I think you're right. The "closed system" is supposed to mean "without regard for the monetary aspects."
Those are where all the interesting stuff happens (like growth, crisis), though ;) But that way the statement makes sense.
Those are where all the interesting stuff happens (like growth, crisis), though ;) But that way the statement makes sense.
he describes the monetary/credit/debit system in the same way, and I do agree the first premise is suspect depending on how you define "closed system".
However, I assume the authors' rebuttal would be that real-world economic systems are not closed system. Not that it makes their claims any more applicable to the real world.