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)
For centuries, our systems of banking, money, and payments have been legally and institutionally intertwined.
David M.P. Freund
A welfare state doesn’t distort the market; it just makes government aid fairer.
Nuno Ornelas Martins
Various research projects in economics developed at Cambridge share common philosophical presuppositions, within what can be termed as the Cambridge economic tradition.
In this essay, I make the case for the historical study of bank supervision—both that historical methods are necessary to understanding the shape and structure of supervision in the present and that the study of supervision will contribute to active and important historiographical debates.
This article argues for a fundamental rethinking of the function of consumer protection. It is time to abandon welfare economics and adopt what this article refers to as “moral economy”.
The valuation of insurance liabilities has traditionally been dealt with by actuaries, who closely monitored underlying illiquid features
Why does the Federal Reserve bail banks out in violation of a core principle of free-market capitalism: private gain–private loss?
The rise of cloud computing has dramatically changed how consumers and firms store their belongings. Property that owners once managed directly now exists primarily on infrastructure maintained by intermediaries.
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”
Peter Conti-Brown & David A. Wishnick
The Federal Reserve (Fed) regularly faces novel challenges to its broad statutory mandates. Often, these challenges—from financial crises to pandemics to climate change—raise a critical question.
For the last fifty years, Congress has valorized the act of borrowing money as a catalyst for equality, embracing the proposition that equality can be bought with a loan.
L. Randall Wray & Yeva Nersisyan
In this paper, we use the Modern Money Theory framework to analyze whether government debt (and deficits) in a country with its own sovereign currency presents a problem.
The financial system is unequal and exclusionary even as it is supported, funded, and subsidized by public institutions.
Money on the Left Podcast: Money as a Constitutional Project with Christine Desan
The Money on the Left Editorial Collective presents a classic episode from our archives along with a previously unavailable transcript & graphic art. In this episode, we are joined by Christine Desan
The financial crisis of 2008 resulted, among other, on a popular awareness that the monetary system was not working for the interest of the many.
Dan Awry & Kathryn Judge
This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation.
Einar Lie, University of Oslo
In the mid‐twentieth century a number of central banks around the western world lost their operational autonomy and were placed under government control.
Robert Hockett, Cornell Law School
All societies must address two questions where the organization of productive activity is concerned. The first is whether production will be mainly publicly managed, privately managed, or 'mixed.'
Governor Lael Brainard, Federal Reserve
Speech by Governor Lael Brainard of the Federal Reserve at The Future of Money in the Digital Age, Sponsored by the Peterson Institute for International Economics and Princeton University’s Bendheim Center for Finance, Washington, D.C.
Bruno Meyerhof Salama, University of California, Berkeley - School of Law
In spite of its name, economic analysis of law is mostly unconcerned with money and markets. In a recently published book.
Contributors: Morgan Ricks, Marc Lavoie, Robert Hockett, Saule Omarova, Michael Kumhof, Zoltan Jakab, Paul Tucker, Charles Kahn, Daniel Tarullo, Stephen Marglin, Howell Jackson and Christine Desan, Sannoy Das
Saule T. Omarova, Cornell Law School
The COVID-19 crisis forcefully underscored the urgency of digitizing sovereign money and ensuring broad access to affordable banking services.
Roger Svensson, Research Institute of Industrial Economics, Andreas Westermark,Sveriges Riksbank
A monetary system called periodic re-coinage was used during almost 200 years in large part of medieval Europe.
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.
Christine Desan, Harvard Law School
Neoclassical and credit approaches to money represent dramatically different theories of value.
Editors, Finance and Society
The editors of Finance and Society are pleased to announce the publication of vol. 6, no. 1 (2020).
Brian Gettler, University of Toronto
Money, often portrayed as a straightforward representation of market value, is also a political force, a technology for
Ayca Zayim, Mount Holyoke College
Despite the consensus that the power of finance constraints central banks under financial globalization, the variation in their autonomy from market forces at the micro level of monetary policymaking remains underexplored.
Francois R. Velde, Federal Reserve Bank of Chicago
A collection of texts printed in early seventeenth-century Naples exemplifies the intersection between economic history and the history of thought.
Corinne Zellweger-Gutknecht, University of Basel, Benjamin Geva, Osgoode Hall Law School, Seraina N. Gruenewald, Radbound University Nijmegen
The modern monetary system is controlled by the state and yet linked to private deposit banking. Monetary value held in deposits with commercial banks is known as ‘commercial bank money’ (CoBM).
L. Randall Wray, Bard College
Modern money theory (MMT) synthesizes several traditions from heterodox economics.
Vanessa Ogle, UC Berkeley
This article explores the question of what happened to European assets in the process of decolonization.
Saule Omarova, Cornell Law School
This article examines fintech as a systemic force disrupting the currently dominant technocratic paradigm of financial regulation.
Perry G Mehrling, Pardee School of Global Studies, Boston University
Perry Mehrling talks to Boston Economic Club June 3, 2020 about the Coronavirus Crisis.
Mehrsa Baradaran, University of California Irvine
The New Deal created a separate and unequal credit market—high-interest, non-bank, installment lenders in black ghettos
Peter Conti-Brown and David A. Wishnick
The speed at which money moves between people and businesses in the United States lags well behind international standards.
Steffan Murau, Joe Rini & Armin Haas
Little has contributed more to the emergence of today's world of financial globalization than the setup of the international monetary system.
May 21, 2020
Gerald Epstein, University of Massachusetts Amherts
Public education - K-12 and public higher education - have been hit hard financially by the Covid-19 Crisis.
May 19, 2020
Mehrsa Baradaran, University of California Irvine
In order to achieve racial justice in America, we must confront and then thoroughly reject simplistic and ahistorical myths about markets and capitalism.
Gerald Epstein, University of Massachusetts Amherst
State and local finances, including for public education, have been hit hard by the COVID-19 crisis, leaving more than a $500 billion hole in their budgets.
May 12, 2020
Duncan Kennedy, Harvard Law School
In the last financial crisis millions of American home owners lost their homes while low-income renters were evicted en masse.
Why is this Happening?: Saving the Economy with Saule Omarova
Why is this Happening? Podcast Talks with Saule Omarova
April 29, 2020
Oscar Perry Abello
For me, as a journalist covering the economies of cities across the United States, this journey started maybe four years ago.
April 28, 2020
Finn Brunton, NYU Steinhardt School
April 22, 2020
Benjamin Geva, Osgoode Hall Law School of York University
April 15, 2020
Marcelo de Castro Filho & Susan Silbey, Massachusetts Institute of Technology
At the core of Lev Menand’s and Bill Maurer’s contributions to this roundtable lie one important conclusion
April 10, 2020
Carolyn Sissoko, University of the West of England
Coronavirus and the immense economic costs associated with repressing its growth has provoked a debate over how to distribute those costs.
April 9, 2020
John Haskell, The University of Manchester
Nathan Tankus, The Modern Money Network
Off the radar in academic, professional and public experience until the early to mid-2000s, virtual currencies are a hot topic
March 31, 2020
J.S. Nelson, Villanova University
What are cryptocurrencies: securities, commodities, or another form of established currency – a non-sovereign fiat currency?
April 1, 2020
Saule T. Omarova, Cornell Law School
The COVID-19 crisis is unlike any other we’ve seen so far.