—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
Money and the Nation State: The Financial Revolution, Government, and the World Monetary Systemby Jr., Richard H Timberlake Richard H.
Monetary and banking problems in the world today arise not so much from the failure of specific policies as from more deep-seated problems in institutional structures. Individuals clearly make mistakes and legislatures make bad laws, but the institutions from which decisions and laws emanate determine the effectiveness of social operations and the value of social… See more details below
Monetary and banking problems in the world today arise not so much from the failure of specific policies as from more deep-seated problems in institutional structures. Individuals clearly make mistakes and legislatures make bad laws, but the institutions from which decisions and laws emanate determine the effectiveness of social operations and the value of social decisions. Unless we change the present institutional structure, we are not likely to get stable solutions to today's most serious problems—ongoing and often erratic inflation and serious banking instability. Money and the Nation State examines the history of modern monetary and banking arrangements, some of the major monetary and banking problems, and options for meaningful reform.
The common theme of all the essays is that current arrangements result less from the accomplishments of great men than man-made institutions that society has inherited—central banks and "the legal and regulatory frameworks that accompany them. The contributors emphasize the impact of political interference on the workings of monetary and financial institutions. Not surprisingly, they find many problems arise because politically generated structures are inappropriate to the real needs of the individuals and groups they are meant to serve. Money and the Nation State provides an essential framework for those willing to return to first principles in thinking about the role of monetary institutions in economic life. Economists, financial theorists, and the interested citizen will find it stimulating reading.
Meet the Author
Richard H. Timberlake, Jr., is professor of economics at the University of Georgia. He is the author of Monetary Policy in the United States, Origins of Central Banking in the United States, and Money and Banking, plus over fifty articles hi such scholarly journals as the Journal of Political Economy, Journal of Economic History, and Southern Economic Journal, plus such publications as Banker's Magazine, Banking, and the Monthly Review of the Federal Reserve Bank of Richmond. Kevin Dowd is Yorkshire Bank Professor of Financial Economics and head of the Centre for Research in Financial and Legal Studies at Sheffield Hallam University in England. His books include The State and the Monetary System, The Experience of Free Banking, and Free Banking: The Route to Monetary Stability. Merton H. Miller, a Nobel Laureate in Economic Science, is Robert R. McCormick Distinguished Service Professor Emeritus of Finance at the Graduate School of Business, University of Chicago.
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