30 subscribers
Player FM 앱으로 오프라인으로 전환하세요!
Leah Downey, "Our Money: Monetary Policy as If Democracy Matters" (Princeton UP, 2024)
Manage episode 457377642 series 2917036
How the creation of money and monetary policy can be more democratic.
The power to create money is foundational to the state. In the United States, that power has been largely delegated to private banks governed by an independent central bank. Putting monetary policy in the hands of a set of insulated, nonelected experts has fueled the popular rejection of expertise as well as a widespread dissatisfaction with democratically elected officials.
In Our Money: Monetary Policy as If Democracy Matters (Princeton UP, 2024), Leah Downey makes a principled case against central bank independence (CBI) by both challenging the economic theory behind it and developing a democratic rationale for sustaining the power of the legislature to determine who can create money and on what terms. How states govern money creation has an impact on the capacity of the people and their elected officials to steer policy over time. In a healthy democracy, Downey argues, the balance of power over money creation matters.
Downey applies and develops democratic theory through an exploration of monetary policy. In so doing, she develops a novel theory of independent agencies in the context of democratic government, arguing that states can employ expertise without being ruled by experts. Downey argues that it is through iterative governance, the legislature knowing and regularly showing its power over policy, that the people can retain their democratic power to guide policy in the modern state. As for contemporary macroeconomic arguments in defense of central bank independence, Downey suggests that the purported economic benefits do not outweigh the democratic costs.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/big-ideas
733 에피소드
Manage episode 457377642 series 2917036
How the creation of money and monetary policy can be more democratic.
The power to create money is foundational to the state. In the United States, that power has been largely delegated to private banks governed by an independent central bank. Putting monetary policy in the hands of a set of insulated, nonelected experts has fueled the popular rejection of expertise as well as a widespread dissatisfaction with democratically elected officials.
In Our Money: Monetary Policy as If Democracy Matters (Princeton UP, 2024), Leah Downey makes a principled case against central bank independence (CBI) by both challenging the economic theory behind it and developing a democratic rationale for sustaining the power of the legislature to determine who can create money and on what terms. How states govern money creation has an impact on the capacity of the people and their elected officials to steer policy over time. In a healthy democracy, Downey argues, the balance of power over money creation matters.
Downey applies and develops democratic theory through an exploration of monetary policy. In so doing, she develops a novel theory of independent agencies in the context of democratic government, arguing that states can employ expertise without being ruled by experts. Downey argues that it is through iterative governance, the legislature knowing and regularly showing its power over policy, that the people can retain their democratic power to guide policy in the modern state. As for contemporary macroeconomic arguments in defense of central bank independence, Downey suggests that the purported economic benefits do not outweigh the democratic costs.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/big-ideas
733 에피소드
모든 에피소드
×1 Brigid Schulte, "Over Work: Transforming the Daily Grind in the Quest for a Better Life" (Henry Holt, 2024) 1:03:39
1 Mariam Motamedi Fraser, "Dog Politics: Species Stories and the Animal Sciences" (Manchester UP, 2024) 1:05:34
1 Cordelia Fine, "Testosterone Rex: Myths of Sex, Science, and Society" (Norton, 2018) 1:15:44
1 David G. Hunter et al., "Brill Encyclopedia of Early Christianity: Authors, Texts, and Ideas" (Brill, 2024) 52:00
1 Brandon Keim, "Meet the Neighbors: Animal Minds and Life in a More-than-Human World" (Norton, 2024) 1:36:37
1 Michael Fuerstein, "Experiments in Living Together: How Democracy Drives Social Progress" (Oxford UP, 2024) 1:10:07
1 Frederick Crews, "Freud: The Making of an Illusion" (Picador, 2018) 1:02:08
1 Marc Schuilenburg, "Hysteria: Crime, Media, and Politics" (Routledge, 2021) 45:11
1 Charles Foster, "Being a Human: Adventures in Forty Thousand Years of Consciousness" (Metropolitan Books, 2021) 1:02:18
1 Kit Kowol, "Blue Jerusalem: British Conservatism, Winston Churchill, and the Second World War" (Oxford UP, 2024) 39:30
1 Markus Vinzent, "Christ's Torah: The Making of the New Testament in the Second Century" (Routledge, 2023) 1:02:12
1 Leah Downey, "Our Money: Monetary Policy as If Democracy Matters" (Princeton UP, 2024) 40:05
1 Josh Spodek, "Sustainability Simplified: The Definitive Guide to Solving All (Yes, All) Our Environmental Problems" (Amplify, 2025) 1:06:00
1 Nick Couldry, "The Space of the World: Can Human Solidarity Survive Social Media and What If It Can't?" (Polity, 2024) 38:22
1 Erich Hatala Matthes, "What to Save and Why: Identity, Authenticity, and the Ethics of Conservation" (Oxford UP, 2024) 43:38
플레이어 FM에 오신것을 환영합니다!
플레이어 FM은 웹에서 고품질 팟캐스트를 검색하여 지금 바로 즐길 수 있도록 합니다. 최고의 팟캐스트 앱이며 Android, iPhone 및 웹에서도 작동합니다. 장치 간 구독 동기화를 위해 가입하세요.