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This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange.

Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems.

After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System—the Banking Act of 1935 and the Monetary Control Act of 1980.

Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.

Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions.
The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.

A single currency--and the necessary prior condition of exchange rate cooperation and the stabilization of exchange rates--has been an elusive goal of many European leaders for more than twenty years. While much of the literature on exchange rate cooperation within the European Union focuses on the integration of national economies as the driving force, Thomas Oatley draws on public choice models to develop an explanation of exchange rate cooperation based on domestic politics. The author then tests hypotheses derived from this model in a detailed consideration of the various efforts to stabilize currencies since the 1970s. Oatley argues that monetary policy has distributional effects and is used by policy makers to achieve domestic policy goals. Thus domestic politics plays an important role in defining the approach leaders take to monetary integration. Oatley suggests that leaders supported the creation of the European Monetary System because governments saw a link to the Bundesbank as a useful instrument to help slow the growth of wages, redistribute income from labor to capital, and achieve domestic stabilization. The later collapse of the System reflected the unwillingness on the part of many leaders to continue to follow the Bundesbank's lead as well as the Bundesbank's own reservations about monetary integration.

Given the rising strife in countries such as France over the domestic costs of monetary integration, Oatley's domestic politics explanation will be useful in understanding the continued efforts of European policy makers to work towards an integrated currency. This book should appeal to political scientists and economists interested in international cooperation, the European Union and exchange rate systems.

Thomas Oatley is Assistant Professor of Political Science, University of North Carolina.

The special task of this book is to present a statistical and theoretical analysis of the relation between the quantity of money and other key economic magnitudes over periods longer than those dominated by cyclical fluctuations-hence the term trends in the title. This book is not restricted to the United States but includes comparable data for the United Kingdom.

Money Talks explores the ways the concepts of money and capital are understood and talked about by a range of people, from traders to ordinary investors, and how these accounts are framed and represented across a range of media. This collection brings together leading writers and emerging researchers to demonstrate how work in media and cultural studies can contribute to debates around the meanings of money, the operations of capital, and the nature of the current crisis. Drawing on a range of work from across disciplines, Money Talks offers a provocative and pathbreaking demonstration of the value of incorporating approaches from media and cultural studies into an understanding of economic issues.

Is conventional money simply a discourse? Is it merely a socially constructed unit of exchange? If money is not an actual thing, are people then free to make collective agreements to use other forms of currency that might work more effectively for them? Proponents of “better money” argue that they have created currencies that value people more than profitability, ensuring that human needs are met with reasonable costs and decent wages—and supporting local economies that emphasize local sustainability. How did proponents develop these new economies? Are their claims valid?

Grappling with these questions and more, Money and Liberation examines the experiences of groups who have tried to build a more equitable world by inventing new forms of money. Presenting in-depth profiles of the trading networks that have been constructed both historically and more recently, including Local Exchange Trading Schemes (England), Green Dollars (New Zealand), Talente (Hungary), and the barter system in Argentina, Peter North shows how the use of currency has been redefined as part of political action, revealing surprising political ambiguity and a nuanced understanding of the potential and limits on alternative currencies as a resistance practice.

Peter North is lecturer in geography at the University of Liverpool.

This is a comprehensive, critical introduction to the sociology of money, covering many topics, from the origins of money to its function today. Though our coins, bank notes and electronic tokens do function as means of exchange, money is in fact a social, intangible institution. This book shows that money does indeed rule the world. Exploring the unlikely origins of money in early societies and amidst the first civilizations, the book moves onto inherent liaison with finance, including the logic of financial markets. Turning to the contemporary politics of money, monetary experiments and reform initiatives such as Bitcoin and positive money, it finally reveals the essentially monetary constitution of modern society itself. Through criticizing the simplistic exchange paradigm of standard economics and rational choice theory, it demonstrates instead that money matters because it embodies social relations.

Modern monetary economics has been significantly influenced by the knowledge and insight brought to the field by the work of Anna J. Schwartz, an economist whose career has spanned almost half a century. Her contributions evidence a broad expertise in international history and policy, and an ability to apply the results of her careful historical research to current issues and debates. Money in Historical Perspective is a collection of sixteen of her papers selected by Michael D. Bordo and Milton Friedman. Grouped into three sections, the essays constitute a number of Dr. Schwartz's most cited articles on the subject of monetary economics, many of which are no longer readily accessible.

In the papers in part I, dating from 1947 to the present, Dr. Schwartz examines money and banking in the United States and the United Kingdom from a historical perspective. Her investigation of the historical evidence linking economic instability to erratic monetary behavior—this behavior itself a product of discretionary monetary policy—has led her to argue for the importance of stable money, and her writings on these issues over the last two decades form part II. The volume concludes with four recent articles on international monetary arrangements, including Dr. Schwartz's well-known work on the gold standard.

This volume of classic essays by Anna Schwartz will be a useful addition to the libraries of scholars and students for its exemplary historical research and commentary on monetary systems.

PREFACE AND ACKNOWLEDGMENTS

EDITOR'S INTRODUCTION

INTRODUCTION

1. THE MONETARY POLICY OF THE UNITED STATES AFTER THE RECOVERY FROM THE 1920 CRISIS (1925)
2. SOME REMARKS ON THE PROBLEM OF IMPUTATION (1926)
3. ON THE PROBLEM OF THE THEORY OF INTEREST (1927)
4. INTERTEMPORAL PRICE EQUILIBRIUM AND MOVEMENTS IN THE VALUE OF MONEY (1928)
5. THE FATE OF THE GOLD STANDARD (1932)
6. CAPITAL CONSUMPTION (1932)
7. ON 'NEUTRAL MONEY' (1933)
8. TECHNICAL PROGRESS AND EXCESS CAPACITY (1936)

Two reviews

MARGINAL UTILITY AND ECONOMIC CALCULATION (1925)
THE EXCHANGE VALUE OF MONEY (1929)

NAME INDEX

This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.

How does the standard of living of gay men and lesbians compare with that of heterosexuals? Do homosexuals make financial and family decisions differently? Why are the professional lives of gay men and lesbians dissimilar from those of heterosexuals? Or do they even differ? Have gay people benefited from the recent economic boom? Or have public policies denied them their fair share?

Money, Myths, and Change provides new answers to these complex questions. This is the first comprehensive work to explore the economic lives of gays and lesbians in the United States. M. V. Lee Badgett weaves through and debunks common stereotypes about gay privilege, income, and consumer behavior. Studying the ends and means of gay life from an economic perspective, she disproves the assumption that gay men and lesbians are more affluent than heterosexuals, that they inspire discrimination when they come out of the closet, that they consume more conspicuously, that they enjoy a more self-indulgent, even hedonistic lifestyle. Badgett gets to the heart of these misconceptions through an analysis of the crucial issues that affect the livelihood of gay men and lesbians: discrimination in the workplace, denial of health care benefits to domestic partners and children, lack of access to legal institutions such as marriage, the corporate wooing of gay consumer dollars, and the use of gay economic clout to inspire social and political change.

Both timely and readable, Money, Myths, and Change stands as a much-needed corrective to the assumptions that inhibit gay economic equality. It is a definitive work that sheds new light on just what it means to be gay or lesbian in the United States.

Banks and bankers are hardly the most beloved institutions and people in this country. With its corruptive influence on politics and stranglehold on the American economy, Wall Street is held in high regard by few outside the financial sector. But the pitchforks raised against this behemoth are largely rhetorical: we rarely see riots in the streets or public demands for an equitable and democratic banking system that result in serious national changes.

Yet the situation was vastly different a century ago, as Christopher W. Shaw shows. This book upends the conventional thinking that financial policy in the early twentieth century was set primarily by the needs and demands of bankers. Shaw shows that banking and politics were directly shaped by the literal and symbolic investments of the grassroots. This engagement remade financial institutions and the national economy, through populist pressure and the establishment of federal regulatory programs and agencies like the Farm Credit System and the Federal Deposit Insurance Corporation. Shaw reveals the surprising groundswell behind seemingly arcane legislation, as well as the power of the people to demand serious political repercussions for the banks that caused the Great Depression. One result of this sustained interest and pressure was legislation and regulation that brought on a long period of relative financial stability, with a reduced frequency of economic booms and busts. Ironically, this stability led to the decline of the very banking politics that brought it about.

Giving voice to a broad swath of American figures, including workers, farmers, politicians, and bankers alike, Money, Power, and the People recasts our understanding of what might be possible in balancing the needs of the people with those of their financial institutions.

Our contemporary age is confronted by a profound contradiction: on the one hand, our lives as workers, consumers and citizens have become ever more monitored by new technologies. On the other, big business and finance become increasingly less regulated and controllable.

What does this technocratic ideology and surveillance-heavy culture reveal about the deeper reality of modern society? Monitored investigates the history and implications of this modern accountability paradox. Peter Bloom reveals pervasive monitoring practices which mask how at its heart, the elite remains socially and ethically out of control.

Challenging their exploitive 'accounting power', Bloom demands that the systems that administer our lives are oriented to social liberation and new ways of being in the world.

Monitoring Sweatshops offers the first comprehensive assessment of efforts to address and improve conditions in garment factories. Jill Esbenshade describes the government's efforts to persuade retailers and clothing companies to participate in private monitoring programs. She shows the different approaches to monitoring that firms have taken, and the variety of private monitors employed, from large accounting companies to local non-profits. Esbenshade also shows how the efforts of the anti-sweatshop movement have forced companies to employ monitors overseas as well. When monitoring is understood as the result of the withdrawal of governments from enforcing labor standards as well as the weakening of labor unions, it becomes clear that the United States is experiencing a shift from a social contract between workers, businesses, and government to one that Jill Esbenshade calls the social responsibility contract. She illustrates this by presenting the recent history of monitoring, with considerable attention to the most thorough of the Department of Labor's programs, the one in Los Angeles. Esbenshade also explains the maze of alternative approaches being employed worldwide to decide the questions of what should be monitored and by whom.

Although development issues generally have been considered in a framework of economic theory and politics, in this volume Tedros Kiros looks to European ideas of moral philosophy to explain the underdevelopment of Africa and the persistent African food crisis. He draws upon the works of Adam Smith, David Ricardo, Karl Marx and the concepts of hegemony and counter-hegemony. Kiros points out that Africans and Europeans held opposing worldviews upon their initial contact and agrees with those who explain the present condition in Africa partly as the result of European colonialism. In his concluding chapter he develops principles of moral philosophy to guide Africans and others in the future economic development of the African continent.

Residents of the Appalachian coalfields share a history and heritage, deep connections to the land, and pride in their own resilience. These same residents are also profoundly divided over the practice of mountaintop mining—that is, the removal and disposal in nearby valleys of soil and rock in order to reach underlying coal seams. Companies and some miners claim that the practice has reduced energy prices, earned income for shareholders, and provided needed jobs. Opponents of mountaintop mining argue that it poisons Appalachia’s waters and devastates entire communities for the sake of short-term gains. 


This conflict is emblematic of many other environmental disputes in the United States and around the world, disputes whose intensity derives not only from economic and environmental stakes but also from competing claims to individual and community identity. Looking beyond the slogans and seemingly irreconcilable differences, however, can reveal deeper causes of conflict, such as flawed institutions, politics, and inequality or the strongly held values of parties for whom compromise is difficult to achieve.



Mountaintop Mining in Appalachia focuses on the people of the region, the people who have the most at stake and have been the most active in trying to shift views and practices. By examining the experiences of these stakeholders and their efforts to effect change, Susan F. Hirsch and E. Franklin Dukes introduce key concepts and theories from the field of conflict analysis and resolution. They provide a compelling case study of how stakeholders challenge governance-as-usual, while offering insight into the causes of conflict over other environmental issues.

For over a decade, policy makers have emphasized work as the best means to escape poverty. However, millions of working Americans still fall below the poverty line. Though many of these "working poor" remain mired in poverty for long periods, some eventually climb their way up the earnings ladder. These success stories show that the low wage labor market is not necessarily a dead end, but little research to date has focused on how these upwardly mobile workers get ahead. In Moving Up or Moving On, Fredrik Andersson, Harry Holzer, and Julia Lane examine the characteristics of both employees and employers that lead to positive outcomes for workers. Using new Census data, Moving Up or Moving On follows a group of low earners over a nine-year period to analyze the behaviors and characteristics of individuals and employers that lead workers to successful career outcomes. The authors find that, in general, workers who "moved on" to different employers fared better than those who tried to "move up" within the same firm. While changing employers meant losing valuable job tenure and spending more time out of work than those who stayed put, workers who left their jobs in search of better opportunity elsewhere ended up with significantly higher earnings in the long term—in large part because they were able to find employers that paid better wages and offered more possibilities for promotion. Yet moving on to better jobs is difficult for many of the working poor because they lack access to good-paying firms. Andersson, Holzer, and Lane demonstrate that low-wage workers tend to live far from good paying employers, making an improved transportation infrastructure a vital component of any public policy to improve job prospects for the poor. Labor market intermediaries can also help improve access to good employers. The authors find that one such intermediary, temporary help agencies, improved long-term outcomes for low-wage earners by giving them exposure to better-paying firms and therefore the opportunity to obtain better jobs. Taken together, these findings suggest that public policy can best serve the working poor by expanding their access to good employers, assisting them with job training and placement, and helping them to prepare for careers that combine both mobility and job retention strategies. Moving Up or Moving On offers a compelling argument about how low-wage workers can achieve upward mobility, and how public policy can facilitate the process. Clearly written and based on an abundance of new data, this book provides concrete, practical answers to the large questions surrounding the low-wage labor market.

Agricultural extension services are undergoing rapid change in many countries, with a shift in funding and management from the public to the private sector. This is especially true in Africa, where donors from industrial countries, and more recently from the middle-income developing countries such as Chile, have historically promoted and financed those extension models. Currently, African nations are being encouraged to import the Farmer Field School extension model, which is meeting with some success in Asia.
     Mozambique, a former Portuguese colony, became independent in 1975 but was wracked by civil war in the 1980s. It was unable to establish its public extension service until 1987. The authors analyze the growth and evolution of extension from 1987 to 2004, as provided by public, private, and NGO sources in Mozambique.
     This work highlights the Ministry of Agriculture's drive to develop and test both local and imported extension models and share its experience with other African countries.

In Canada, the audio-visual and print industries are referred to as the cultural industries, whereas the United States calls them the entertainment industries. These language distinctions are accompanied by different domestic policies and political discourses. The United States has relatively open policies toward these activities, while Canada has adopted an inward-looking approach. Failure to integrate cultural industries into NAFTA and WTO has led to trade disputes between Canada and the United States over copyrights, television licensing, violence in media, and discriminatory magazine policy, indicating the need for an agreed-upon process for settling cultural trade disputes.

Much Ado about Culture explores the differing sets of policies--cultural nationalism versus the open option--and the resulting conflicts in the context of technological developments as well as international agreements dealing with trade, investment, copyright, and labor movements. The Canadian cultural industries are examined, from film and television production and distribution to broadcasting, publishing, and sound recording. Several areas of recent conflict, such as Sports Illustrated, Country Music Television, and Borders Books, highlight the types of policies disputed, the process followed, and the conclusions reached. Finally, the authors propose an alternative approach to constraining national cultural policies by international agreement that would allow the gains from openness to be realized while serving legitimate cultural concerns.

Authored by the acknowledged experts on trade disputes in the cultural arena, this book will be essential reading for international economists, policymakers, and lawyers interested in the cultural industries.

Keith Acheson and Christopher Maule are Professors of Economics, Carleton University, Ontario.

How capitalism is reconfiguring the very texture of life

Mutant Ecologies traces the spinning of new synthetic threads into the web of life. It is a critical cartography of the shifting landscapes of capital accumulation conjured by recent developments in genomic science, genome editing, and the biotech industry.

CRISPR crops, fast-growing salmons, heat-resistant Slick™ cows, Friendly™ Mosquitoes, humanized mice, pigs growing human organs – these are but a few of the dazzling new life-forms that have recently emerged from corporate and university laboratories around the world, all promising to lubricate the circuits of capital accumulation in distinct ways. The deliberate induction of genetic mutations is increasingly central to business operations in a number of sectors, from agriculture to pharmaceuticals.

While the Nobel Committee recently proclaimed the life sciences to have entered 'a new epoch', the authors show how these technological innovations continue to operate within a socio-historical context defined by the iron rules of capitalist competition and exploitation. Capital no longer contents itself by simply appropriating the living bodies of plants and animals. It purposefully designs its internal metabolism, and in that way, it redesigns the countless living vectors that constitute the global biosphere. It is driving a biological revolution, which will ripple through the everyday lives of people everywhere.

The role of the telegraph operator in the mid-nineteenth century was like that of today’s software programmer/analyst, according to independent scholar Tom Jepsen, who notes that in the “cyberspace” of long ago, male operators were often surprised to learn that the “first-class man” on the other end of the wire was a woman.

Like the computer, the telegraph caused a technological revolution. The telegraph soon worked synergistically with the era’s other mass-scale technology, the railroad, to share facilities as well as provide communications to help trains run on time.

The strategic nature of the telegraph in the Civil War opened opportunities for women, but tension arose as men began to return from military service. However, women telegraphers did not affect male employment or wage levels. Women kept their jobs after the war with support from industry—Western Union in particular—and because they defended and justified their role.

“Although women were predominantly employed in lower-paying positions and in rural offices, women who persisted and made a career of the profession could work up to managerial or senior technical positions that, except for wage discrimination, were identical to those of their male counterparts,” writes Jepsen. “Telegraphy as an occupation became gendered, in the sense that we understand today, only after the introduction of the teletype and the creation of a separate role for women teletype operators.”

My Sisters Telegraphic is a fresh introduction to this pivotal communications technology and its unsung women workers, long neglected by labor and social historians.