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Mainstream economists explain the Federal Reserve's behavior over
its one hundred years of existence as (usually failed) attempts to
stabilize the economy on a non-inflationary growth path. The most
important monetary event during those first one hundred years was
the replacement of fixed exchange rates, based on a gold-exchange
standard, with flexible exchange rates. In this book, Dickens
explains how flexible exchange rates became necessary to
accommodate the Federal Reserve's relentless efforts to prevent
progressive social change. It is argued that the Federal Reserve is
an institutionalized alliance of the large New York banks and the
large regional banks. When these two groups of banks are united,
they constitute an unassailable force in the class conflict.
However, when the large regional banks are at loggerheads with the
large New York banks over the proper role of bank clearinghouses
during the populist period, along with the proper role of the
Eurodollar market during the social democratic period, there is an
opening for progressive social reforms. This book builds upon Hyman
Minsky's financial instability hypothesis as well as the Marxian
model constructed by Thomas Piketty. It follows Piketty's
historical method of deepening our understanding of the current
Neoliberal Era (1980-2014) of global financial capitalism by
comparing and contrasting it with the first era of global financial
capitalism-the Gilded Age (1880-1914). In contrast with Piketty,
however, this book incorporates monetary factors, including
monetary policy, into the set of determinants of the long-run rate
of economic growth. This book is suitable for those who study
political economy, banking as well as macroeconomics.
Mainstream economists explain the Federal Reserve's behavior over
its one hundred years of existence as (usually failed) attempts to
stabilize the economy on a non-inflationary growth path. The most
important monetary event during those first one hundred years was
the replacement of fixed exchange rates, based on a gold-exchange
standard, with flexible exchange rates. In this book, Dickens
explains how flexible exchange rates became necessary to
accommodate the Federal Reserve's relentless efforts to prevent
progressive social change. It is argued that the Federal Reserve is
an institutionalized alliance of the large New York banks and the
large regional banks. When these two groups of banks are united,
they constitute an unassailable force in the class conflict.
However, when the large regional banks are at loggerheads with the
large New York banks over the proper role of bank clearinghouses
during the populist period, along with the proper role of the
Eurodollar market during the social democratic period, there is an
opening for progressive social reforms. This book builds upon Hyman
Minsky's financial instability hypothesis as well as the Marxian
model constructed by Thomas Piketty. It follows Piketty's
historical method of deepening our understanding of the current
Neoliberal Era (1980-2014) of global financial capitalism by
comparing and contrasting it with the first era of global financial
capitalism-the Gilded Age (1880-1914). In contrast with Piketty,
however, this book incorporates monetary factors, including
monetary policy, into the set of determinants of the long-run rate
of economic growth. This book is suitable for those who study
political economy, banking as well as macroeconomics.
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