The Rise of Central Banks
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Krátky popis
A bold history of the rise of central banks, showing how
institutions designed to steady the ship of global finance have
instead become as destabilizing as they are dominant. While central
banks have gained remarkable influence over the past fifty years,
promising more stability, global finance has gone from crisis to
crisis. How do we explain this development? Drawing on original
sources ignored in previous research, The Rise of Central Banks
offers a groundbreaking account of the origins and consequences of
central banks' increasing clout over economic policy.Many
commentators argue that ideas drove change, indicating a shift in
the 1970s from Keynesianism to monetarism, concerned with
controlling inflation. Others point to the stagflation crises,
which put capitalists and workers at loggerheads. Capitalists won,
the story goes, then pushed deregulation and disinflation by
redistributing power from elected governments to markets and
central banks.Both approaches are helpful, but they share a
weakness. Abstracting from the evolving practices of central
banking, they provide inaccurate accounts of recent policy changes
and fail to explain how we arrived at the current era of easy money
and excessive finance. By comparing developments in the United
States, the United Kingdom, Germany, and Switzerland, Leon
Wansleben finds that central bankers' own policy innovations were
an important ingredient of change.These innovations allowed central
bankers to use privileged relationships with expanding financial
markets to govern the economy. But by relying on markets, central
banks fostered excessive credit growth and cultivated an
unsustainable version of capitalism. Through extensive archival
work and numerous interviews, Wansleben sheds new light on the
agency of bureaucrats and calls upon society and elected leaders to
direct these actors' efforts to more progressive goals.
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Aktuálna Ø cena knihy The Rise of Central Banks je 46,03 €
Výber kníh autorov
Harvard University Press ,
Leon Wansleben
Zobraziť všetky knihy autora
Harvard University Press,
Leon Wansleben
Výber kníh vydavateľa
Slovart
Zobraziť všetky knihy vydavateľa
Slovart
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