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From the Publisher
“In this collection of 13 original articles, 17 scholars argue that the root of today's problems of inflation, devaluations, debt crises, and exchange rate volatility is largely found in fundamental institutional flaws in the structure of central banks and the accompanying legal framework and not so much in misguided policies or incompetent policy makers. Contributors show that political influences have undermined the smooth functioning of monetary and financial institutions, and moreover, that monetary nationalism has led to economic discoordination… This insightful volume is highly recommended for upper-division undergraduate through professional collections as well as large public library collections.”
—P. R. Kressler, Choice
"This is a thought-provoking volume and one that ranges widely....it is a useful reminder that history and politics matter."
"Money and the Nation State is superb. It is an extraordinarily intelligent, well-informed and insightful book about the relationship of central banking to a variety of different problems, both domestic and international, and explores in an intelligent way the implications for policy of the fact that governments have asserted a monopoly in the emission and regulation of money during modern times."
—GEOFFREY MILLER, Chairman, Center for the Study of Central Banks, U. of Chicago
"At a time when Europe is preparing for a single currency managed and controlled by one central bank, the book, Money and the Nation State, is of eminent importance and of extraordinary interest. Whether the European Monetary Union will become a success or a failure will depend very much on the structure and policy of the future European Central Bank. All policy makers who have to make far-reaching decisions in Europe should read this book."
—KARL OTTO POHL, Former President, Deutsche Bundesbank, Germany
“Money and the Nation State should serve as a red flag to government policy makers that market failures tend to be far less severe and damaging than government failures.
—GEORGE G. KAUFMAN, Professor of Finance and Economics, Loyola Univ., Chicago
"If society defines the rules of the game and sets financial markets free to play, only good things will follow. If the careful scholarship and argumentation between the covers of Money and the Nation State fall to convince the skeptics, nothing will."
—BARRY EICHENGREEN, Professor of Economics and Political Science, U. of California
"In Money and the Nation State, Dowd and T'imberlake have organized a very interesting book that effectively addresses the important monetary and financial issues facing the global economy today. They usefully document the evolution of our modern monetary system and then develop a provocative agenda for change that should be examined at the highest levels of policy making."
—MANUEL H. JOHNSON, Former Vice Chairman, Federal Reserve System
''With continuing advances in technology, money — who controls its creation — has become a 'hot' topic. Money and the Nation State makes a powerful case that the time has come for the invisible hand of the market to replace the visible hands of central banks in regulating the supply of money. Policy makers may disagree, but they should not ignore the cogently argued positions advanced in this important book. "
—ROBERT E. LITAN, Director of Economic Studies, The Brookings Institution
“Money and the Nation State brilliantly assembles an impressive array of powerful thinkers at a time when headlines concerning international monetary arrangements are daily appearing in the world's major newspapers. Timely and compelling, this volume is an indispensable handbook for serious scholars, policymakers and members of the business community; indeed, it lays out the important issues at stake for everyone. "
—JUDY SHELTON, Author, Money Meltdown
“The common theme of Money and the Nation State is that money must be removed from politics. The authors discuss two types of solutions: monetary constitutionalism and potential competition, "his outstanding book not only provides a comprehensive overview of the problem and its solutions, but it is bristling with important new ideas."
—ROLAND VAL'BEL, Professor of Economics, University of Mannheim, Germany