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Bhupendra Thapa

Paper Money Explained: Definition, History, and Examples

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

Phenomenal World Books

A critical history of the US dollar's dominance in the world economy--and what has kept China's currency from overtaking it. The dollar is the primary currency of the world economy. With China now rivaling the United States on the world stage, a critical question hangs in the balance: will the Chinese renminbi challenge the status of the dollar and, in doing so, deprive America of its "exorbitant privilege"? In GreenbackEmpire, Ho-fung Hung offers a powerful account of why, even as American shares of global production, ownership, and trade continue to decline, its currency has retained the support of governments and investors around the world. For six decades, Hung shows, the dominance of the dollar has rested on the security umbrella that the US offers to the world's wealthiest countries--including oil producers. To these countries, support for the value of the dollar is tantamount to maintaining US protection. While China has become a serious geopolitical and economic rival to the US, the Chinese state's airtight control of its financial system has delayed the free trading of the renminbi, limiting the currency's internationalization. In short, the same strategy that engineered growth in China's economy is restraining its currency's rise in opposition to the dollar. Hung's Greenback Empire is an essential history of the dollar's prowess, indispensable for understanding the future of the global monetary system.

Global Dollar Dominance and the New Cold War

Greenback Empire

An empirical analysis and new theoretical framework for understanding economic expectations and decision-making in different historical settings. Expectations play a crucial role in shaping economic behavior. But how are expectations actually formed, and how has this changed over time? The financial crisis of 2007–08 cast doubt on traditional theories of expectation formation, particularly the rational expectations framework. In Contingent Expectations, Alexander Nützenadel and Jochen Streb examine the ways that past experiences influence the economic expectations and decision-making of households, investors, and policymakers through history, and offer an alternative perspective. Combining a comprehensive empirical analysis of expectation formation from the eighteenth century to the present day with an assessment of the relevant economic theory, Nützenadel and Streb present a new theoretical framework, contingent expectations, for understanding economic expectation. Nützenadel and Streb show how economic actors developed new forecasting methods in response to rising uncertainty brought on by the Industrial Revolution, the expansion of global trade, financial market integration, and environmental crises. Tracing the evolution of economic theories on expectations, they find that when growing market volatility made forecasting more complex, economic agents often adapted with remarkable flexibility to changing circumstances. Challenging prevailing concepts of expectations, including rational choice and adaptive expectations, Nützenadel and Streb emphasize the heterogeneity of economic agents’ cognitive practices—in particular, the need to consider variation in information costs and historical experience. Expectation formation, they argue, is contingent on each individual’s current decision-making situation. Their account of the history of economic expectations has significant implications for current debates in economics.

Uncertainty, Risk, and Economic Behavior in Historical Perspective

Contingent Expectations

Routledge Revivals

Commodity Conflict (1978) examines the world economy after the crises of the early 1970s, with the collapse of the international monetary system, the quadrupling of oil prices, the boom in commodity prices in 1973 and 1974 and by unprecedented inflation, followed by a recession, in almost all major industrialised countries. In this unstable world economic situation, instability was most marked in trade in primary commodities - foodstuffs, fibres and minerals.

The Political Economy of International Commodity Negotiations

Commodity Conflict

A capacious history of decolonization from the decline of empires to the era of globalization

Empires, until recently, were everywhere. They shaped borders, stirred conflicts, and set the terms of international politics. With the collapse of empire came a fundamental reorganization of our world. Decolonization unfolded across territories as well as within them. Its struggles became internationalized and transnational, as much global campaigns of moral disarmament against colonial injustice as local contests of arms. In this expansive history, Martin Thomas tells the story of decolonization and its intrinsic link to globalization. He traces the connections between these two transformative processes: the end of formal empire and the acceleration of global integration, market reorganization, cultural exchange, and migration.

The End of Empires and a World Remade shows how profoundly decolonization shaped the process of globalization in the wake of empire collapse. In the second half of the twentieth century, decolonization catalyzed new international coalitions; it triggered partitions and wars; and it reshaped North-South dynamics. Globalization promised the decolonized greater access to essential resources, to wider networks of influence, and to worldwide audiences, but its neoliberal variant has reinforced economic inequalities and imperial forms of political and cultural influences. In surveying these two codependent histories across the world, from Latin America to Asia, Thomas explains why the deck was so heavily stacked against newly independent nations.

Decolonization stands alongside the great world wars as the most transformative event of twentieth-century history. In The End of Empires and a World Remade, Thomas offers a masterful analysis of the greatest process of state-making (and empire-unmaking) in modern history.

A Global History of Decolonization

The End of Empires and a World Remade

This book provides an in-depth legal examination of limited partnership in the context of China's venture capital and private equity market. It aims to provide an authoritative and timely evaluation of the Chinese partnership law and limited partnership regime and will be a valuable tool for practitioners who need a readily available source of information on Chinese partnership law and those who wish to understand how the Chinese partnership regime operates and functions. The book explains the essential characteristics of Chinese partnership law and Chinese limited partnership, highlighting difficult and developing areas by examining relevant legislation and recent cases. In addition to Chinese authorities, it also covers legislation and cases from overseas jurisdictions, such as the UK and the US. New developments such as the amendments to the PRC Partnership Enterprise Law 2007, new legislation and regulations on foreign partnerships and private equity funds are also covered. The book explains the essential areas of Chinese limited partnership such as management and control, duties and liabilities of partners, remedies for limited partners, dissolution, liquidation and taxation. Based on thorough comparative and empirical studies, the book examines existing and potential legal problems under the current law and offers key proposals for practitioners and lawmakers. The empirical problems identified in the book may also guide subsequent discussion and legislation on the limited partnership model and the ongoing debate on new business vehicles.

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This book provides an in-depth legal examination of limited partnership in the context of China’s venture capital and private equity market. It aims to provide an authoritative and timely evaluation of the Chinese partnership law and limited partnership regime and will be a valuable tool for practitioners who need a readily available source of information on Chinese partnership law and those who wish to understand how the Chinese partnership regime operates and functions. The book explains the essential characteristics of Chinese partnership law and Chinese limited partnership, highlighting difficult and developing areas by examining relevant legislation and recent cases. In addition to Chinese authorities, it also covers legislation and cases from overseas jurisdictions, such as the UK and the US. New developments such as the amendments to the PRC Partnership Enterprise Law 2007, new legislation and regulations on foreign partnerships and private equity funds are also covered. The book explains the essential areas of Chinese limited partnership such as management and control, duties and liabilities of partners, remedies for limited partners, dissolution, liquidation and taxation. Based on thorough comparative and empirical studies, the book examines existing and potential legal problems under the current law and offers key proposals for practitioners and lawmakers. The empirical problems identified in the book may also guide subsequent discussion and legislation on the limited partnership model and the ongoing debate on new business vehicles.

Legal Perspectives on Venture Capital and Private Equity

The Limited Partnership in China

The Surprising Truth About How Money Works

Money: The Inside Story

Strategic lessons for monetary policy from the last two tumultuous decades based on insights from Sun Tzu, the Chinese philosopher and author of The Art of War. When central banks were forced to innovate and develop a multifaceted set of new weapons in response to the 2008 global financial crisis and 2020 COVID-19 pandemic, the result was a substantial expansion in their authority and reach. In The Art of Monetary Policy, Kristin Forbes draws lessons for monetary policy of the last two decades from the principles of Sun Tzu, the author of The Art of War, a Chinese philosopher and military strategist from the fifth century BC. Tzu proposed several key principles for success—tenets that apply to monetary policy and the battlefield today: (1) plan in advance for the next battle; (2) accept and adapt to the inevitability of powerful, external shocks outside your control; (3) establish a strong tactical position; (4) develop a variety of weapons that can be combined for different maneuvers and situations; (5) maintain flexibility so that you can quickly modify your strategy; and (6) consider the longer-term costs when evaluating the trade-offs of different approaches. These principles provide insights into what central banks did (and did not) do well over the last two decades, as well as how they should deploy interest rates, balance sheets, emergency support programs, forward guidance, and macroprudential tools in the future. While the optimal strategy in both war and monetary policy is more of an “art” than a science, adopting these principles can improve our ability to battle the next crisis and build more resilient economies during peaceful periods.

Strategic lessons for monetary policy from the last two tumultuous decades based on insights from Sun Tzu, the Chinese philosopher and author of The Art of War. When central banks were forced to innovate and develop a multifaceted set of new weapons in response to the 2008 global financial crisis and 2020 COVID-19 pandemic, the result was a substantial expansion in their authority and reach. In The Art of Monetary Policy, Kristin Forbes draws lessons for monetary policy of the last two decades from the principles of Sun Tzu, the author of The Art of War, a Chinese philosopher and military strategist from the fifth century BC. Tzu proposed several key principles for success—tenets that apply to monetary policy and the battlefield today: (1) plan in advance for the next battle; (2) accept and adapt to the inevitability of powerful, external shocks outside your control; (3) establish a strong tactical position; (4) develop a variety of weapons that can be combined for different maneuvers and situations; (5) maintain flexibility so that you can quickly modify your strategy; and (6) consider the longer-term costs when evaluating the trade-offs of different approaches. These principles provide insights into what central banks did (and did not) do well over the last two decades, as well as how they should deploy interest rates, balance sheets, emergency support programs, forward guidance, and macroprudential tools in the future. While the optimal strategy in both war and monetary policy is more of an “art” than a science, adopting these principles can improve our ability to battle the next crisis and build more resilient economies during peaceful periods.

Lessons from Sun Tzu for Central Banks

The Art of Monetary Policy

An award-winning economic journalist on why the US dollar is positioned to maintain global primacy—and what that means for America and the world &nbsp; “Magisterial.”—Edward Chancellor, Reuters &nbsp; Prophecies that the dollar will lose its status as the world’s dominant currency have echoed for decades—and are increasing in volume. Cryptocurrency enthusiasts claim that Bitcoin or other blockchain-based monetary units will replace the dollar. Foreign policy hawks warn that China’s renminbi poses a lethal threat to the greenback. And sound money zealots predict that mounting US debt and inflation will surely erode the dollar’s value to the point of irrelevancy. &nbsp; Contra the doomsayers, Paul Blustein shows that the dollar’s standing atop the world’s currency pyramid is impregnable, barring catastrophic policy missteps by the US government. Recounting how the United States has wielded the dollar to impose devastating sanctions against adversaries, Blustein explains that although targets such as Russia have found ways to limit the damage, Washington’s financial weaponry will retain potency long into the future. His message, however, is that America must not be complacent about the dollar; the great power that its supremacy confers comes with commensurate responsibility.

The Past and Future of the World's Dominant Currency

King Dollar

The Eurasian Exchange That Transformed the Medieval World

Venice and the Mongols

An Amina al-Sirafi Adventure

New York Times&nbsp;bestselling author Shannon Chakraborty sets sail into the second adventure of pirate Amina al-Sirafi as her quest to track down magical artifacts brings her to the island lair of a sorceress whose woven enchantments are impossible to flee.Amina al-Sirafi thinks she’s struck gold. Tasked with hunting down arcane artifacts for the council of immortal peris, she can savor the occasional rollicking adventure on the high seas with her cherished criminal companions while still returning home to raise her beloved daughter, Marjana. But when Raksh, the spirit of discord with whom she is reluctantly wed, provokes the council’s wrath, Amina is charged with a seemingly impossible quest: steal a spindle capable of rewriting fate from a mysterious sorceress on an island no one can escape.Forced to leave Marjana—who is increasingly frustrated at being peddled what are clearly lies about her mother’s life and her own past—Amina finds her mission almost immediately thrown into peril. But deadly storms, an erratic poison mistress, and old enemies are the least of her worries. For the peris’ story is unraveling, hinting at a far deadlier game whose rules Amina must swiftly puzzle out. A game that sets her against an adversary more cunning and powerful than she has ever faced.A game that not everyone on her crew wants her to win.

An Amina al-Sirafi Adventure, Book Two

The Tapestry of Fate

In this ambitious and groundbreaking history of the dollar, financial journalist and economic scholar Brendan Greeley makes a new argument about the origins of our money—and the people and nations who have surrendered to it. “Eye-opening, educational, exhaustively reported, and very fun to read.”—Foreign Policy America’s money is global money—nearly every nation in the world writes international contracts in dollars, and in 2023, central banks around the world held nearly $6.7 trillion in dollar reserves, three times any other currency. Today, the United States’ global hegemony rests largely on its ability to produce unlimited treasury bonds that are sold around the world, dollars that supported America’s explosive growth in the twentieth century and funded its massive wars in the twenty-first. American power and the American dollar have become synonymous. Yet in this brilliant 500-year history, Brendan Greeley argues that America’s sovereignty over the dollar is an illusion—that the dollar had already empowered and destroyed nations long before it washed up on colonial shores, and that no country or king has or can ever truly control it. Reaching back to the dollar’s birth as the taler in the 15th-century silver mines of St. Joachimsthal, Greeley reveals how the dollar first thrived as a commodity for merchants and bankers—a big, silver coin that was trusted around the world, even as the miners who pulled it from the ground had trouble getting paid in that same silver. Greeley traces a captivatingly complex path across time and place, from the industrial collapse at the heart of Spain’s 17th-century silver empire, to the birth of American paper dollars in colonial Maryland, 19th-century New Orleans bank failures, and the small town of Hawarden, Iowa, which created its own dollars during the Great Depression. At every surprising turn, Greeley upends assumptions about global currencies and draws out the centuries-old tension between how dollars are manufactured and whom they actually serve. Singular in its breadth, The Almighty Dollar dismantles the myth that America created or has ever truly controlled the dollar. Through meticulous research and vividly rendered stories of merchants, monarchs, and everyday people both past and present, Greeley shows how the dollar became America’s greatest export, spawning a vast financial industry that enriches the wealthy, even as the rest of the country’s industries suffer.

In this ambitious and groundbreaking history of the dollar, financial journalist and economic scholar Brendan Greeley makes a new argument about the origins of our money—and the people and nations who have surrendered to it. “Brimming with startling details, this is also serious financial history with a conclusion ripe for our unsettled times: Rulers and borders come and go, but the dollar has outlasted our illusions of sovereignty and control.”—Evan Osnos, author of The Haves and Have-Yachts America’s money is global money—nearly every nation in the world writes international contracts in dollars, and in 2023, central banks around the world held nearly $6.7 trillion in dollar reserves, three times any other currency. Today, the United States’ global hegemony rests largely on its ability to produce unlimited treasury bonds that are sold around the world, dollars that supported America’s explosive growth in the twentieth century and funded its massive wars in the twenty-first. American power and the American dollar have become synonymous. Yet in this brilliant 500-year history, Brendan Greeley argues that America’s sovereignty over the dollar is an illusion—that the dollar had already empowered and destroyed nations long before it washed up on colonial shores, and that no country or king has or can ever truly control it. Reaching back to the dollar’s birth as the taler in the 15th-century silver mines of St. Joachimsthal, Greeley reveals how the dollar first thrived as a commodity for merchants and bankers—a big, silver coin that was trusted around the world, even as the miners who pulled it from the ground had trouble getting paid in that same silver. Greeley traces a captivatingly complex path across time and place, from the industrial collapse at the heart of Spain’s 17th-century silver empire, to the birth of American paper dollars in colonial Maryland, 19th-century New Orleans bank failures, and the small town of Hawarden, Iowa, which created its own dollars during the Great Depression. At every surprising turn, Greeley upends assumptions about global currencies and draws out the centuries-old tension between how dollars are manufactured and whom they actually serve. Singular in its breadth, The Almighty Dollar dismantles the myth that America created or has ever truly controlled the dollar. Through meticulous research and vividly rendered stories of merchants, monarchs, and everyday people both past and present, Greeley shows how the dollar became America’s greatest export, spawning a vast financial industry that enriches the wealthy, even as the rest of the country’s industries suffer.

500 Years of the World's Most Powerful Money

The Almighty Dollar

Paper Money Explained: Definition, History, and Examples

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