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The Nobel Factor
Economic theory may be speculative, but its impact is powerful and real. Since the 1970s, it has been closely associated with a sweeping change around the world--the "market turn." This is what Avner Offer and Gabriel Soderberg call the rise of market liberalism, a movement that, seeking to replace social democracy, holds up buying and selling as the norm for human relations and society. Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the market turn and the prize began at the same time? The Nobel Factor, the first book to describe the origins and power o...
Behind the Scenes of Central Bank Digital Currency
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. ...
Doctor Glas
WITH AN INTRODUCTION BY MARGARET ATWOOD '[A] searing masterwork of Northern European literature. The retrieval of Doctor Glas in English is a bracing gift to hungry readers' Susan Sontag Lonely and introspective, Doctor Glas has long felt an instinctive hostility toward the odious local minister. So when the minister’s beautiful wife complains of her husband’s oppressive sexual attentions, Doctor Glas finds himself contemplating murder. Stark, brooding, and enormously controversial when first published in 1905, this astonishing novel juxtaposes impressions of fin-de-siècle Stockholm against the psychological landscape of a man besieged by obsession.
Nine Lives of Neoliberalism
Neoliberalism is dead. Again. After the election of Trump and the victory of Brexit in 2016, many diagnosed the demise of the ideology of Margaret Thatcher, Ronald Reagan, Augusto Pinochet, and the WTO. Yet the philosophy of the free market and the strong state has an uncanny capacity to survive and even thrive in crisis. Understanding neoliberalism's longevity and its latest permutation requires a more detailed understanding of its origins and its varieties. This volume breaks with the caricature of neoliberalism as a simple belief in market fundamentalism and homo economicus to show how neoliberal thinkers perceived institutions from the family to the university, disagreed over issues from intellectual property rights and human behavior to social complexity and monetary order, and sought to win consent for their project through the creation of new honors, disciples, and networks. Far from a monolith, neoliberal thought is fractured and, occasionally, even at war with itself. We can begin by making sense of neoliberalism's nine lives by sorting out its own tangled histories.
The Ideas That Rule Us
It may seem surprising that the economic choices we make in society are often determined by ideas rather than scientific evidence or financial resources. The consequences of such choices are often stark – such as the austerity policies which eroded our ability to withstand crises like the Covid 19 pandemic. This book explores the ideas that rule how our economy works, how government operates and how workers organise. A small number of historical economic ideas remain stubbornly prevalent and powerful today. However, they are largely based on questionable assumptions about human behaviour and unproven theoretical ideas about economics. They were founded within the realms of philosophy and politics rather than hard science. This book illustrates how politicians have selectively borrowed convenient economic concepts in order to promote and defend policies which entrench and escalate inequalities and other structural problems. This accessible book invites readers to question the ideas that rule us and explore the challenges facing society. It invites progressive thought about how we need to urgently organise action for the future.
An Economist’s Guide to Economic History
Without economic history, economics runs the risk of being too abstract or parochial, of failing to notice precedents, trends and cycles, of overlooking the long-run and thus misunderstanding ‘how we got here’. Recent financial and economic crises illustrate spectacularly how the economics profession has not learnt from its past. This important and unique book addresses this problem by demonstrating the power of historical thinking in economic research. Concise chapters guide economics lecturers and their students through the field of economic history, demonstrating the use of historical thinking in economic research, and advising them on how they can actively engage with economic histor...
To Demand Or Not to Demand: On Quantifying the Future Appetite for CBDC
We set up a model of banks, the central bank, the payment system, and the surrounding private sector economic environment. It is a structural, choice-theoretic model which is deeply rooted in data. We use the model to conduct a structural counterfactual that introduces a Central Bank Digital Currency (CBDC) which is optionally interest-bearing. The model can be used to provide estimates of the emerging CBDC-in-total-money shares, the drop of deposit rate spreads to policy rates, the impact on reserve needs, the implied rotation of profits away from banks toward central banks, and the extent to which monetary policy pass-through may become stronger. We obtain upper bound estimates for the CBDC-in-money shares of about 25 percent and 20 percent, respectively for the U.S. and euro area, when CBDC would be remunerated at the policy rates and be perceived as “deposit-like” by the public. Actual take-up may likely be below such upper bound estimates. The model codes—to replicate all results and to apply them to other countries—are made available along with the paper.
Towards Central Bank Digital Currencies in Asia and the Pacific
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
Proceedings of the 2022 International Conference on Economics, Smart Finance and Contemporary Trade (ESFCT 2022)
This is an open access book. As a leading role in the global megatrend of scientific innovation, China has been creating a more and more open environment for scientific innovation, increasing the depth and breadth of academic cooperation, and building a community of innovation that benefits all. Such endeavors are making new contributions to the globalization and creating a community of shared future. To adapt to this changing world and China's fast development in the new era, The 2022 International Conference on Economics, Smart Finance and Contemporary Trade to be held in July 2022. This conference takes "bringing together global wisdom in scientific innovation to promote high-quality deve...
Our NHS
An engaging, inclusive history of the NHS, exploring its surprising survival—and the people who have kept it running In recent decades, a wave of appreciation for the NHS has swept across the UK. Britons have clapped for frontline workers and championed the service as a distinctive national achievement. All this has happened in the face of ideological opposition, marketization, and workforce crises. But how did the NHS become what it is today? In this wide-ranging history, Andrew Seaton examines the full story of the NHS. He traces how the service has changed and adapted, bringing together the experiences of patients, staff from Britain and abroad, and the service’s wider supporters and opponents. He explains not only why it survived the neoliberalism of the late twentieth century but also how it became a key marker of national identity. Seaton emphasizes the resilience of the NHS—perpetually “in crisis” and yet perennially enduring—as well as the political values it embodies and the work of those who have tirelessly kept it afloat.
