Why our addiction to debt caused the global financial crisis and is the root of our financial woes
Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail--our addiction to private debt is to blame.
Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth--but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money--the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money.
Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.
Автор: Galbraith John Kenneth Название: Money: Whence It Came, Where It Went ISBN: 0691171661 ISBN-13(EAN): 9780691171661 Издательство: Wiley Рейтинг: Цена: 26400.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание:
Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? In Money, renowned economist John Kenneth Galbraith cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. He tells the fascinating story of money, the key factors that shaped its development, and the lessons that can be learned from its history. He describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. Galbraith also shows that, when it comes to money, nothing is truly new--least of all inflation and fraud.
Автор: Fox, David Название: Property Rights in Money ISBN: 0198299451 ISBN-13(EAN): 9780198299455 Издательство: Oxford Academ Рейтинг: Цена: 224400.00 T Наличие на складе: Невозможна поставка. Описание: Property Rights in Money concentrates on the proprietary consequences of using money as a means of payment. It considers the nature of money from a legal perspective, examining how property rights in money are transferred from person to person and the consequences if those transfers are ineffective.
Автор: Dodd Nigel Название: The Social Life of Money ISBN: 0691141428 ISBN-13(EAN): 9780691141428 Издательство: Wiley Рейтинг: Цена: 40130.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Questions about the nature of money have gained a new urgency in the aftermath of the global financial crisis. Even as many people have less of it, there are more forms and systems of money, from local currencies and social lending to mobile money and Bitcoin. Yet our understanding of what money is--and what it might be--hasn`t kept pace. In The So
Автор: Belongia, Michael Название: Money, Measurement and Computation ISBN: 1403947937 ISBN-13(EAN): 9781403947932 Издательство: Springer Рейтинг: Цена: 111790.00 T Наличие на складе: Невозможна поставка. Описание: In this book leading researchers from universities around the world bring together new ideas on measurement and computation of indices for the financial sector. The book is divided into three parts. The first part contains two chapters which present particularly new ideas and applications on models of the supply and demand for monetary assets in the UK. The first paper by William Barnett, Barry Jones, Milka Kirova, Travis Nesmith and Meenakshi Pasupathy explores some of the more popular cases in which cointegration is used as a basis for the construction of linear models, and, and runs tests for nonlinearity of the linear combination of the cointegrated variables.
Автор: Gallarotti Название: Money and Politics ISBN: 1138841153 ISBN-13(EAN): 9781138841154 Издательство: Taylor&Francis Рейтинг: Цена: 148010.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: A History of International Monetary Diplomacy, 1867 to the Present details and explores how the rise of democracy has transformed economics over the past 150 years.
Автор: Sir John Hicks, Late Drummond Professor of Politic Название: A Market Theory of Money ISBN: 0198287240 ISBN-13(EAN): 9780198287247 Издательство: Oxford Academ Рейтинг: Цена: 150480.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Explains the way in which economic theory has been adjusted to reflect developments in the real economy. The author outlines a theory, which links competitive markets with the monetary sector.
Автор: Zimmermann Название: Money and Security ISBN: 052178204X ISBN-13(EAN): 9780521782043 Издательство: Cambridge Academ Рейтинг: Цена: 57030.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This study links two fundamental political structures of the Cold War era; the transatlantic security system and the international monetary system. Both Washington and London identified the cost of British and American troops in Germany as a major reason for the decline of their currencies, whereas Germany reluctantly traded `Money for Security.
Автор: Niewdana Название: Money and Justice ISBN: 1138785881 ISBN-13(EAN): 9781138785885 Издательство: Taylor&Francis Рейтинг: Цена: 158230.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: The book provides a comprehensive understanding of money with a global approach. It helps to increase the awareness of injustices hidden in the workings of modern money and banking systems and the need for moral underpinnings of such systems and suggests a money system which could immensely improve human, economic, and ecological conditions.
Автор: James John a. Название: Money and Capital Markets in Postbellum America ISBN: 0691605491 ISBN-13(EAN): 9780691605494 Издательство: Wiley Рейтинг: Цена: 47520.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: Postbellum economic change in the United States required an efficient system by which capital could be transferred to areas where it was relatively scarce. In assessing the structure that evolved to meet this need, John James provides a new and convincing explanation of the forces underlying the integration of separate and local money markets to fo
Автор: Nishibe Название: The Enigma of Money ISBN: 9811018189 ISBN-13(EAN): 9789811018183 Издательство: Springer Рейтинг: Цена: 74530.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: This book provides a new way of understanding modern money and markets by stressing their self-fulfilling/self-destructive properties as institutions from evolutionary perspectives. In contrast to an unrealistic view of the neoclassical general equilibrium theory that models the price mechanism of a “concentrated market” without using money, presented here is an alternative theory of markets on how a realistic “dispersive market” using a stock of money and inventory as buffers can work as a multilayered price-quantitative adjustment system. The central features of modern sovereign moneys seen in inconvertible IOUs of central banknotes can be depicted as “The Emperor's New Clothes” that correspond to the U.S. dollar and the Euro void of their own value. The image captures such characteristics of national currencies as “self-fulfilling ideas” by the inertia of conventions in the past and expectations of an uncertain future. Both ideas normally make money more acceptable and circulative so that its value can become more stable unless expectations for the future turn very pessimistic.The same logic also applies to such other currencies as Bitcoin and community currencies. Their recent diffusion has shown that Hayek's idea of denationalization of money and competition between multiple currencies in terms of its qualities, not its quantities sought as in ongoing quantitative easing, become more relevant under current situations. The qualities of money refer not only to stable monetary values and low transaction costs, but also to high ability in creating, sharing, and communicating social and cultural value.The potential of the logic of self-fulfillment of ideas can thus open up a new economic society when we realize that such various non-national currencies all depend on the same logic of money.
Автор: Michael J. Murray; Mathew Forstater Название: The Job Guarantee and Modern Money Theory ISBN: 3319464418 ISBN-13(EAN): 9783319464411 Издательство: Springer Рейтинг: Цена: 111790.00 T Наличие на складе: Есть у поставщика Поставка под заказ. Описание: The contributors to this edited collection argue that a flexible Job Guarantee program able to react to an economy's fluctuating need for work would stabilize the labor standard, the value of employment in relation to money. During economic downturns, the program would expand to provide more public sector jobs in response to private sector layoffs. It would then contract when economic growth offered private sector employment opportunities. This flexible full employment program would create a balanced, perpetually active labor force, providing the macroeconomic stability necessary to define a functioning labor standard. Just as the gold standard measured the worth of money against gold reserves, John Maynard Keynes argued, so a labor standard ought to measure the value of money in terms of its labor equivalent. However, he failed to account for the fact that, unlike a gold standard, a labor standard does not have any kind of surety that money will continue to match its value in paid work over time. Together, the contributors argue that full employment would provide this missing security and allow authorities to define the value equivalencies of money and labor, the way that money once represented its exact equivalent in gold.
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