About Us

Our aim is to encourage discussion, debate, and scholarship on money’s design and its reform towards a world that is as just as it is (economically) productive. (read more)
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Current Scholarship
The Intellectual Origins of Sudan’s “Decades of Solitude,” 1989–2019

Alden Young

The three decades between 1989 and 2019, when the National Salvation regime of Islamists and the military ruled Sudan, are now frequently remembered by international and Sudanese policymakers, politicians, intellectuals, and business elites as “lost decades” or “decades of solitude”
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The Intellectual Origins of Sudan’s “Decades of Solitude,” 1989–2019

Current Scholarship
The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race

Jamee Moudud, Sarah Lawrence College

This paper contributes to the literature on racial capitalism by deploying a key insight of the Law and Political Economy tradition, which is that politics acting through the law plays a constitutive role in the monetary hardwiring of economies and their property rights.
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The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race

Current Scholarship
The Key to Value (2.0): The Debate Over Commensurability in Neoclassical and Credit Approaches to Money

Christine Desan, Harvard Law School

Neoclassical and credit approaches to money represent dramatically different theories of value. According to the way money is created, individuals will not be equally situated in the process that generates prices. Decisions about value are made in the wake of that fact.
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The Key to Value (2.0): The Debate Over Commensurability in Neoclassical and Credit Approaches to Money

Current Scholarship
Banking on a Curve: How to Restore the Community Reinvestment Act

Peter Conti-Brown, The Wharton School, University of Pennsylvania; Brookings Institution; and Brian D. Feinstein, The Wharton School, University of Pennsylvania

The Community Reinvestment Act (CRA) of 1977 has failed to meaningfully reduce the prevalence of “banking deserts” across lower-income communities or to reduce the racial wealth gap. As a corrective, banks should be graded on a curve, which would enable the CRA to fulfill its promise: to expand access to credit, spur investment in overlooked areas, and combat racial inequities through the financial system.
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Banking on a Curve: How to Restore the Community Reinvestment Act

Current Scholarship
Gold Clauses in the Capital Markets of the Early Twentieth Century

David Fox, University of Edinburgh

This paper scratches beneath the doctrinal analysis of gold clauses to the commercial and political purposes served by such clauses. It considers gold-clause contracts as historical instances of the early international bond markets in operation, and the litigation over them as one reaction to the financial instability of the era.
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Gold Clauses in the Capital Markets of the Early Twentieth Century

Current Scholarship
Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia

Alexis Montambault Trudelle, School of Social and Political Science, University of Edinburgh

What kind of power relations are maintained or established in the process of sovereign wealth funds development? This article contributes to rentier state debates and broader political economy scholarship by showing how state investment funds hinge on ancillary networks of social institutions, often generated from ingrained formal and informal interactions between states and society.
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Towards a sociology of state investment funds? sovereign wealth funds and state-business relations in Saudi Arabia

Current Scholarship
The power of folk ideas in economic policy and the central bank–commercial bank analogy

Sebastian Diessner, Leiden University, The Hague, Netherlands

This article argues that policy-makers’ non-expert or ‘folk’ ideas can affect policy outcomes in a way that challenges the assumption of economic policy-making being guided by expert ideas emanating from the realm of economics and other sciences.
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The power of folk ideas in economic policy and the central bank–commercial bank analogy

Current Scholarship
Financialized savings in public water governance: An illustrative case study in the arid American West

Christopher Gibson, California State University, Fullerton

How does financialization of the economy impact public governance of natural resources? This article interrogates the influence that financial markets have over public policy, showing that elected governance officials engage in the commodification of money, encouraging the further commodification of environmental resources.
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Financialized savings in public water governance: An illustrative case study in the arid American West

Current Scholarship
Sovereign Solvency as Monetary Power

Karina Patrício Ferreira Lima, University of Leeds School of Law

This article reconceptualizes sovereign insolvency from a money-centred perspective. Sovereign insolvencies are inherent to the asymmetric character of global liquidity, rather than solely the product of fiscal misfortunes or mismanagement. To correct those asymmetries, it is necessary to reset the international monetary system.
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Sovereign Solvency as Monetary Power