Conclusion: Toward a Pathway of Responsible Development

Kozo Mayumi () and Ansel Renner ()
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Ansel Renner: Autonomous University of Barcelona

Chapter Chapter 9 in Reconsidering the Privileged Powers of Banks, 2023, pp 197-207 from Springer

Abstract: Abstract This chapter concludes with a survey of the shortcomings of central banks, particularly the United States Federal Reserve Bank and the Bank of Japan, in implementing monetary policy. It highlights a deficient understanding of the contemporary reserve banking system and the unintended aftermaths of central bank decisions. It underscores the distributional consequences of inflation on lower-income brackets, suggesting that conventional economics inadequately addresses income disparity and monetary wealth distribution. Probing the dual natures of money, wealth, and real capital, the chapter summarizes their profound implications for biophysical sustainability. It argues that institutions like the International Monetary Fund and World Bank intensify certain fundamental issues around money creation and debt, contributing to environmental problems. The chapter advocates for a reformed understanding of money, ultimately proposing a balanced, sovereign money system. It concludes by juxtaposing the book’s perspective with that of Adam Smith, inviting the reader to reflect on their own.

Keywords: Central banks; Monetary policy; Income inequality; Responsible development; Sovereign money system (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-99-6058-3_9

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DOI: 10.1007/978-981-99-6058-3_9

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