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Conclusion: Toward a Pathway of Responsible Development

In: Reconsidering the Privileged Powers of Banks

Author

Listed:
  • Kozo Torasan Mayumi

    (The Kyoto College of Graduate Studies for Informatics)

  • Ansel Renner

    (Autonomous University of Barcelona)

Abstract

This chapter concludes with a survey of the shortcomings of central banks, particularly the United States Federal Reserve Bank and the Bank of Japan, in implementing monetary policy. It highlights a deficient understanding of the contemporary reserve banking system and the unintended aftermaths of central bank decisions. It underscores the distributional consequences of inflation on lower-income brackets, suggesting that conventional economics inadequately addresses income disparity and monetary wealth distribution. Probing the dual natures of money, wealth, and real capital, the chapter summarizes their profound implications for biophysical sustainability. It argues that institutions like the International Monetary Fund and World Bank intensify certain fundamental issues around money creation and debt, contributing to environmental problems. The chapter advocates for a reformed understanding of money, ultimately proposing a balanced, sovereign money system. It concludes by juxtaposing the book’s perspective with that of Adam Smith, inviting the reader to reflect on their own.

Suggested Citation

  • Kozo Torasan Mayumi & Ansel Renner, 2023. "Conclusion: Toward a Pathway of Responsible Development," Springer Books, in: Reconsidering the Privileged Powers of Banks, chapter 0, pages 197-207, Springer.
    • Handle: RePEc:spr:sprchp:978-981-99-6058-3_9
    DOI: 10.1007/978-981-99-6058-3_9
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