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The Political Economy of Monetary Reform

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Abstract

Proposals to reform money and banking in the wake of the recent crisis appeal to populist politics on the left and the right: if banks caused the crisis, then their power must be curtailed to prevent a recurrence. Many of these proposals echo ideas which gained attention in the wake of the Great Depression. The purpose of this paper is to consider proposals for reform of money and banking current in Canada in the 1930s, in particular plans for social credit and for social reconstruction, some of which were translated into policy. While both sets of ideas involved a markedly increased role for the state in money and banking, the underlying ontology, political philosophy and theoretical rationale were rather different. The result was different views as to the nature of the problem and the feasibility of different policy solutions.

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  • Sheila Dow, 2016. "The Political Economy of Monetary Reform," Cambridge Journal of Economics, Oxford University Press, vol. 40(5), pages 1363-1376.
    • Handle: RePEc:oup:cambje:v:40:y:2016:i:5:p:1363-1376.
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    File URL: http://hdl.handle.net/10.1093/cje/bew013
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    Cited by:

    1. Sheila Dow, 2019. "Monetary Reform, Central Banks, and Digital Currencies," International Journal of Political Economy, Taylor & Francis Journals, vol. 48(2), pages 153-173, April.
    2. repec:abd:kauiea:v:30:y:2017:i:2:p:79-82 is not listed on IDEAS
    3. Sheila Dow, 2017. "Global Currency Reform: A Proposal إصلاح العملة العالمية: مقترح," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(2), pages 79-82, July.
    4. Mark Ofoi & Parmendra Sharma, 2021. "Does the Money Multiplier Hold in Pacific Island Countries? The Case of Papua New Guinea," JRFM, MDPI, vol. 14(9), pages 1-21, September.

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