September 16, 2021
A. Atkinson
Public debt in the form of municipal bonds permits municipalities to survive and to grow.
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A. Atkinson, Making Public Debt a Public Good”
September 9, 2021
B. Highsmith
Among many culprits behind this “conservative logic of financialization,” one stands out: the withdrawal of centralized fiscal transfers from higher levels of government. Without access to state and federal funds, cities became dependent on the market to meet even their most basic responsibilities.
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B. Highsmith, The Bondholders’ Veto: Fiscal Federalism and Local Democracy”
August 26, 2021
M. Prasad
Destin Jenkins’s astonishing new book had me reaching for poetry: “Then felt I like some watcher of the skies / When a new planet swims into his ken.” The new planet is municipal bond finance.
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M. Prasad, Histories of Hammers”
August 19, 2021
D. Stein
As Davis suggested, public money could shape society—it would produce the future. But who controlled it? Who steered its path?
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D. Stein, Public Money without Public Goods”
August 17, 2021
Gerald Epstein, University of Massachusetts Amherst
As I argued in Part One, with both its monetary and regulatory policy, the Federal Reserve has often been biased toward helping the financial sector.
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G. Epstein, Democratic Money: Central Bank Independence vs. Contested Control (Part 2)”
August 12, 2021
N. J. Ramos, Drexel University
Destin Jenkins’s focus on municipal bond financing in The Bonds of Inequality contributes to a growing field of literature demonstrating how monetary and financial policy play a significant role in reinforcing racial inequality.
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N. J. Ramos, The Myth of Fair Share/Equal Share Bond Projects”
August 10, 2021
Gerald Epstein, University of Massachusetts Amherst
The US Constitution calls for three branches of government that are independent from one another and that can act as “checks and balances” on each other: The Executive, Congress and the Judiciary.
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G. Epstein, Democratic Money: Central Bank Independence vs. Contested Control (Part 1)”
August 3, 2021
Dan Rohde, Harvard Law School
Discussions of central bank independence often have an historical bent, even when not specifically addressing historical issues.
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D. Rohde, Central Bank Independence & Commercial Bank Independence: Are We Asking the Right Questions?”
July 20, 2021
Stefan Eich, Georgetown University
The idea of central bank independence is today in crisis. The reason is not—as its own logic would have it—that prying politicians have managed to impose their wills after all.
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S. Eich, Independence from What?”
July 14, 2021
Robert Hockett, Cornell Law School
Just Money has arranged yet another timely and well-framed symposium. I could not be more delighted to take part. I’d like here to highlight the bearing on this season’s symposium topic
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R. Hockett, Two Blades, One Scissors: Central Bank Independence with (Some) Central Bank Allocation”
July 6, 2021
Raul Carillo, LPE Project & Yale Law School
Since at least the early 1990s, when discussing the administrative, operational, and technical properties of central bank independence (CBI), many economists, including former Federal Reserve Board (Board) Governor and MIT economist Laurence Mayer,
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R. Carrillo, Boots on the Rails: The National Security State, Racial Subordination, & the Myth of “Instrument Independence””
Michael R. Glass & Sean H. Vanatta
Between 1940 and 1965, state-level officials changed the relationship between two pillars of the postwar social contract: secure retirement and modern public schools.
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M. Glass & S. Vanatta, The Frail Bonds of Liberalism: Pensions, Schools, and the Unraveling of Fiscal Mutualism in Postwar New York”
Jens van ‘t Klooster
This chapter provides an overview of the state of the art in constitutional theory with regard to the topic of central banks.
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Central Banks”
Oscar Lopez & Ephrat Livni
El Salvador on Tuesday became the first country to adopt Bitcoin as legal tender, allowing the cryptocurrency to be used in any transaction, from buying a cup of coffee to paying taxes.
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In Global First, El Salvador Adopts Bitcoin as Currency”
Stephen Mayeaux
One of the first to catch my eye was a set of documents from the Cortes, the legislative body of Spain. Published in 1593, Acts of the “Cortes” held in the village of Madrid in the year 1588 gives us a look at matters the Cortes considered important enough to address. Among other interesting subjects, these documents show concern over the kingdom’s financial difficulties.
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Who’s to Blame for Lost Silver and Gold? Laments of Financial Troubles in Spain 1588”
Nina Perdomo
This document is a highlight of the Herencia: Centuries of Spanish Legal Documents collection because it explores the case of Goyeneche, charged with counterfeiting Spanish coin, while allowing modern readers to gain insight into the economic status of Spain in the 1600s.
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Criminals and Coins: Understanding 17th Century Spanish Economy through Counterfeit Currency”
Ariel Ron and Sofia Valeonti
Both sides in the U.S. Civil War financed military spending by issuing new fiat currencies. The Union “greenback” underwent moderate inflation (by wartime standards), but the Confederate “grayback” suffered hyperinflation.
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The Money War: An Interpretation of Democracy, Depreciation, and Taxes in the U.S. Civil War”
Hubert Horan
The urban car service firm Uber is currently the most highly valued private startup company in the world, with a venture capital valuation of over $68 billion based on direct investment of over $13 billion from numerous prominent Silicon Valley investors. Uber’s investors are not merely seeking a share of a still-competitive urban car service industry, but are openly pursuing global industry dominance and its huge valuation is based on expectations that it will be successful.
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Will the Growth of Uber Increase Economic Welfare?”
Christine A. Desan
Like the law of payments, the legal design of money shapes the economy itself.
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Money’s Design Elements: Debt, Liquidity, and the Pledge of Value from Medieval Coin to Modern “Repo””
Quentin Ravelli
Though the social consequences of financialization are well-known, their influence on radical politics remains unclear.
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Debt struggles: How financial markets gave birth to a working-class movement”
Pınar E. Dönmez & Eva J. Zemandl
This article explores the changes in monetary policymaking in Hungary and Turkey in the context of the post-2008 global financial crisis and restructuring.
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Crisis of Capitalism and (De-)Politicisation of Monetary Policymaking: Reflections from Hungary and Turkey”
R. Bin Wong
Few have pondered the possible relevance of the ideologies and institutions of political economies in different world regions before the modern era and how the spread of modern capitalism has shaped their contemporary approaches to the future.
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Modern Capitalism’s Multiple Pasts and Its Possible Future: The Rise of China, Climate Change, and Economic Transformation”
Jeffrey Sklansky
For the first time since the Lincoln administration introduced a national paper currency during the Civil War, the Federal Reserve may soon create a new kind of federal money: a digital dollar. Now as then, what matters most is not the material form of money but who makes and manages it.
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A new public digital dollar could be a big boost to American democracy”
Prasad Krishnamurthy
Well into the 21st century, the federal government still lacks the capacity to deliver aid to the poorest and most vulnerable Americans in a crisis.
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Stimulus for all”
Emma Rothschild
The article engages recent literature on microeconomics and intermediate goods in order to outline new models of growth in economic history and the possibility of productive exchanges between economists and historians.
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Where is Capital?”
Marshall Steinbaum
Think of the student debt crisis as an overflowing bathtub. On the one hand, too much water is pouring in: more borrowers are taking on more debt. That is thanks to increased demand for higher education in the face of rising tuition, stagnant wages, diminishing job opportunities for those with less than a college degree, and the power of employers to dictate that would-be hires have the necessary training in advance. On the other hand, the drain is clogged and too little water is draining out: those who have taken on debt are increasingly unable to pay it off.
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The Student Debt Crisis is a Crisis of Non-Repayment”
Leander Bindewald
External shocks, like the climate catastrophe or the COVID-19 pandemic, as well as intrinsic fallacies like the securitization of bad debt leading up to the financial crisis in 2008, point to the need for updating our monetary and financial systems.
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Inconsistent Definitions of Money and Currency in Financial Legislation as a Threat to Innovation and Sustainability”
Please Ujima Boston for a Public Banking Workship - September 15, 2021 at 6:00 pm EST via Zoom
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Ujima Boston: Making the Case for a Public Bank – CDFIs and Racial Equity, September 15 at 6:00 pm EST”
Please join the New School for their second Currency and Empire Sawyer Seminar Event “World Hegemony and Monetary Orders” - on Zoom, Sept. 17, 2021!
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World Hegemony and Monetary Orders: Currency and Empire Sawyer Seminar on Sept. 17, 2021”
Please join the New School for the Inaugural Currency and Empire Sawyer Seminar Event - livestreaming on Vimeo, Sept. 10, 2021!
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Event: Inaugural Currency and Empire Sawyer Seminar on Sept. 10, 2021”
Politics and International Relations at the University of Glasgow is recruiting for an Associate Professor/Senior Lecturer in IPE with a focus on some area of global governance
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Job Opportunity: Associate Professor/Senior Lecturer in IPE at the University of Glasgow”
YSI Webinar - Making Money Book Discussion with Christine Desan
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Christine Desan Joins the Money View Reading Group”
Rohan Grey
Written Testimony before the U.S. House of Representative Committee on on Financial Services Task Force on Financial Technology
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Written Testimony before the U.S. House of Representative Committee on on Financial Services Task Force on Financial Technology”
Lev Menand
Written Testimony of Lev Menand for the hearing entitled "Building a Stronger Financial System: Opportunities for a Central Bank Digital Currency" before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Subcommittee on Economic Policy.
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Written Testimony in a Senate Hearing on Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency”
May 29, 2021
Christina Parajon Skinner, University of Pennsylvania - The Wharton School
It’s now fashionable in some quarters to view central bank independence as quaint and out-of-date.
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C. Skinner, Independence: Executive Pressure and Central Bank Activism”
Dave Elder-Vass
Narratives and conventions have received considerable attention in recent discussions of the valuation of financial assets.
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Assets need audiences: How venture capitalists boost valuations by recruiting investors to asset circles”
Harvard Law School students work to create a Massachusetts public bank to help minority-owned businesses, small farms, and gateway cities
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HLS students and Professor Christine Desan work to create a state-owned bank that would offer low-cost loans to minority-owned businesses and others”
Bryan Cutsinger, Vincent Geloso and Mathieu Bédard
During the colonial era, the French colonial government in Canada experimented with paper money printed on the back of playing cards.
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The Wild Card: Colonial Paper Money in French North America, 1685 to 1719”
Kim Bowes
This essay offers a critique of, and a set of alternative approaches to, the study of Roman economic well-being.
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When Kuznets Went to Rome: Roman Economic Well-Being and the Reframing of Roman History”
Business group backs setting aside $50 million a year to fund a state-owned lender
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Black Economic Council of Mass. makes forming a public bank a top legislative priority”
David Andolfatto
All the money we use today consists of bank liabilities, either private or central.
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Some Thoughts on Central Bank Digital Currency”
Christina Parajon Skinner
Today, the Federal Reserve is at a critical juncture in its evolution. Unlike any prior period in U.S. history,
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Central Bank Activism”
Nathan Tankus & Luke Herrine
This chapter provides an alternative basis for the economic analysis of competition law from conventional neoclassical theory.
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Competition Law as Collective Bargaining Law”
Quinn Slobodian
This article offers a new account of the rise of the ranked nation-state through a genealogy of the category of country risk, which emerged in the 1970s as part of a response to the explosion of sovereign borrowing of petrodollars
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World Maps for the Debt Paradigm: Risk Ranking the Poorer Nations in the 1970s”
Roger Svensson
In the Middle Ages, tens of thousands types of uni-faced bracteate coins were struck in the period 1140−1520.
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Regional Monetary Standards and Medieval Bracteates”
RAMICS Workshop - Who rules the money: the legal challenge of complementary currencies as a social innovation
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RAMICS Workshop – Who rules the money: the legal challenge of complementary currencies as a social innovation”
Julie Andersen Hill
Marijuana-related businesses have banking problems. Many banks explain that because marijuana is illegal under federal law, they will not serve the industry.
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Cannabis Banking: What Marijuana Can Learn from Hemp”
Reda Mokhtar El Ftouh
Throughout history, banking has been key to the development of fundamental institutions and structures of capitalism, while also having been instrumental in its recurrent crises.
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A Proposition for the Redefinition of the Bank from a Historical Sociolegal Perspective”
Julie Andersen Hill
Although marijuana is illegal under federal law, twenty-three states have legalized some marijuana use. The state-legal marijuana industry is flourishing, but marijuana-related businesses report difficulty accessing banking services.
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Banks, Marijuana, and Federalism”
Abbye Atkinson
Once pillars of American social provision, public pension funds now rely significantly on private investment to meet their chronically underfunded promises to America’s workers.
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Commodifying Marginalization”
