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The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --

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  • Philip Molyneux

    (Bangor University, Wales, UK)

Abstract

This insightful paper calls for a re-design of the monetary system to aid both economic development and social justice. The main proposal is to shift the Federal Reserve Bank into the Treasury – this seems a sensible and not too controversial action (to me as a non-American) at least. Probably, the shift to abolish fractional reserve banking is the most controversial – although it has been promoted by many others in the past but never came to fruition. This, the authors argue, will lead to improved economic and social justice and less inequality. --

Suggested Citation

  • Philip Molyneux, 2016. "The Nature of Money in Modern Economy – Implications and Consequences, by: Stephen Zarlenga and Robert Poteat --," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 29(2), pages 111-114, July.
    • Handle: RePEc:abd:kauiea:v:29:y:2016:i:2:no:9:p:111-114
    DOI: 10.4197/Islec.29-2.9
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    References listed on IDEAS

    as
    1. Sheila Dow & Guðrún Johnsen & Alberto Montagnoli, 2015. "A critique of full reserve banking," Working Papers 2015008, The University of Sheffield, Department of Economics.
    2. Martin Neil Baily & John B. Taylor (ed.), 2014. "Across the Great Divide: New Perspectives on the Financial Crisis," Books, Hoover Institution, Stanford University, number 8, December.
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