Normal view MARC view ISBD view

Central banks, democratic states and financial power

By: Pixley, Jocelyn.
Material type: materialTypeLabelBookPublisher: Cambridge Cambridge University Press 2018Description: xiv, 465p. With index.ISBN: 9781107552340.Subject(s): Central banks and banking -- history | Central banks and banking | AustralianDDC classification: 332.1109 Summary: When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007–2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further. Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking. Central banks are never politically neutral and, despite unfair demands, are unable to prevent collapses to debt deflation or credit/asset inflation. They can produce debilitating depressions but not the recoveries desired in democracies and unwanted by capitalist banks or war finance logics. Drawing on economic sociology and economic histories, this book will appeal to informed readers interested in studying democracies, banks and central banking's ambivalent positions, via comparative and distributive perspectives. https://www.cambridge.org/us/academic/subjects/economics/finance/central-banks-democratic-states-and-financial-power?format=PB
Tags from this library: No tags from this library for this title. Log in to add tags.
    average rating: 0.0 (0 votes)
Item type Current location Item location Collection Call number Status Date due Barcode
Books Vikram Sarabhai Library
General Stacks
Slot 639 (0 Floor, West Wing) Non-fiction 332.1109 P4C3 (Browse shelf) Available 199141

Table of Contents

1. Who wanted central banks?
2. War finance, private banks, shared monetary sovereignty
3. Peace finance in bankers' ramps, 1920s–1930s
4. Central banks, democratic hopes, 1930s–1970s
5. Vietnam War, dollar float and Nixon
6. The great inflation scare of Phillips curve myths
7. Pseudo-independent central banks and inflation target prisons
8. The state of monetary sovereignty
9. Searching for the absurd in central banking.

When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007–2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further. Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking. Central banks are never politically neutral and, despite unfair demands, are unable to prevent collapses to debt deflation or credit/asset inflation. They can produce debilitating depressions but not the recoveries desired in democracies and unwanted by capitalist banks or war finance logics. Drawing on economic sociology and economic histories, this book will appeal to informed readers interested in studying democracies, banks and central banking's ambivalent positions, via comparative and distributive perspectives.

https://www.cambridge.org/us/academic/subjects/economics/finance/central-banks-democratic-states-and-financial-power?format=PB

There are no comments for this item.

Log in to your account to post a comment.

Powered by Koha