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Contemporary capitalism produces more and more money, debt, and
inequality. These three trends have a common cause: the privilege
of private banks to create money by means of accounting - by the
stroke of a key. Why was this privilege not addressed politically
for so long - and who benefited from it? At the heart of the answer
lies the realization that the power to create money has been hidden
by the way we commonly think and talk about capitalism. The book
traces the omission of money creation from theories of capitalism
and maps its consequences. By expanding the manoeuvring space for
the banks to use their privilege, the capitalist countries have
financed a transformation of the economy known as financialization.
As a result, the real economy and private households became a debt
supplier to a monetary system whose returns accumulate at the top.
It is not simply "the markets" but money itself that transfers
economic benefits from the masses to a minority. Increasing
inequality of income and wealth can therefore only be combated if
one does not only correct distributive results of
markets-redistribution-, but addresses predistribution: the
modalities of money creation.
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