuations of monetary value. The work aims to lay the groundwork for a practical application of these ideas, including examples from existing systems in Austria.