Description: The establishment and impact of central banks in federal and confederal political systems is evaluated. Favoring monetary policy acts to the detriment of regional diversity. Antiquated Wicksellian belief that interest rates equilibrate investments and savings damages citizens' security. Practical, democratic reforms to these problems are outlined.
Review Quotes:
Central banks are playing a very important role not only in the lives of countries but also in that of their citizens. In this instructive and well documented study the reader will find not only an excellent presentation of two of the world's most important central banks, but also an easily accessible description of how they work. Highly recommended reading - for experts as well as non-experts.
Professor Richard Swedberg, Cornell University, Institute for the Social Sciences