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Richard Steyn

Rhodes And His Banker

Empire, Wealth And The Coming Of Union

A novel perspective on monetary and fiscal policy that views money as the equity capital of a nation A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience—including the aftermath of the financial crisis of 2008 and the economic development of China—contradicts this basic prediction. In this book, leading economists Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a rich theory of money supply where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core. In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments—when it prints money to keep the economy going—it increases output, not inflation. This is evidenced by the strong growth in GDP and money in China over the last four decades, and in the United States during World War II. The effect of increasing money supply, they argue, depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system.

New Monetary Principles for a More Prosperous Society

Money Capital

How new technology is rapidly changing the nature of money and the way we pay A diverse and growing range of financial institutions and platforms--from PayPal and Venmo to WeChat, Alipay, and the brave new world of stablecoins--has harnessed new technology to disrupt the system of money and payments as we know it. Beyond Banks explains why this disruption holds out the promise of faster, cheaper, more convenient, and more secure payments, but also how it increasingly risks exposing consumers, businesses, and governments to the problem of bad money. Dan Awrey traces the origins of our current bundled system of banking, money, and payments. He explains why the problem of bad money--the result of antiquated and inadequate laws and regulation that fail to establish credible commitments to hold, transfer, or return a customer's money on demand--requires that policymakers fundamentally rethink their approach toward the design of the laws and institutions at the heart of this system. He presents ways to effectively unbundle banking from money and payments, ensure the credibility of monetary commitments, and promote the stability of this system. Awrey also envisions a more forward-looking role for policymakers in encouraging greater technological experimentation, competition, and innovation in the realm of payments. Beyond Banks sheds critical light on the important but too often dysfunctional relationship among technology, regulation, and money, and lays the foundations for a safer, more nimble, and more inclusive system of money and payments.

Technology, Regulation, and the Future of Money

Beyond Banks

This book charts a path for developing a uniquely South African affirmative action regime. It proposes a transformative approach to affirmative action, one capable of untangling and dismantling the tensions that arise between the South African Constitution's promise of equality and the reality of being the world's most unequal society. Against the background of South Africa's commitment to transformative constitutionalism and substantive equality, the book demonstrates how affirmative action measures can be designed and implemented in a way that tackles deeply ingrained inequality. By examining the affirmative action jurisprudence of the South African Constitutional Court, as well as the courts in Kenya, the United States, Canada, and India, the book outlines how the courts, the legislature and executive policymakers in South Africa should address fundamental questions that arise in the design and implementation of affirmative action. These questions include what affirmative measures should aim to achieve (for what purpose?), how to determine beneficiary groups (for whom?), with a focus on quotas, the permissible forms that affirmative action could take (through what means?), and whether there is a set end-date for affirmative action (for how long?). By illustrating the possibility of a transformative approach to affirmative action, this book responds to the growing critique of affirmative action from both the left and right in South Africa and adds to the global conversation on the utility of affirmative action in the fight to eradicate inequality.

Transformative Tensions

Affirmative Action Jurisprudence in Post-Apartheid South Africa

Financial Products and Services

Dalhuisen on Transnational and Comparative Commercial, Financial and Trade Law Volume 5

Key Texts from the Political Economy of Marx and Lenin

Theories for Radical Change

Palgrave Insights into Apocalypse Economics

This book reassesses classic Marxist theories of finance capital and uneven development in the context of the present intensified process of financialization and the accentuation of combined and accelerating uneven development. In particular, the work of Hilferding and Luxemburg is discussed and re-framed in light of both the contributions of Marx and more recent engagements by David Harvey and Neil Smith. The book explores the case of South Africa in particular in light of the combination of a rapidly financializing yet crisis-ridden South African political economy on the one hand and intensifying social inequality and political conflict on the other.&nbsp;It explores a series of strategies and possibilities that might open up trajectories for change and transformation with particular attention paid to the promises and constraints of the de-growth movement and intersectional class struggle, which will appeal to political economists, researchers, and students alongside those studying South Africa specifically. Patrick Bond is a political economist and professor at the University of Johannesburg, South Africa. He spent more than two decades teaching at the Wits University School of Governance in Johannesburg and the University of KwaZulu-Natal Centre for Civil Society in Durban. During the late 1980s he pursued doctoral studies in economic geography at Johns Hopkins University, while learning politics in the anti-apartheid, labour, student and community movements. In 1994 and 1996, he worked in the Reconstruction and Development Ministry in President Nelson Mandela’s office, drafting the democratic government’s first White Paper and a dozen other major policy documents. He appears more than 100 times a year on South African and international broadcast media, and usually gives more than 50 guest lectures annually.

Financial Volatility, Deep Capitalist Crisis and Super-Exploitation in South Africa and the World

Extreme Uneven Development

Contemporary Financial Intermediation, Fifth Edition offers a distinctive approach to the study of financial markets and institutions by presenting an integrated portrait that puts information and economic reasoning at the core. The book explores the implications of the information technology revolution that characterizes the financial services industry with digitization and fintech as important manifestations. Sections explore the subtlety, plasticity, and fragility of financial institutions and credit markets, and the ramifications for risk management (including cyber risk). This textbook demands more in terms of quantitative skills and analysis, but its ability to teach about the forces shaping the financial world is unmatched. For the financial sector, the best preprofessional training explains the reasons why markets, institutions, and regulators evolve the way they do, why we suffer recurring financial crises, how we typically react to them, and how digitization and fintech will affect financial services and the industry at large. This book provides students with a complete foundation on the subject, presenting a strong basis for learning and understanding key challenges surrounding the management and operations of financial institutions and their competitive environment.

Contemporary Financial Intermediation

Not so long ago, Russia under Putin appeared to be a corrupt state run by an elite mainly interested in their own privileges and wealth: authoritarian but not fundamentally expansionist. The 2022 invasion of Ukraine made it clear that Putin is driven by far more than simply greed. Putin's Russia is, Andrei Kolesnikov argues, in the grip of intense ideological radicalization, seeking to mobilize its population in support of a form of chauvinistic neo-imperialism using increasingly totalitarian methods. This march towards "hybrid totalitarianism" is driven by a messianic view of Russia as a superior, "spiritual" form of "state-civilization" underpinned by its Orthodox faith and hatred of Western "decadence." Based upon a falsified version of history and a profound hostility to modernization, this ideology is making Russia an international pariah and condemning its citizens to endless war and economic stagnation. The only hope for redemption is a profound moral regeneration which redefines the nation's place in the world and embraces the spirit of democracy. This incisive analysis of the ideological dynamics of late Putinism, written by a leading Russian scholar and journalist, is an indispensable guide to understanding the country's recent descent into war-mongering barbarism.

How Putin's Ideology Took the Nation Hostage

The Closing of the Russian Mind

A history of the institutional reform of monetary policy in Latin America, with lessons for todayAfter years of macroeconomic instability, central bank independence (CBI) is playing a pivotal role in achieving low inflation worldwide. But in some nations-including Brazil, Colombia, Hungary, India, Mexico, Tüuuml;rkiye, and the United States-- central banks have been blamed for focusing only on fighting inflation at the expense of economic growth.Central Bank Independence and Inflation argues that countries must continue supporting the independence of central banks to keep inflation in check and hence promote long-run economic growth. Jáaacute;come analyzes the evolution of CBI in Latin America from its creation in the 1920s to the present day. He warns against requiring central banks to print money to finance fiscal deficits, because it hinders economic growth. He creates a database of central bank independence to track its evolution and provides empirical evidence of a negative correlation with inflation. Deeply grounded in history, Central Bank Independence and Inflation warns against the consequences of weakening this institutional arrangement. It is the first book to provide a historical account of Latin America's CBI and will be a valuable resource for those interested in monetary policy.

Lessons from Latin America

Central Bank Independence and Inflation

The Capital / Logic Debate is the first of two volumes on how Marx used Hegel's Logic in his Capital.

&nbsp;

Andy Blunden reviews the current literature on the topic with detailed analysis of the contribution of ten authors, representing the spectrum of approaches. Finding that present-day writers fail to understand the Logic and misrepresent Capital as a work of Logic, Blunden focuses on the passage in the Logic entitled "The Idea of the True," which is ignored by every writer in the present-day debate.

The Capital / Logic Debate

Covering everything from the fundamentals of financial markets' structure to the nuances of fintech, derivatives and commodities, this textbook offers readers a comprehensive view of the functions of the global financial markets from an intuitive and hands-on perspective.Unlike traditional textbooks that focus solely on financial institutions, this book places emphasis on the individual investor. The main objective is the presentation of the thinking process and economic/financial analyses of global events related to the financial markets as well as the investor's behavior. This book explains how one should interpret an event and what its possible consequences, and hence appropriate course of action would be, via a wide range of real-world situations and examples.Blending insights from economics, corporate finance, investments, and econometrics while demonstrating linkages to accounting, marketing and management disciplines, each chapter delivers a practical framework for understanding and engaging with the financial markets, equipping readers with the tools to analyze real-world events and make informed, strategic decisions. Fundamental econometric methodologies are illustrated throughout to enable the reader to study the quantitative outcomes of financial and economic developments while in-chapter boxed features reinforce understanding of the material.Understanding Global Financial Markets is ideal for students of finance, economics or business, or those with an interest in the global markets and who wish to succeed in the current financial world.

Understanding Global Financial Markets

Bank Management & Financial Services

Rhodes And His Banker

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