Thursday , August 18 2022
Home / Tag Archives: Financial Architecture

Tag Archives: Financial Architecture

A War No One Can Win – Ukraine and the Weaponisation of Everything

This article first appeared in the Indian journal Economic and Political Weekly on 19 March 2022. Russian Invasion of Ukraine The Russian invasion of Ukraine started on 24 February 2022. Since then, several thousand combatants from both sides and more than 500 Ukrainian civilians have died, bombs have ruined many cities, and more than two million Ukrainians, half of them children, left the country to become refugees. And the sweeping sanctions the West imposed on Russia in response not only...

Read More »

Climate crisis, global debt, and the Fermi paradox – a proposal to the IMF

This article first appeared in the Indian journal Economic and Political Weekly on 13 November, 2021. Fermi Paradox In a recent article, Yıldızoğlu (2021) reminded us of the Fermi Paradox, which can be summarised as: Although the probability of the existence of other forms of life in the universe is sufficiently high, why have we not met any? Enrico Fermi, the Italian–American physicist and the creator of the world’s first nuclear reactor, was probably not the first person who asked: “but...

Read More »

Reclaiming Central Banks

This article first appeared on the Project Syndicate website on 21st September, 2021 Fifty years ago, a US president closed the gold window, ended capital controls, and launched a new era of globalized finance. The “Nixon Shock” reshaped the international monetary system overnight, and then gradually changed the status of central bankers. Instead of acting as servants of the domestic economy, monetary policymakers have become masters of the globalized and financialized world economy. And...

Read More »

Industrial Policy’s Comeback?

This is my comment on a major article on Industrial Policy in the Boston Review, published in September, 2021. The leading article was by Professor Mariana Mazzucato, Rainer Kattel and Josh Ryan-Collins. In their well-executed argument for a new approach to economic policy, Mazzucato, Kattel, and Ryan-Collins spell out how governments could develop an industrial policy to shape and drive innovative opportunities for the future. They rightly demolish the folk tales of neoliberalism: the...

Read More »

Quantitative Easing: how the world got hooked on magicked-up money

Going cold turkey would finish off a dysfunctional global financial system that’s now hopelessly addicted to emergency infusions. The only solution is surgery on the system itself. This article first appeared in Prospect magazine on 16 July 2021. The world economy is a mess. The system, notionally governed by the invisible hand of the market, is no longer governed in any meaningful way: private excess puffs up bubbles that government indulgence ensures can never burst. We seem condemned to...

Read More »

Realizing the potential of Development Banks for sustainable, equitable recovery

The major challenges we face as we look to the coming decade – in particular urgently mitigating climate change, and reducing inequality – require major action. Development Banks, at national, regional or multilateral level, will be key to help finance recovery from the COVID crisis and achieve long-run structural transformation of existing economies to ones that serve people and planet far better. By providing financing and mobilizing private finance, Development Banks (DBs) need to...

Read More »

Realizing the potential of Development Banks for sustainable, equitable recovery

The major challenges we face as we look to the coming decade – in particular urgently mitigating climate change, and reducing inequality – require major action. Development Banks, at national, regional or multilateral level, will be key to help finance recovery from the COVID crisis and achieve long-run structural transformation of existing economies to ones that serve people and planet far better. By providing financing and mobilizing private finance, Development Banks (DBs) need to...

Read More »

COP26: system change to sustain life on earth

The UN’s conference takes place in November 2021and will be led by the British government. It is apparently committed to “uniting the world to tackle climate change”. It needs to achieve far more. To tackle climate change and protect the ecosystem that sustains life on earth, we need to do more than just bring down emissions, and reimagine the economy.  We must transform the current globalised financial system. Why? Because the spigot of (largely) deregulated global credit fuels global...

Read More »

Inequality and Morbid Symptoms of a Financialised System

This article appeared in a special, June 2020 edition of the Real-World Economics Review that majored on The Inequality Crisis. Today as the world endures the crisis of a global pandemic, “an old order is ending in convulsions”. So writes Rebecca Spang, historian of the French revolution in The Atlantic (Spang, 2020). In the 1790s, money, debt and the non-payment of taxes by France’s rentiers, played a critical role in revolutionizing France. Today purveyors of money and debt – creditors,...

Read More »