Do Central Banks Serve the People?

Peter Dietsch, François Claveau, Clément Fontan

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English

Polity Press
06 July 2018

Philosophy

Series: The Future of Capitalism

Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost.

Central banks argue we had no choice. This book offers a powerfully original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias.

This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works.

By: Peter Dietsch, François Claveau, Clément Fontan
Imprint: Polity Press
Country of Publication: United Kingdom
Dimensions: Height: 193mm, Width: 127mm, Spine: 15mm
Weight: 227g
ISBN: 9781509525768
ISBN 10: 1509525769
Series: The Future of Capitalism
Pages: 140
Publication Date: 06 July 2018
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Peter Dietsch is Professor of Philosophy at Université de Montréal François Claveau is Assistant Professor of Philosophy at Université de Sherbrooke Clément Fontan is Professor in European Economic Policies at Université catholique de Louvain

Reviews for Do Central Banks Serve the People?

This excellent book shows that central banking is a political process with profound distributional consequences. It is a must read for anyone wanting to know how central banks could work to serve the people. -Daniela Gabor, University of the West of England This highly recommended book should give political leaders pause when they ask for continued blind faith in central bank maestros. -Christopher Adolph, University of Washington