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349 results in Economic theory

Page 1 of 18

The City's Defense
  • The Bank of England and the Remaking of Economic Governance, 1914–1939
  • Robert Yee
  • Coming soon
  • Expected online publication date:
    November 2025
    Print publication:
    30 November 2025

Before the Fed
  • J.P. Morgan, America's Lender of Last Resort
  • Jon Moen, Mary Tone Rodgers
  • Coming soon
  • Expected online publication date:
    November 2025
    Print publication:
    30 November 2025

Extroverted Financialization
  • Banking on US Dollar Debt
  • Mareike Beck
  • Coming soon
  • Expected online publication date:
    August 2025
    Print publication:
    31 August 2025
  • Extroverted Financialization offers a new account of the Americanization of global finance through the concept of 'extroverted financialization'. The study presents German banks as active participants of financialization, demonstrating how deeply entangled they were with global markets since post-WWII reconstruction. Extroverted Financialization locates the transformation of global banking within the revolution of funding practices in 1960s New York and shows how this empowered US banks to systematically outcompete their European counterparts. This uneven competition drove German banks to partially uproot themselves from their own home markets and transform their own banking models into US financial models. This transformation not only led to the German banks' speculative investments during the 2000s subprime mortgage bubble, but more importantly to rising USD dependency and their contemporary decline.

Extralegal Governance
  • The Social Order of Illegal Markets in China
  • Peng Wang, Wanlin Lin
  • Coming soon
  • Expected online publication date:
    July 2025
    Print publication:
    31 July 2025
  • Drawing on insights from sociology and new institutional economics, Extralegal Governance provides the first comprehensive account of China's illegal markets by applying a socio-economic approach. It considers social legitimacy and state repression in examining the nature of illegal markets. It examines how power dynamics and varying levels of punishment shape exchange relationships between buyers and sellers. It identifies context-specific risks and explains how private individuals and organizations address these risks by developing extralegal governance institutions to facilitate social cooperation across various illegal markets. Adopting a multiple-case study design to sample China's illegal markets, this book utilizes four cases - street vending, small-property-rights housing, corrupt exchanges, and online loan sharks - to examine how market participants foster cooperation and social order in illegal markets.

Money In Crisis

Extinction Equilibrium
  • Economics for Generational Survival
  • Jefferson Frank
  • Published by:
    Bristol University Press
    Published online:
    16 April 2025
    Print publication:
    21 October 2024
  • The past two decades have seen a global financial crisis, increasing levels of inequality, a pandemic and the intensification of the climate emergency. As debate rages about how to ensure a fairer society, this book asks where we want to be in twenty years' time and how we might get there.

There Will Be the Devil to Pay
  • Central Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931
  • Per H. Hansen
  • Published online:
    21 December 2024
    Print publication:
    09 January 2025
  • The European financial crisis of 1931 was a pivotal moment in the economic and financial history of the twentieth century. Based on extensive archival research and a cultural conceptual framework, There Will be the Devil To Pay offers a new and much needed understanding of the European financial crisis. It tells the dramatic story of the five months that led to the breakdown of the gold standard, writing the history of the crisis from the perspective of central bankers, private bankers, and government officials. It provides a new narrative of how those involved struggled to understand and respond to the crisis as it unfolded. Contributing to the emerging literature on radical uncertainty and narrative economics, this book provides a detailed analysis of how decision-makers confront uncertainty and shape narratives that create actionable knowledge and enable decision-making.

Macroeconomic Policy Since the Financial Crisis
  • Matteo Iannizzotto
  • Published by:
    Agenda Publishing
    Published online:
    19 December 2024
    Print publication:
    03 October 2023
  • Economic policymakers use various macroeconomic models, but how reliable are they in real-world conditions? Starting from the premise that all models are wrong, but some are useful, Matteo Iannizzotto introduces and explains the workings of the key economic models available for policymaking. He shows that the inconsistencies and contradictions evident in the real world require the economist to make choices about which models to adopt in certain circumstances and when not to rigidly adhere to a single approach.

    The book uses a clear and critical step by step analysis to consider the strengths and weaknesses of each model, in a way that enables students to develop their own critical engagement with macroeconomic policymaking. In so doing, the book provides an understanding of the world economy's fluctuations since the global financial crisis that embraces the uncomfortable fact that inconsistency and the need for a multiplicity of models is central to macroeconomic policy choices. For the many students bewildered by the disconnect between the models in their textbooks and the policy choices so hotly debated in the press, the book will be essential reading.

Capital in Banking
  • The Role of Capital in Banking in the 19th and 20th Century: The United Kingdom, the United States and Switzerland
  • Simon Amrein
  • Published online:
    09 December 2024
    Print publication:
    23 January 2025
  • Capital in Banking traces the role of capital in US, British, and Swiss banking from the 19th to the 21st century. The book discusses the impact of perceptions and conventions on capital ratios in the 19th century, the effects of the First and Second World Wars, and the interaction of crises and banking regulation during the 1930s and the 1970s. Moreover, it emphasises the origins of the risk-weighted assets approach for measuring capital adequacy and explains how the 2007/2008 crisis led to a renaissance of unweighted capital ratios. The book shows that undisclosed reserves, shareholders' liability, and hybrid forms of capital must be considered when assessing capital adequacy. As the first long-run historical assessment of the topic, this book represents a reference point for publications in economics, finance, financial regulation, and financial history. This title is also available as Open Access on Cambridge Core.

Reflections on Monetary Policy after 25 Years of the MPC
  • Edited by Sean Holly, Michael McMahon, Stephen Millard, Anna Watson
  • Published online:
    14 November 2024
    Print publication:
    21 November 2024
  • The Bank of England was given operational independence by the UK Parliament in 1997. The key feature of this independence is that the Bank's Monetary Policy Committee has sole responsibility for setting interest rates to achieve the Government's inflation target. Featuring contributions from leading academics and practitioners, Reflections on Monetary Policy after twenty-five years of the MPC assesses and reflects on this independence, particularly in relation to the activities of the Monetary Policy Committee. The book is organised around four main themes: the remit given to the Bank of England in 1997, the decision-making process by which the Bank determines monetary policy, the use of unconventional policy after the financial crisis of 2007–11, and the scale and scope of the communication that the Bank uses to inform the public. It argues that the economy works best when agents understand why the central bank behaves in a particular way.

Industrial Policy for the United States
  • Winning the Competition for Good Jobs and High-Value Industries
  • Marc Fasteau, Ian Fletcher
  • Published online:
    08 November 2024
    Print publication:
    21 November 2024
  • The U.S. is losing the competition for good jobs and high-value industries because most of Washington believes trade should be free, the dollar should float, and that innovation comes exclusively from the private sector. In this book, the authors make the bold case that these laissez-faire ideas have failed and that a robust industrial policy is the only way for America to remain prosperous and secure. Trump and Biden have enacted some of its elements, but it needs to be made systematic and comprehensive, including tariffs to protect key industries, a competitive exchange rate, and federal support for commercialization—not just invention—of new technologies. Timely, meticulously researched, and bipartisan, this impressive analysis replaces misunderstandings about industrial policy with lucid explanations of its underlying economic theory, the tools that implement it, and its successes (and failures) in America and abroad. It examines key industries of the past and future – steel, automobiles, television, semiconductors, space, aviation, robotics, and nanotechnology. It concludes with a realistic, actionable policy roadmap. A work of rigor and ambition, Industrial Policy for the United States is essential reading.

Edward A. Tenenbaum and the Deutschmark
  • How an American Jew Became the Father of Germany’s Postwar Economic Revival
  • Carl-Ludwig Holtfrerich
  • Published online:
    19 October 2024
    Print publication:
    31 October 2024
  • German industry had survived Allied bombing largely unscathed. Currency reform was necessary to provide incentives for capital owners and labor to produce. The abundance of old Reichsmarks had to be curtailed to a scarce supply of Deutschmarks that users would expect to retain value. It was Edward A. Tenenbaum, currency expert of US military government in Berlin since 1946, who managed the exceptionally successful currency reform in West Germany 1948, which was implemented by the legislative powers of the three Western Allies against opposition from West German financial experts. It was the foundation of West Germany's 'economic miracle.' The West German currency conversion is part of the founding myth of the Federal Republic of Germany. Yet Tenenbaum's pivotal role is largely unknown among the German public. Besides providing a full-blown biography of the true father of the currency reform, this book elevates Tenenbaum to his proper place in German history.

Reconsidering Central Bank Independence
  • Stan Du Plessis, Andreas Freytag, Dawie van Lill
  • Published online:
    25 April 2024
    Print publication:
    02 May 2024
  • Central bank independence has become one of the most widely accepted tenets of modern monetary policy. According to this view, the main role of independent central banks is to maintain price stability through the adjustment of short-term interest rates. Reconsidering Central Bank Independence argues that the global financial crisis has undermined confidence in this view as central banks increasingly have to address concerns other than price stability, such as financial stability, the need for output recovery and other broader policy goals. Large balance-sheet expansion by central banks followed the global financial crisis, which overlapped considerably with the financial policy of their respective governments. Exploring the consequences of this shift to a more diverse set of policy challenges, this book calls for a return to the consensus role for central banks and analyses what this might mean for their future independence.

The Other Canon of Economics
  • Essays in the Theory and History of Uneven Economic Development
  • Erik Reinert
  • Edited by Rainer Kattel
  • Published by:
    Anthem Press
    Published online:
    13 April 2024
    Print publication:
    13 February 2024
  • Other Canon Economics: Essays in the Theory and History of Uneven Economic Development brings together key essays on development economics from one of the most prolific and important development economists and historians of economic policy today. Erik S. Reinert argues through essays ranging from 1994 to 2020 that neo-classical economics damages developing countries, mostly via adherence to the theory of comparative advantage. Based on a long intellectual tradition - started by the Italian economists Giovanni Botero (1589) and Antonio Serra (1613), Reinert shows that the country which trades increasing returns goods - e.g. high-end manufacture - has advantages over the country which trades diminishing returns goods - e.g. commodities. This has important implications for today's development strategies that, Reinert argues, should be seen as industrial strategies.

The Other Canon of Economics
  • Essays in the Theory and History of Uneven Economic Development
  • Erik Reinert
  • Edited by Rainer Kattel
  • Published by:
    Anthem Press
    Published online:
    13 April 2024
    Print publication:
    13 February 2024
  • Other Canon Economics: Essays in the Theory and History of Uneven Economic Development brings together key essays on development economics from one of the most prolific and important development economists and historians of economic policy today. Erik S. Reinert argues through essays ranging from 1994 to 2020 that neo-classical economics damages developing countries, mostly via adherence to the theory of comparative advantage. Based on a long intellectual tradition - started by the Italian economists Giovanni Botero (1589) and Antonio Serra (1613), Reinert shows that the country which trades increasing returns goods - e.g. high-end manufacture - has advantages over the country which trades diminishing returns goods - e.g. commodities. This has important implications for today's development strategies that, Reinert argues, should be seen as industrial strategies.

Economic Networks
  • Theory and Computation
  • Thomas J. Sargent, John Stachurski
  • Published online:
    11 April 2024
    Print publication:
    25 April 2024
  • It has become increasingly clear that economies can fruitfully be viewed as networks, consisting of millions of nodes (households, firms, banks, etc.) connected by business, social, and legal relationships. These relationships shape many outcomes that economists often measure. Over the past few years, research on production networks has flourished, as economists try to understand supply-side dynamics, default cascades, aggregate fluctuations, and many other phenomena. Economic Networks provides a brisk introduction to network analysis that is self-contained, rigorous, and illustrated with many figures, diagrams and listings with computer code. Network methods are put to work analyzing production networks, financial networks, and other related topics (including optimal transport, another highly active research field). Visualizations using recent data bring key ideas to life.

A Practical Guide to Macroeconomics
  • Jeremy B. Rudd
  • Published online:
    28 March 2024
    Print publication:
    04 April 2024
  • There is an uncomfortably large gulf between academic research and what policy economists use to understand the economy. A Practical Guide to Macroeconomics shows how economists at policy institutions approach important real-world questions and explains why existing academic work – theoretical and empirical – has little to offer them. It argues that this disconnect between theory and practice is problematic for policymaking and the economics profession and looks at what's needed to make academic research more relevant for policy. The book also covers topics related to economic measurement and provides a compact overview of US macroeconomic statistics that will help researchers use these data in a better-informed way.

General and Periodic Crises of Overproduction
  • Jean Lescure
  • Edited by D'Maris Coffman, Ali Kabiri, Nicholas di Liberto
  • Published by:
    Anthem Press
    Published online:
    01 March 2024
    Print publication:
    14 November 2023
  • Jean Lescure's two-volume General and Periodic Crises of Overproduction is a pioneering study of the causes and consequences of industrial crises in capitalist economies in the nineteenth and early twentieth centuries. The author, who held doctorates in political economy and law, is most remembered as a founder of the French historical school and a staunch advocate of empiricism in the economic sciences. Lescure called his approach the 'complex historical method', by which he sought to revise classical and quantitative economic theory through the historical analysis and statistical observation of cyclical phenomena. Lescure wrote in an engaging style, accessible to non-specialists and economists alike, and critiqued the leading monetary theorists of the period, insisting that observation of the movements in production costs, industrial orders and profits be given priority over circulation and credit in understanding the periodic crises of capitalist economies. In Lescure's view, crises were inevitable in both market and command economies and their onset and consequences were predictable with the help of the more detailed production statistics newly available to economists and entrepreneurs at the time. Lescure, unlike many of the liberal economists of the time, was always careful to include in his historical account statistical analysis of unemployment figures, as well as those on crime, marriage and birth rates, homelessness and suicide. Although he remained skeptical of government intervention, Lescure admitted the state's role in the recovery of the 1930s, when social insurance schemes and investment in public works mitigated the worst effects of unemployment for industrial labour.

Fronsperger and Laffemas
  • 16th-Century Precursors of Modern Economic Ideas
  • Edited by Erik S. Reinert, Philipp Robinson Rössner
  • Leonhard Fronsperger, Barthélemy de Laffemas
  • Published by:
    Anthem Press
    Published online:
    28 February 2024
    Print publication:
    02 May 2023
  • This volume introduces two unique and hitherto largely unknown contributions to the making of modern economic knowledge, and makes them available internationally for the first time in full English translation. Written in 1597 Barthelemy de Laffemas' General regulation for the establishment of manufacturers (originally in French: Reiglement général pour dresser les manufactures) is one of the earliest voices in the history of political economy emphasising the necessity of manufacturing and large-scale industry as the source of the wealth of nations. Located somewhat at the cross-roads between medieval Scholasticism and early mercantilism presents a basic version of the infant industry argument and European standard model of economic development which made it into later doctrines of thought including Enlightenment thinkers such as Colbert, Sir James Steuart or Friedrich List and nineteenth and twentieth century neomercantilism.

    Leonhard Fronsperger's On the praise of self-interest (German original: Von dem Lob deß Eigen Nutzen, 1564) is the first documented instance of the 'Mandeville paradox', a theorem in modern economics usually associated with much later writings including Bernard de Mandeville's Fable of the Bees (1705/14), or Adam Smith's Theory of Moral Sentiments (1759) and Wealth of Nations (1776). Vested in Renaissance Humanism southern German military surgeon and polymath Fronsperger argues - without moving into the abstractions of neoliberalism - that possessive individualism and self-interest are key forces moving the human economy forward, contributing to virtuous cycles of enrichment and economic development.

Taming the Cycles of Finance?
  • Central Banks and the Macro-prudential Shift in Financial Regulation
  • Matthias Thiemann
  • Published online:
    15 February 2024
    Print publication:
    22 February 2024
  • Macroprudential regulation is a set of economic and policy tools that aim to mitigate risk in the financial and banking systems. It was largely developed in response to the financial crisis of 2007-08, turning central banks into de facto financial policemen. Taming the Cycles of Finance traces the post-crisis rise of macroprudential regulation and argues that, despite its original aims, it typically supports finance in times of crisis but fails to curb it in times of booms. Investigating how different macroprudential frameworks developed in the UK, the USA and the Eurozone, the book explains how central bank economists went about building early warning systems to identify fragilities in the financial system. It then shows how administrative and political constraints limited the effects of this shift, as central banks were wary of intervening in a discretionary manner and policymakers were opposed to measures to limit credit growth.

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