Workshop

Political Economy

Money, Finance & the State

Money & Growth: The Political Economy of Finance & Monetary Systems

Linking the hierarchical "plumbing" of money and credit to the long-run rhythms of boom, stagnation, and rupture

17:00 · Hybrid

What you will learn

An underlying analytical framework traverses the five seminars of this workshop: following Steffen Murau, the monetary system is thought of not as a neutral veil over the "real" economy, but as a hierarchical architecture of interlocking balance sheets in which every asset is someone else's liability. Money is created as credit and its "moneyness" depends on where a promise sits in the hierarchy, with US dollars at the apex. Through this lens, questions of elasticity and discipline that set the pace of credit and growth will be analyzed and discussed. We will then look at how far financial markets now reach into the economy, through shadow banking, asset-based welfare and capital flows that ignore national borders. This has reshaped growth models across advanced and emerging economies, increasing their dependence on a financial system that is inherently unstable. Finally, while some reform proposals attempt to fix the quirks of the current system, private monetary innovation is already rewriting the rules from below.

Why it matters now

The dollar's place at the centre of the world economy is being questioned as never before, from shifts in US economic policy to new attempts by other countries to reduce their dependence on it. At the same time, high public debts and fragile financial markets make the system's plumbing a matter of real political stakes. Understanding how money works is essential for judging whether the current order can last and what might replace it.

Syllabus & schedule

General information

All seminars run from 17:00 to 19:00 and are hybrid: participants can join in person or online. Each syllabus comes in three reading options: short, intermediate and long. The syllabus and the weekly reading schedule can be found here.

Seminar schedule

  1. Tuesday, Feb. 2 (17:00-19:00 CET):
    Endogenous money and the international monetary hierarchy

  2. Tuesday, Feb. 9 (17:00-19:00 CET):
    Finance, financialization and growth models

  3. Tuesday, Feb. 16 (17:00-19:00 CET):§
    Financial instability and the crisis tendencies of contemporary capitalism

  4. Tuesday, Feb. 23 (17:00-19:00 CET):
    Institutional responses and alternative financial architectures

  5. Wednesday, Mar. 3 (17:00-19:00 CET):
    Monetary innovation and its political economy

Organizers

Giulio Cesare Graziani

Co-founder & Organizer

Università Bocconi

Guests

Steffen Murau

Research Group Leader and Co-Chair

Global Climate Forum, Berlin

Karsten Kohler

Associate Professor in Economics

University of Leeds

Part of the series

Money, Finance & the State

See all workshops in the series →

il cangatto

An independent study circle on political economy and the social sciences, where curious people meet with scholars and policymakers to read, think and discuss together about the directions of social change.

© 2026 il Cangatto · Circolo di Studio

English edition · Italian edition coming soon

il cangatto

An independent study circle that brings academics, policymakers and curious people around the same table to think seriously about how the economy is governed.

An independent study circle on political economy and the social sciences, where curious people meet with scholars and policymakers to read, think and discuss together about the directions of social change.

© 2026 il cangatto · Circolo di economia politica

© 2026 il Cangatto · Circolo di Studio

English edition · Italian edition coming soon