Description - Money and the Market by Kevin Dowd
In this volume of essays Kevin Dowd presents a strong case, that state intervention into financial and monetary systems has manifestly failed, and that we would be better off if central banks were abolished and governments stopped interfering with financial markets. Instead, he argues that financial markets should be left to regulate themselves; market forces would then deliver an efficient financial system, sound money and a strong safe system. Money and the Market falls into three parts: * Part I deals with the theory of free banking and begins with a presentation of the essence of the case in its favour. It is followed by essays examining the arguments put forward for particular forms of state intervention, the role of the invisible hand in the evolution of the monetary system, and asks whether we can blame laissez-faire for the instability we observe in contemporary financial markets. * Part II explores the monetary regime under laissez-faire and asks whether we would want the price level to move in line with productivity changes.
Further essays look at Irving Fisher's 'compensated dollar' and monetary reform in Eastern Europe * Part III examines a variety of diverse policy issues - arguments for restricting international capital flows, the drive towards Monetary Union, monetary policy in the twenty-first century, the future of gold, the bailout of Long-Term Capital Management in 1998, and the Financial Services Act in the UK. This collection will be of considerable interests to students, researchers and policy-makers in the monetary and financial area.
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