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
Tuesday, Feb. 2 (17:00-19:00 CET):
Endogenous money and the international monetary hierarchyTuesday, Feb. 9 (17:00-19:00 CET):
Finance, financialization and growth modelsTuesday, Feb. 16 (17:00-19:00 CET):§
Financial instability and the crisis tendencies of contemporary capitalismTuesday, Feb. 23 (17:00-19:00 CET):
Institutional responses and alternative financial architecturesWednesday, 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 →