[44] Ann Pettifor on breaking the despotic power of finance

She now has a new book out, called “Just Money: How Society Can Break the Despotic Power of Finance”. In it, Dr. Pettifor describes how the legitimacy of monetary systems originates in the social contracts inherent in credit-based transactions. The breakdown of the Bretton Woods system led to a destabilizing credit structure increasingly dominated by speculative activity instead of credit based on productive investment. Dr. Pettifor explains her framework for understanding money that will lead to sustainable and productive growth without destabilizing bubbles and crisis.

Also, Erin Ade and Edward Harrison discuss a recent study from the “The Equality of Opportunity Project”, which has mapped out the 10 best and worst cities in the US for economic mobility.

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