ABSTRACT
Credit crunches and liquidity traps are highly complex economic phenomena, because their origin and nature lies in systemic characteristics concerning the evolving economy and not only the financial markets. Moreover the provision and control of credit-money sustains the financial as well as the goods market by connecting them both; thereby it guarantees a continuity of economic operations. In the evolution of money we consider the innovation of banks as a significant institutional process in capitalist development capable of providing exactly this continuity (compare for instance Schumpeter 1954, pp. 276-335 or Ferguson 2009). The complex logic of this process represents a very interesting but difficult economic topic, especially from the perspective of the actors. Uncertain economic actors incorporate roles of agenda setters and agenda receivers.
