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This text examines money, credit, and economic activity in the
increasingly integrated global economy. It focuses on the problems
afflicting the United States as it adapts to the transformation of
the world economy and analyzes.
This text examines money, credit, and economic activity in the
increasingly integrated global economy. It focuses on the problems
afflicting the United States as it adapts to the transformation of
the world economy.
Our planet faces a systemic threat from climate change, which the
world community of nations is ill-prepared to address, and this
book argues that a new form of ecologically conscious capitalism is
needed in order to tackle this serious and rising threat. While the
Paris Climate Agreement of 2015 has finally implemented a global
climate policy regime, its modest means belie its ambitious goals.
Our institutional financial organizations are not equipped to deal
with the problems that any credible commitment to a low-carbon
economy will have to confront. We will have to go beyond
cap-and-trade schemes and limited carbon taxes to cut greenhouse
gas emissions substantially in due time. This book offers a way
forward toward that goal, with a conceptual framework that brings
environmental preservation back into our macro-economic growth and
forecasting models. This framework obliges firms to consider other
goals beyond shareholder value maximization, outlining the
principal tenets of a climate-friendly finance and introducing a
new type of money linked to climate mitigation and adaptation
efforts.
Our planet faces a systemic threat from climate change, which the
world community of nations is ill-prepared to address, and this
book argues that a new form of ecologically conscious capitalism is
needed in order to tackle this serious and rising threat. While the
Paris Climate Agreement of 2015 has finally implemented a global
climate policy regime, its modest means belie its ambitious goals.
Our institutional financial organizations are not equipped to deal
with the problems that any credible commitment to a low-carbon
economy will have to confront. We will have to go beyond
cap-and-trade schemes and limited carbon taxes to cut greenhouse
gas emissions substantially in due time. This book offers a way
forward toward that goal, with a conceptual framework that brings
environmental preservation back into our macro-economic growth and
forecasting models. This framework obliges firms to consider other
goals beyond shareholder value maximization, outlining the
principal tenets of a climate-friendly finance and introducing a
new type of money linked to climate mitigation and adaptation
efforts.
Cybercash refers to the creation and circulation of online money. Guttman applies economic analysis to this electronic money to understand how it will enable the internet to re-establish itself as the dynamic center of the new economy and how this new money form will become the dominant payment mechanism rivaling cash, paper checks or credit cards. This will be the first book to look at the coming era of electronic money within the broader context of the economy.
In Finance-Led Capitalism , bestselling author and economist Robert
Guttmann provides a new conceptual framework to assess the dominate
role of modern finance within the workings of our contemporary
economic system. This lively and provocative read will challenge
some of the core beliefs about modern finance and the world
economy.
History teaches us important lessons, provided we can discern its
patterns. Multi-Polar Capitalism applies this insight to the
crucial, yet often underappreciated issue of international monetary
relations. When international monetary systems get first put into
place successfully, such as the "classic" gold standard in 1879,
Bretton Woods in 1945, or the dollar standard in 1982, they
structure relations between the system's centre and the rest of the
world so that others can catch up to the leader. But this
growth-promoting constellation, a vector for accelerating
globalization, runs its course eventually amidst mounting
overproduction conditions in key sectors and spreading financial
instability. Such periods of global crisis, from the Great
Depression of the 1930s to stagflation in the 1970s and creeping
deflation during much of the 2010s, force restructuring and policy
reforms until conditions are ripe for a renewed phase of sustained
expansion. We are facing such a turning point now. As we are moving
from a US-dominated world economy towards a multi-polar
configuration, we will also see the longstanding dollar standard
give way to a multi-currency system. Three currency blocs rooted in
the dollar, euro, and yuan will be dominated respectively by the
United States, the European Union, and China, each a power centre
representing a distinct variant of capitalism. Their complex mix of
competition and cooperation necessitates new "rules of the game"
promoting the shared pursuit of global public goods, in particular
the impending zero-carbon transition, lest we allow fragmentation
and conflict shape this next chapter of our history. Multi-Polar
Capitalism adds to a century of research and debate on long waves,
those roughly half-century cycles first identified by the great
Soviet economist Nikolai Kondratiev in the early 1920s, by
highlighting the role of the international monetary system in this
distinct boom-and-bust pattern.
History teaches us important lessons, provided we can discern its
patterns. Multi-Polar Capitalism applies this insight to the
crucial, yet often underappreciated issue of international monetary
relations. When international monetary systems get first put into
place successfully, such as the "classic" gold standard in 1879,
Bretton Woods in 1945, or the dollar standard in 1982, they
structure relations between the system's centre and the rest of the
world so that others can catch up to the leader. But this
growth-promoting constellation, a vector for accelerating
globalization, runs its course eventually amidst mounting
overproduction conditions in key sectors and spreading financial
instability. Such periods of global crisis, from the Great
Depression of the 1930s to stagflation in the 1970s and creeping
deflation during much of the 2010s, force restructuring and policy
reforms until conditions are ripe for a renewed phase of sustained
expansion. We are facing such a turning point now. As we are moving
from a US-dominated world economy towards a multi-polar
configuration, we will also see the longstanding dollar standard
give way to a multi-currency system. Three currency blocs rooted in
the dollar, euro, and yuan will be dominated respectively by the
United States, the European Union, and China, each a power centre
representing a distinct variant of capitalism. Their complex mix of
competition and cooperation necessitates new "rules of the game"
promoting the shared pursuit of global public goods, in particular
the impending zero-carbon transition, lest we allow fragmentation
and conflict shape this next chapter of our history. Multi-Polar
Capitalism adds to a century of research and debate on long waves,
those roughly half-century cycles first identified by the great
Soviet economist Nikolai Kondratiev in the early 1920s, by
highlighting the role of the international monetary system in this
distinct boom-and-bust pattern.
Cybercash refers to the creation and circulation of online money.
The author applies economic analysis to this new form of electronic
money to understand how it will enable the internet to re-establish
itself as the dynamic centre of the new economy and how this new
money form will become the dominant payment mechanism rivalling
cash, paper cheques or credit cards. This will be the first book to
look at the coming era of electronic money within the broader
context of the economy.
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