Global monetary reform
Anti-globalists see the ‘Washington consensus’ as a conspiracy to enrich bankers. They are not entirely wrong’ (Economist, 26 September 2001) ‘Daddy, what is it that you do?’ And the Master of the Universe is lost for words – how indeed would you describe bond dealing to a seven-year-old? And his wife jumps in and says, ‘Well, darling, just imagine that a bond is a slice of cake, and you didn’t bake the cake, but every time you hand somebody a slice of cake a tiny little bit comes off, like a little crumb, and you can keep that.’ (Wolfe 1988: 260) Nobody should be led into the false belief that the Tobin tax – or another regulation mechanism for the financial system – would solve all the world’s problems […] More thorough reforms are needed to make the global economy socially responsible and democratic. (Patomaki 2001: 221) The Critique of ‘Finance Capital’.
Against the IMF
Against the World Bank
Hot Money
Hot Money and neo-liberalism
On the ATTAC
Social credit and currency ‘cranks’
Criticism of Tobin
Criticism of Finance anti-capitalism
Seminar questions.
1. Evaluate the likely impact of a Tobin Tax.
2. What places has monetary economics in understanding the workings of capitalism globally?
3. Would reforms suggested by social creditors be ineffective or inflationery?
Further Reading
Grahl, J. (2001) The Sway of Finance? ( review) New Left Review May-June 2001, pp. 149–53
Hutchinson, F., Mellor, M. and Olsen, W. (2002) The Politics of Money: Towards sustainability and economic democracy. London: Pluto.
Patomaki, H. (2001) Democratising Globalization: The Leverage of the Tobin Tax. London: Zed Press.
Wall (2005) Ch 5.
Useful links
New-radical-political-economy 