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Balance of Power: Central Banks and the Fate of Democracies
Par Éric Monnet. 2024
Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically…
expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today’s central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.Pensions: The Problems of Today and Tomorrow (Routledge Revivals)
Par Bernard Benjamin, Steven Haberman, George Helowicz, Geraldine Kaye, David Wilkie. 1987
Drawing on the authors’ extensive experience as actuaries, this work, originally published in 1987, provides a thorough examination of the…
problems which had arisen, and those that seemed likely to arise, with regard to both public and private pension funds at the time. It ranges in scope from the realities of individual plans and schemes devised by employers and employees to the management of pension funds and investment portfolios. The concept of socially responsible investment is discussed.Reliable statistical information on the health, age and occupation of the population is an important tool in planning pension schemes for both the public and private sectors, and this book includes a careful analysis of the available data, leading to many useful projections for the thirty to forty years which followed. Although the statistical information is derived from UK sources, the problems it relates to, and its analysis was applicable to pension planning in all developed countriesThe breadth of the authors’ approach, fully embracing the apprehension at the time about the demands of an increasingly ageing population and a partially unemployed workforce, would give this book added interest to a wide range of academics and professionals in financial institutions, government and the social services. Today it can be read in its historical context.Equal Is Unfair: America's Misguided Fight Against Income Inequality
Par Don Watkins, Yaron Brook. 2009
We’ve all heard that the American Dream is vanishing, and that the cause is rising income inequality. The rich are…
getting richer by rigging the system in their favor, leaving the rest of us to struggle just to keep our heads above water. To save the American Dream, we’re told that we need to fight inequality through tax hikes, wealth redistribution schemes, and a far higher minimum wage.But what if that narrative is wrong? What if the real threat to the American Dream isn’t rising income inequality—but an all-out war on success?In Equal is Unfair, a timely and thought-provoking work, Don Watkins and Yaron Brook reveal that almost everything we’ve been taught about inequality is wrong. You’ll discover:• why successful CEOs make so much money—and deserve to• how the minimum wage hurts the very people it claims to help• why middle-class stagnation is a myth• how the little-known history of Sweden reveals the dangers of forced equality• the disturbing philosophy behind Obama’s economic agenda.The critics of inequality are right about one thing: the American Dream is under attack. But instead of fighting to make America a place where anyone can achieve success, they are fighting to tear down those who already have. The real key to making America a freer, fairer, more prosperous nation is to protect and celebrate the pursuit of success—not pull down the high fliers in the name of equality.This book is an unprecedented consideration of the challenges of what we can do for generations yet to come. Many…
growing intergenerational conflicts of interest, such as climate change and fiscal sustainability, are the result of the historically new progress of increasing human power, and the resolution of those conflicts demands a new intergenerational ethic. The book offers fresh new ideas for resolving intergenerational conflicts through the exploration of an entirely new field, conceptualized in philosophy, developed in economics, and tested in experiments. In particular, this work develops the theory of intergenerational cooperation based on a new relationship of direct reciprocity between generations. From experimental results, the possibility of intergenerational cooperation through Kantian categorical imperative is shown. The book also examines the effectiveness of inviting representatives of future generations, which are called "imaginary future generations", into the deliberations for current policy decisions. The original Japanese edition of this book was awarded the 66th Nikkei Prize for Excellent Books in Economic Science. The prize was established in 1958 to contribute to the advancement of academics and knowledge in the fields of economics, management, and accounting, as well as to its general dissemination and application.The Wolves of K Street: The Secret History of How Big Money Took Over Big Government
Par Brody Mullins, Luke Mullins. 2024
Two veteran investigative journalists trace the rise of the modern lobbying industry through the three dynasties—one Republican, two Democratic—that have…
enabled corporate interests to infiltrate American politics and undermine our democracy.On K Street, a few blocks from the White House, you&’ll find the offices of the most powerful men in Washington. In the 1970s, the city&’s center of gravity began to shift away from elected officials in big marble buildings to a handful of savvy, handsomely paid operators who didn&’t answer to any fixed constituency. The cigar-chomping son of a powerful Congressman, an illustrious political fixer with a weakness for modern art, a Watergate-era dirty trickster, the city&’s favorite cocktail party host…these were the sorts of men who now ran Washington. Over four decades, they&’d chart new ways to turn their clients&’ cash into political leverage, abandoning favor-trading in smoke-filled rooms for increasingly sophisticated tactics like &“shadow lobbying,&” where underground campaigns sparked seemingly organic public outcries to pressure lawmakers into taking actions that would ultimately benefit corporate interests rather than the common good. With billions of dollars at play, these lobbying dynasties enshrined in Washington a pro-business consensus that would guide the country&’s political leaders—Democrats and Republicans alike—allowing companies to flourish even as ordinary Americans buckled under the weight of stagnant wages, astronomical drug prices, unsafe home loans, and digital monopolies. A good lobbyist could kill even a piece of legislation supported by the president, both houses of Congress, and a majority of Americans. Yet, nothing lasts forever. Amidst a populist backlash to the soaring inequality these lobbyists helped usher in, Washington&’s pro-business alliance suddenly began to unravel. And while new ways for corporations to control the federal government would emerge, the men who&’d once built K Street found themselves under legal scrutiny and on the verge of financial collapse. One had his namesake firm ripped away by his own colleagues. Another watched his business shut down altogether. One went to prison. And one was found dead behind the 18th green of an exclusive golf club, with a bottle of $1,500 wine at his feet and a bullet in his head. A dazzling and infuriating portrait of fifty years of corporate influence in Washington, The Wolves of K Street is a masterpiece of narrative nonfiction—irresistibly dramatic, spectacularly timely, explosive in its revelations, and absolutely impossible to put down.Back to Work: Why We Need Smart Government for a Strong Economy
Par Bill Clinton. 2011
&“I wrote this book because I love my country and I'm concerned about our future,&” writes Bill Clinton. &“As I…
often said when I first ran for President in 1992, America at its core is an idea—the idea that no matter who you are or where you're from, if you work hard and play by the rules, you'll have the freedom and opportunity to pursue your own dreams and leave your kids a country where they can chase theirs.&” In Back to Work, Clinton details how we can get out of the current economic crisis and lay a foundation for long-term prosperity. He offers specific recommendations on how we can put people back to work and create new businesses, increase bank lending and corporate investment, double our exports, and restore our manufacturing base. He supports President Obama&’s emphasis on green technology, saying that change in the way we produce and consume energy is the strategy most likely to spark a fast-growing economy and enhance our national security. Clinton also says that we need both a strong economy and a smart government working together to restore prosperity and progress. He demonstrates that whenever we&’ve given in to the temptation to blame government for our problems, we&’ve lost our commitment to shared prosperity, balanced growth, financial responsibility, and investment in the future. That has led our nation into trouble because there are some things we have to do together. For example, he says, &“Our ability to compete in the twenty-first century is dependent on our willingness to invest in infrastructure: we need faster broadband, a state-of-the-art national electrical grid, modernized water and sewer systems, and the best airports, trains, roads, and bridges. &“There is no evidence that we can succeed in the twenty-first century with an antigovernment strategy,&” writes Clinton, &“with a philosophy grounded in &‘You&’re on your own&’ rather than &‘We&’re all in this together.&’&” Clinton believes that conflict between government and the private sector has proved to be remarkably good politics, but it has produced bad policies, giving us a weak economy with few jobs, growing income inequality and poverty, and a decline in our competitive position. In the real world, cooperation works much better than conflict, and &“we need victories in the real world.&”