Money and Modern Capitalism: Law and Business

Catalog description

The recent financial crisis showed that although a market economy is the most efficient means yet devised to raise living standards our system of money and banking is its Achilles heel. Why is that? In this seminar we explore the fundamental nature of money and banking and its evolution over time the challenges posed by radical uncertainty about the future for macroeconomic theory and policy the role of central banks the international dimension to money and some of the recent and not-so-recent proposals for reform of the system. Over twelve sessions we will discuss in detail the nature of money the functions of banking new ideas about uncertainty challenges to macroeconomics and the weaknesses of both Keynesian and neoclassical models of aggregate demand the role of central banks proposals for reform of the structure of banks and ideas for how to deal with secular stagnation in the world economy.