The Deficit Myth: Banking Between The Lines

The Deficit Myth: Banking Between The Lines

“Now, the rest is up to us because we are responsible for each other and to each other.  We are responsible to the future, and not to Chase Manhattan Bank.” –– James Baldwin This post is part of our symposium on Stephanie Kelton’s The Deficit Myth. You can find the full symposium here.  Several commenters have argued that…

Breadth and Taxes

Breadth and Taxes

Emma Caterine explains why taxation does not need to be the bitter salve taken with every spoonful of sugar – it is and always has been a way to provide for the general welfare, and how C.J. Roberts in Sebelius may have unwittingly opened the door to an MMT approach to understanding taxation.

Spread the Fed, Part II

Spread the Fed, Part II

From Federal Disintegration through Community QE to Central Bank Decentralization In the post immediately preceding this one, I observed that the twinned histories of American ambivalence toward centralized political governance on the one hand and central banking on the other place recent development in the realms of both pandemic response and American public finance into…

The Hidden Shortages of the Market Economy

The Hidden Shortages of the Market Economy

If you think shortages—in goods like toilet paper, meat, and masks—came in with the pandemic, think again. Shortages are periods during which demand exceeds supply, and they’re an inescapable feature of all markets, all the time. When an investor bids up the price of Apple stock because none is available at current prices, that’s a…

The Economics of Shortages

The Economics of Shortages

The price of food increased 2.6% in April, the largest single-month increase since 1974, but food industry executives are insisting that the country has enough food. So why are prices going up? The explanation provided by the industry is that consumers are buying more than they need, creating shortages. But a shortage is not a…

Buybacks are the Symptom, Shareholder Power the Disease

Buybacks are the Symptom, Shareholder Power the Disease

People claim to be worried about stock buybacks. In fact, the buybacks are a stand-in for what we can all see: business in this country works for wealthy shareholders, not workers, customers, or communities. Buybacks are in the news as policymakers contemplate a bailout of several major U.S. airlines, all of which have relatively little…

How Finance Structures Global Value Chains

How Finance Structures Global Value Chains

NB: This post is part of a symposium on law and global value chains co-convened with the Institute for Global Law and Policy’s Law and Global Production Working Group. The Law-in-Global-Value-Chains perspective adopted in the Research Manifesto and introduced the initial blog of this series is based on the recognition that law is endogenous to…

On Law and Value

On Law and Value

NB: This post is part of a symposium on law and global value chains co-convened with the Institute for Global Law and Policy’s Law and Global Production Working Group. We are witnessing a new moment in economic development: what Richard Baldwin calls the global value chain (GVC) revolution. As our symposium suggests, critical legal realist…

Cracking the Code of Global Value Chains

Cracking the Code of Global Value Chains

NB: This post is part of a symposium on law and global value chains co-convened with the Institute for Global Law and Policy’s Law and Global Production Working Group. Global Value Chains (GVCs) form a backbone of our global economy that eludes easy characterization. In media or policy reports, corporate brochures or academic publications, the…

Global Value Chains as a Legal Concept

Global Value Chains as a Legal Concept

NB: This post is part of a symposium on law and global value chains co-convened with the Institute for Global Law and Policy’s Law and Global Production Working Group. In the first blog post of this symposium Dan Danielsen and Jennifer Bair argue that law can open up a window into understanding global political economy,…

When All Social Problems Become Financial Problems

When All Social Problems Become Financial Problems

When it comes to government programs, credit support is often cheaper and less controversial than direct expenditures. Understand this, and you can understand why government officials have an incentive to define all sorts of social problems as financial ones. Government officials face considerable pressure to promote credit markets. Wall Street firms leverage money, expertise and…