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Smith is the precursor of neither the orthodox nor the heterodox view of money. For him, money arose neither as medium of exchange out of barter, as in the orthodox view, nor as unit of account established by the state, as in the heterodox view. Instead, money emerges in that agreement on the valuation of mutual services in which exchange based on the desire for deserved credit consists. Money emerges in exchange, but, unlike the orthodox view, it emerges as measure of value. Unlike the heterodox perspective, paper money is a possible consequence of a historical process, not its beginning. [ABSTRACT FROM AUTHOR]

The comprehension of German political economy in the 19th century has been influenced by the so called Sonderweg thesis, which emphasises German "exceptionalism". This interpretation points to the presence of an alleged derogatory influence of the Historical School, intertwined with an advocacy of statism and economic nationalism. Here, we show that the literature has questioned this sort of interpretation and collaborate to this renewed perspective. We examine definitions of political economy presented in German textbooks during the 19th century, to consubstantiate the claim that there was a coexistence of perspectives in German political economy, rather than a unanimous "exceptional" approach. [ABSTRACT FROM AUTHOR]