Sir Paul M. W. Tucker
This paper follows up earlier work advocating a principled modernization of doctrines for central bank lender-of-last-resort policies and operations.
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Solvency as a Fundamental Constraint on LOLR Policy for Independent Central Banks: Principles, History, Law”
Laetitia Lenel
The article investigates the methods and conceptions of statistical inference used in business forecasting in the United States and in Europe in the 1920s.
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Searching for a Tide Table for Business: Interwar Conceptions of Statistical Inference in Business Forecasting”
Roger Svensson
This essay explores the material origins of gold coinage to argue that enslaved gold miners built the metallic foundations of America’s financial system.
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Periodic Recoinage and Economic Development in Medieval Hessen”
James Rose is a concurrent A.B./A.M. Candidate at Harvard College and the Harvard Graduate School of Arts and Sciences.
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James Rose, Assistant Editor”
Barry Eichengreen
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency.
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From Commodity to Fiat and Now to Crypto: What Does History Tell Us?”
Please join Copenhagen Business School's Transformational Economies and Societies Research Cluster for “Transforming Capitalism: Paradox or Opportunity?” with Julia Ott and Professor Rebecca Henderson — Dec. 9, 2021!
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Copenhagen Business School: Transforming Capitalism: Paradox or Opportunity? on Dec. 9, 2021”
Monica Prasad, John N. Robinson III, Joy Milligan, Dedrick Asante-Muhammad, Nic John Ramos, Stacy Seicshnaydre, Abbye Atkinson, Brian Highsmith, David Stein, Brittany Alston
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Destin Jenkins’s The Bonds of Inequality: Debt and the Making of the American City”
Ann Marsh Daly
This essay explores the material origins of gold coinage to argue that enslaved gold miners built the metallic foundations of America’s financial system.
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“Every Dollar Brought from the Earth”: Money, Slavery, and Southern Gold Mining”
Barbora Černušáková
This article contributes to the theory of racial capitalism by focusing on racialization of labor in the post-socialist context.
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Roma Workers under Czech Racial Capitalism: A Post-Socialist Case Study”
John Haskell
This essay examines an emerging epistemological conjuncture between what might loosely be identified as two (primarily) academic camps: economists subscribing to “modern money theory” (MMT) and international lawyers associated with “critical” traditions within the discipline.
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Modern Money Theory and International Law”
Fathimath Musthaq
The 2008 financial crisis saw central banks introduce a variety of tools to shore up the financial system, including unconventional measures that made use of central bank balance sheets to directly shape markets. This paper argues that central banks increasingly rely on unconventional tools in noncrisis times to maintain confidence in an unstable financial system.
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Unconventional central banking and the politics of liquidity”
Adam Hayes
This essay makes the case that current debates about the ‘moneyness’ of Bitcoin and other cryptocurrencies are occurring at the incorrect scale.
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World monies or money-worlds: A new perspective on cryptocurrencies and their moneyness”
Please join the Institute for Historical Research for their event “History in Financial Times” with FSN chair Amin Samman - Nov. 11, 2021!
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Institute for Historical Research: History in Financial Times on Nov. 11, 2021”
Please join the Minnesota Historical Society for their event “When Wall Street Met Main Street” with Professor Julia C. Ott - Nov. 13, 2021!
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Minnesota Historical Society: When Wall Street Met Main Street with Julia C. Ott on Nov. 13, 2021”
Please join the New School for their next Currency and Empire Sawyer Seminar Event “Economic Sovereignty and Its Limits” - on Zoom, Nov. 12, 2021!
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Economic Sovereignty and Its Limits – Central Bankers, Finance Ministers, and International Organizations: Currency and Empire Sawyer Seminar on Nov. 12, 2021”
Please join the New School for a Public and Urban Policy Speaker Series Event “Racialized Geographies of Housing Financialization” - on Zoom, Nov. 3, 2021!
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Racialized Geographies of Housing Financialization: Public and Urban Policy Speaker on Nov. 3, 2021”
Please join the New School for their next Currency and Empire Sawyer Seminar Event “Technopolitics of Monetary Management” - on Zoom, Oct. 29, 2021!
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Technopolitics of Monetary Management: Currency and Empire Sawyer Seminar on Oct. 29, 2021”
Oliver Pahnecke & Juan Pablo Bohoslavsky
This Article proposes an innovative and human rights-based interpretation of interest rates applied to public and private loans where interest rate and risk premium are adjusted after the full payment of the principal.
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Interest Rates and Human Rights: Reinterpreting Risk Premiums to Adjust the Financial Economy”
Contributors: Michael Woodford, Charles Goodhart, Gerald Epstein, James Galbraith, Bill Janeway, David Laidler, Marc Lavoie, Perry Mehrling, James Rose, Carolyn Sissoko, & Randy Wray
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Stephen A. Marglin’s Raising Keynes: A Twenty-First Century General Theory”
Please join the UChicago History and Theory of Capitalism and Harvard Political Economy of Modern Capitalism workshops for a joint lecture — “Coal, Colonies, and the Industrial Revolution” — on Zoom, Nov. 17, 2021.
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Coal, Colonies, and the Industrial Revolution: Lecture on Nov. 17, 2021”
Mehrsa Baradaran
The financial crisis of 2008 made clear to the public, in a way that had not been apparent for some time, that banks depend for their existence and operation on a structural framework created by the federal government.
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Postal Banking’s Public Benefits”
Leon Wansleben
Capital evidently is not just a legal code, but also constitutes a financial accounting entity that emerges from processes of investment, which are embedded in (economic, social, political) structures that are facilitative of unequal distributions of rewards and risks.
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Capitalization and its Legal Friends”
Please join the New School for their next Currency and Empire Sawyer Seminar Event “Categorizing Currencies - Making Subjects, Making Money” - on Zoom, Oct. 15, 2021!
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Categorizing Currencies – Making Subjects, Making Money: Currency and Empire Sawyer Seminar on Oct. 15, 2021”
The 2022-23 Warren Center Faculty Fellowship will be on the theme of Capitalism’s Hardwiring: Money, Credit, and Finance in a Globalizing World, 1620-2020 led by Chris Desan (Harvard Law) and Kenneth Mack (Harvard Law).
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2022-23 Warren Center Faculty Fellowship on Capitalism’s Hardwiring — Application Deadline: Jan. 4, 2022”
Many experts are rethinking longstanding core ideas, including the importance of inflation expectations.
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Nobody Really Knows How the Economy Works. A Fed Paper Is the Latest Sign.”
Robert C. Hockett & Saule T. Omarova
Much American electoral and policy debate now centers on how best to reignite the nation's economic dynamism and rebuild its competitive strength.
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Private Wealth and Public Goods: A Case for a National Investment Authority”
Jacqueline Best, Colin Hay, Genevieve LeBaron & Daniel Mügge
Contemporary political economy is predicated on widely shared ideas and assumptions, some explicit but many implicit, about the past. The aim of this Special Issue is to draw attention to, and to assess critically, these historical assumptions.
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Seeing and Not-seeing Like a Political Economist: The Historicity of Contemporary Political Economy and its Blind Spots”
Please join the New School for their third Currency and Empire Sawyer Seminar Event “Colonial Genealogies of Political Economy” - on Zoom, Oct. 1, 2021!
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Colonial Genealogies of Political Economy – Imperial Spectres and National Currencies: Currency and Empire Sawyer Seminar on Oct. 1, 2021”
Please join Ujima Boston for a Public Banking Workship - September 22, 2021 at 6:00 pm EST via Zoom
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Ujima Boston: Making the Case for a Public Bank – Black & Indigenous Ecosystem Support for Public Banking, September 22 at 6:00 pm EST”
Chloë Kennedy
This article examines criminal law responses to counterfeit currency (notes and coins) in Scotland during a period of rapid commercialization.
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Counterfeit Currency and the Criminal Law in Commercialising Scotland”
Aaron Wistar
The $21-trillion market in U.S. government securities is the “deepest and most liquid fixed-income market in the world.” Except, of course, when it isn’t.
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Who Needs the Government Securities Market?”
Please join 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”
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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The Frail Bonds of Liberalism: Pensions, Schools, and the Unraveling of Fiscal Mutualism in Postwar New York”
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”
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”
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”
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)”