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Central Banks, Democratic States and Financial Power

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  • Pixley,Jocelyn

Abstract

When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007–2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further. Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking. Central banks are never politically neutral and, despite unfair demands, are unable to prevent collapses to debt deflation or credit/asset inflation. They can produce debilitating depressions but not the recoveries desired in democracies and unwanted by capitalist banks or war finance logics. Drawing on economic sociology and economic histories, this book will appeal to informed readers interested in studying democracies, banks and central banking's ambivalent positions, via comparative and distributive perspectives.

Suggested Citation

  • Pixley,Jocelyn, 2018. "Central Banks, Democratic States and Financial Power," Cambridge Books, Cambridge University Press, number 9781107122031.
  • Handle: RePEc:cup:cbooks:9781107122031
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    Cited by:

    1. Louis-Philippe Rochon & Guillaume Vallet, 2022. "The institutions of the people, by the people and for the people? Addressing central banks' power and social responsibility in a democracy," PSL Quarterly Review, Economia civile, vol. 75(301), pages 83-102.
    2. Guillaume Vallet, 2021. "Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 10(3), pages 23-39.
    3. Jocelyn Pixley, 2018. "Book review: John Kay, Other People’s Money: Masters of the Universe or Servants of the People?," The Economic and Labour Relations Review, , vol. 29(4), pages 549-554, December.

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