DOCSLIB.ORG

Amsterdam University of Applied Sciences

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Amsterdam University of Applied Sciences Amsterdam University of Applied Sciences MoneyLab reader an intervention in digital economy Lovink, Geert; Tkacz, Nathaniel; de Vries, Patricia Publication date 2015 Document Version Final published version License CC BY-NC-SA Link to publication Citation for published version (APA): Lovink, G. (Ed.), Tkacz, N. (Ed.), & de Vries, P. (2015). MoneyLab reader: an intervention in digital economy. (INC reader). Institute of Network Cultures. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please contact the library: https://www.amsterdamuas.com/library/contact/questions, or send a letter to: University Library (Library of the University of Amsterdam and Amsterdam University of Applied Sciences), Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. Download date:24 Sep 2021 READER A N INTERVENTION IN DIGITAL ECONOMY FOREWORD BY SASKIA SASSEN EDITED BY GEERT LOVINK NATHANIEL TKACZ PATRICIA DE VRIES INC READER #10 MoneyLab Reader: An Intervention in Digital Economy Editors: Geert Lovink, Nathaniel Tkacz and Patricia de Vries Copy editing: Annie Goodner, Jess van Zyl, Matt Beros, Miriam Rasch and Morgan Currie Cover design: Content Context Design: Katja van Stiphout EPUB development: André Castro Printer: Drukkerij Tuijtel, Hardinxveld-Giessendam Publisher: Institute of Network Cultures, Amsterdam, 2015 ISBN: 978-90-822345-5-8 Contact Institute of Network Cultures phone: +31205951865 email: [email protected] web: www.networkcultures.org Order a copy or download this publication freely at: www.networkcultures.org/publications Join the MoneyLab mailing list at: http://listcultures.org/mailman/listinfo/moneylab_listcultures.org Supported by: Amsterdam University of Applied Sciences (Hogeschool van Amster- dam), Amsterdam Creative Industries Publishing and the University of Warwick Thanks to everyone at INC, to all of the authors for their contributions, Annie Goodner and Morgan Currie for their copy editing, and to Amsterdam Creative Industries Publishing for their financial support. This publication is licensed under Creative Commons Attribution NonCommercial ShareAlike 4.0 Unported (CC BY-NC-SA 4.0). To view a copy of this license, visit http://creativecommons.org/licenses/by-nc-sa/4.0/. EDITED BY GEERT LOVINK, NATHANIEL TKACZ AND PATRICIA DE VRIES INC READER #10 Previously published INC Readers The INC Reader series is derived from conference contributions and produced by the Institute of Network Cultures. They are available in print, EPUB, and PDF form. The MoneyLab Reader is the tenth publication in the series. INC Reader #9: René König and Miriam Rasch (eds), Society of the Query Reader: Reflections on Web Search, 2014. INC Reader #8: Geert Lovink and Miriam Rasch (eds), Unlike Us: Social Media Monopolies and Their Alternatives, 2013. INC Reader #7: Geert Lovink and Nathaniel Tkacz (eds), Critical Point of View: A Wikipedia Reader, 2011. INC Reader #6: Geert Lovink and Rachel Somers Miles (eds), Video Vortex Reader II: Moving Images Beyond Youtube, 2011. INC Reader #5: Scott McQuire, Meredith Martin and Sabine Niederer (eds), Urban Screens Reader, 2009. INC Reader #4: Geert Lovink and Sabine Niederer (eds), Video Vortex Reader: Responses to YouTube, 2008. INC Reader #3: Geert Lovink and Ned Rossiter (eds), MyCreativity Reader: A Critique of Creative Industries, 2007. INC Reader #2: Katrien Jacobs, Marije Janssen and Matteo Pasquinelli (eds), C’LICK ME: A Netporn Studies Reader, 2007. INC Reader #1: Geert Lovink and Soenke Zehle (eds), Incommunicado Reader, 2005. All INC Readers, and other publications like the Network Notebooks series and Theory on Demand, can be downloaded and read for free. See www.networkcultures.org/publications. INTRODUCTION Saskia Sassen When Money Becomes an Extraction Tool Rather Than Exchange Medium: Foreword to the MoneyLab Reader 9 Geert Lovink and Nathaniel Tkacz MoneyLab: Sprouting New Digital-Economic Forms 13 THE LONG GAME Keith Hart Money in the Making of World Society 19 Franco “Bifo” Berardi Is There Life Beyond Money? 32 Ralph and Stefan Heidenreich On a Post-Monetary Network Based Economy 44 Douglas Rushkoff Playability and the Search for an Open Source Economy 56 Andrew Ross Accumulation and Resistance in the 21st Century 64 FINANCIAL INTERVENTIONS Primavera De Filippi and Samer Hassan Measuring Value in the Commons-Based Ecosystem: Bridging the Gap Between the Commons and the Market 74 Pekka Piironen and Akseli Virtanen Democratizing the Power of Finance: A Discussion About Robin Hood Asset Management Cooperative with Founder Akseli Virtanen 92 Lena Rethel and Irwan Abdalloh Inculcating Ethical Behaviour in Market Transactions? The Case of the Sharia Online Trading System in Indonesia 104 CRITICAL CURRENCIES David Golumbia Bitcoin as Politics: Distributed Right-Wing Extremism 117 Beat Weber The Economic Viability of Complementary Currencies: Bound to Fail? 132 Tiziana Terranova and Andrea Fumagalli Financial Capital and the Money of the Common: The Case of Commoncoin 150 Finn Brunton Heat Exchanges 158 ECONOMIES OF IMAGINATION Max Haiven Money as a Medium of the Imagination: Art and the Currencies of Cooperation 173 Stephanie Rothenberg Reversal of Fortune: Visualizing Marketized Philanthropy 189 Paolo Cirio (W)orld Currency 198 Jim Costanzo The Free Money Movement 202 TECHNOLOGIES OF PAYMENT Bill Maurer and Lana Swartz Wild, Wild West: A View from Two Californian Schoolmarms 221 Rachel O’Dwyer Money Talks: The Enclosure of Mobile Payments 230 Erin B. Taylor Mobile Money: Financial Globalization, Alternative, or Both? 244 Eduard de Jong, Nathaniel Tkacz, and Pablo Velasco ‘Live as Friends and Count as Enemies’: On Digital Cash and the Media of Payment 257 CROWDFUNDING AND BEYOND Inge Ejbye Sørensen Go Crowdfund Yourself! Some Unintended Consequences of Crowdfunding for Documentary Film and Industry in the U.K. 268 Renée Ridgway Crowdfunding the Commons? 281 Irina Enache and Robert van Boeschoten The MoneyLab Crowdfunding Toolkit for Creatives 295 APPENDICES MoneyLab Conference 304 Author Biographies 305 introduction 9 When Money Becomes an Extraction Tool Rather Than Exchange Medium: Foreword to the MoneyLab Reader SasKIA SassEN 10 READER When Money Becomes an Extraction Tool Rather Than Exchange Medium: Foreword to the MoneyLab Reader SasKIA SassEN MoneyLab is an exciting and strategic project. The diversity of contributions to this volume is exceptional and promising. It is impossible to do justice to this enormous variety of ideas and proposals in a short preface. I will focus on what we might think of as one step, one building block in the larger debate engaged by MoneyLab: the need to develop new types of currencies to enable new types of economies. We need exchange mediums, such as money. But today’s versions of money are most- ly the official currencies of countries. And these are becoming extremely problematic. Why? Because they function less and less as an exchange medium and more and more as a tool for governments and corporations to extract household resources for their aims, often overriding the basic needs of a country’s people. The official currencies of countries today have become a bridge into household re- sources – a mechanism for extracting value from even poor households. Taxation without citizen participation in how to spend those taxes is another mechanism. The corporatizing of economies is yet another. When corporations capture most of what consumers spend then they also disproportionately control how that household money is invested and allocated (for instance, extreme increases in corporate salaries rather than investing in developing organic food). Under these conditions, money is no longer simply an exchange medium. Nor is it a medium for ensuring large-scale investments – by either governments or corporations – into what a locality, a country, needs for its people. It becomes an instrument for implementing what governments and corporations want. Yet not all alternative moneys are necessarily desirable. The key is a decentralized cur- rency to enable the proliferation of non-corporate economies, and to do so at scales and with modalities that go beyond simple barter. Barter is fine for many operations, and it has thrived in certain settings, notably in parts of Latin America. But it is not enough. We need to scale-up if we are going to take back economic terrain now fully captured by large corporations. And we need to do this, even if some of the larger needs of a locality, notably transport systems, will have to be built by large corporations. Digital currencies are clearly one option. Most recently Bitcoin has drawn a lot of the attention. It has also become a destination for speculative investment. This has in turn raised some key questions, notably whether it is a decentralized currency. The introduction 11 challenge is to avoid the corporatizing of a currency, which is now the situation with more and more official currencies. Again, by corporatizing I mean that it serves to transform household resources (as measured by consumption capacity) into corporate profits, which can then be invested without any concern or need to know a locality’s demands. Mostly, a modest firm that depends on a locality’s choices is going to have to be responsive in a way that the large corporation is not. Further, the power of large corporations to set up franchises which might have to be a bit more responsive to a locality’s needs, mostly winds up eliminat- ing the locally owned businesses so the franchise can rule uncontested – a take it or leave it stance vis-à-vis the locality.
Load more

Recommended publications
  • Fall of the Global Gold Exchange Standard and the Formation of The
    European Research Studies Journal Volume XXIV, Special Issue 1, 2021 pp. 341-347 Fall of the Global Gold Exchange Standard and the Formation of the Contemporary Free Gold Market Submitted 20/01/21, 1st revision 15/02/21, 2nd revision 03/03/21, accepted 20/03/21 Dariusz Eligiusz Staszczak1 Abstract: Purpose: The purpose of this paper is an explanation of the fall of the global gold exchange standard in the beginning of XXth century. Moreover, reasons of the cancelations of the U.S. dollar convertibility into gold according to the fixed parity in 1933 and 1971 are purposes of this paper. The final cancellation of the U.S. dollar gold convertibility was related to the establishment of the free gold market in 1968-1974. A lack of the gold standard and the free gold market are characteristic features of the contemporary world market system. Design / Methodology / Approach: The design is finding the historical reasons of the fall of the global gold exchange standard and of the establishment of the free gold market in 1968- 1974. The research method is a describing political-economic analysis based on statistical data. The approach covers the most important historical time periods connected with the transformation of the global market system including the changing role of the gold. Findings: This paper analyses reasons of the fall of the gold exchange standard from the beginning of the XXth century to the establishment of the free gold market in 1968-1974. Author considers this problem including changes of the global political-economic situation in the analyzed period.
    [Show full text]
  • Jelena Mcwilliams-FDIC
    www-scannedretina.com Jelena McWilliams-FDIC Jelena McWilliams-FDIC Voice of the American Sovereign (VOAS) The lawless Municipal Government operated by the "US CONGRESS" Washington, D.C., The smoking gun; do you get it? John Murtha – Impostor committed Treason – Time to sue his estate… Trust through Transparency - Jelena McWilliams - FDIC Chair Theft through Deception - Arnie Rosner - American sovereign, a Californian — and not a US Citizen via the fraudulent 14th Amendment. Sovereignty! TRUMP – THE AMERICAN SOVEREIGNS RULE AMERICA! All rights reserved - Without recourse - 1 of 120 - [email protected] - 714-964-4056 www-scannedretina.com Jelena McWilliams-FDIC 1.1. The FDIC responds - the bank you referenced is under the direct supervision of the Consumer Financial Protection Bureau. From: FDIC NoReply <[email protected]> Subject: FDIC Reply - 01003075 Date: April 29, 2019 at 6:36:46 AM PDT To: "[email protected]" <[email protected]> Reply-To: [email protected] April 29, 2019 Ref. No.: 01003075 Re: MUFG Union Bank, National Association, San Francisco, CA Dear Arnold Beryl Rosner: Thank you for your correspondence, which was received by the Federal Deposit Insurance Corporation (FDIC). The FDIC's mission is to ensure the stability of and public confidence in the nation's financial system. To achieve this goal, the FDIC has insured deposits and promoted safe and sound banking practices since 1933. We are responsible for supervising state- chartered, FDIC-insured institutions that are not members of the Federal Reserve System. Based on our review of your correspondence, the bank you referenced is under the direct supervision of the Consumer Financial Protection Bureau.
    [Show full text]
  • When America Remade the World Economy
    Long Reads When America Remade the World Economy Aug 13, 2021 | JEFFREY E. GARTEN NEW HAVEN – At 2:29 p.m. on Friday, August 13, 1971, US President Richard M. Nixon walked out of the White House, boarded Marine One, and traveled to Camp David, where several members of his administration were waiting for him. His chief-of-staff, H.R. Haldeman, had organized the meeting just one day before and given everyone instructions not to tell anyone – not even their families – where they were going. On arrival at Camp David, they were ordered not to phone anyone outside of the retreat. Still, on the previous day, one of Nixon’s top advisers had foreshadowed the significance of the gathering, suggesting that the weekend would bring “the biggest step in economic policy since the end of World War II.” Similarly, another adviser, on his way out of town, let it slip to a journalist that, “This could be the most important weekend in the history of economics since Saturday, March 6, 1933,” the day Franklin D. Roosevelt closed all the banks in America. They were not exaggerating. Between Friday afternoon and Sunday evening, Nixon and six top officials (backed by nine senior staff members) made a series of momentous decisions that the president would then announce in a quickly arranged prime-time televised speech. Forty-six million Americans, a quarter of the population, tuned in, while finance ministers, central bankers, and market makers from London to Tokyo huddled around their radios. What Nixon said rocked the US and global economies, sending shockwaves through America’s allies in Western Europe and Asia that were as deep and unsettling as his announcement, the previous month, of his planned trip to China.
    [Show full text]
  • Insights from the Federal Reserve's Weekly Balance Sheet, 1942-1975
    SAE./No.104/May 2018 Studies in Applied Economics INSIGHTS FROM THE FEDERAL RESERVE'S WEEKLY BALANCE SHEET, 1942-1975 Cecilia Bao and Emma Paine Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Insights from the Federal Reserve’s Weekly Balance Sheet, 1942 -1975 By Cecilia Bao and Emma Paine Copyright 2017 by Cecilia Bao and Emma Paine. This work may be reproduced or adapted provided that no fee is charged and the original source is properly credited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, co-director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise ([email protected]). The authors are mainly students at The Johns Hopkins University in Baltimore. Some performed their work as research assistants at the Institute. About the Authors Cecilia Bao ([email protected]) and Emma Paine ([email protected]) are students at The Johns Hopkins University in Baltimore, Maryland. Cecilia is a sophomore pursuing a degree in Applied Math and Statistics, while Emma is a junior studying Economics. They wrote this paper as undergraduate researchers at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise during Fall 2017. Emma and Cecilia will graduate in May 2019 and May 2020, respectively. Abstract We present digitized data of the Federal Reserve System’s weekly balance sheet from 1942- 1975 for the first time. Following a brief account of the central bank during this period, we analyze the composition and trends of Federal Reserve assets and liabilities, with particular emphasis on how they were affected by significant events during the period.
    [Show full text]
  • "What Can an Economic Adviser Do When the President Adopts Bad Economic Policies?"
    "What Can An Economic Adviser Do When the President Adopts Bad Economic Policies?" Jeffrey Frankel, Harpel Professor, KSG, Harvard University The Pierson Lecture, Swarthmore, April 21, 2005 Summary: What would you do if you were appointed Chair of the Council of Economic Advisers under a president who was committed to one or more specific policies that you considered to be inconsistent with good economics? A look at the experiences of your predecessors over the last 40 years might help illustrate your alternative options. The lecture will review the history. It will then go on to suggest that such conflicts should be particularly acute in the current Administration. The reason is that Republican presidents have increasingly adopted policies-- with regard particularly to budget deficits, trade, the size of government, and inflation -- that deviate from the principles of good economics, and that used to be considered the weaknesses of Democratic presidents. It is a great honor to be giving the Pierson lecture.1 I must confess that I never had Frank Pierson for a course. But he was the senior eminence of the Economics Department when I attended Swarthmore in the early 1970s, having already been associated with the department more than 40 years. In that time, Frank Pierson was known as one of the last professors who still regularly held his honors seminars at his house, with an impressive series of desserts, including make-your-own sundaes, and Irish coffee. The early 1970s were a volatile time of course, with the War in Viet Nam still on.2 In 1972 the big split on campus was between those of us working for McGovern on the left, and the 1 The author wishes to acknowledge help from Peter Jaquette, Arnold Kling, Jeff Miron, Stephen O’Connell, Francis Bator, Michael Boskin, David Cutler, Jason Furman, Gilbert Heebner, William Gale, Jeff Liebman, Peter Orszag, Roger Porter, Charles Schultze, Phillip Swagel, Laura Tyson, Murray Weidenbaum, Marina Whitman, and Janet Yellen.
    [Show full text]
  • Chapter 2 Globalization: Past, Present and Future Chapter 1 Analyzed The
    Chapter 2 Globalization: Past, Present and Future Chapter 1 analyzed the structure of the global economy that has been revealed by the novel coronavirus disease (COVID-19) crisis from the viewpoints of the movement of people, goods, funds, and ideas (technological know-how and data) while taking into consideration the restrictions imposed on face-to-face communication due to the COVID-19 pandemic. COVID-19 transmission through human-to-human interactions has largely spread due to the progress of globalization. However, until now, the world has achieved development thanks to globalization and the movement of people, goods and ideas (technological know-how and data). This chapter explains the conceptual framework of “unbundling” that was proposed by Baldwin (2016) to change the way of thinking about globalization, and discusses the past, present and future of globalization. In addition, the role of government, which has been changing amid globalization, is under the spotlight once again, raising expectations that government will play a role adapted to the ongoing globalization. Moreover, in the situation where the changing globalization and a network of economic partnership agreements (EPAs) showed combined effects, Japan has been transforming itself from a trading nation to an investment-oriented nation in recent years due to the development of supply chain networks, mainly in Asia, and an increase in outward foreign direct investment. On the other hand, the importance of dealing with the challenge of global sustainability has become clear. Looking toward the future of globalization, it is expected that the coming era will require more investments in digitalization and human resources.
    [Show full text]
  • The Big Reset: War on Gold and the Financial Endgame
    WILL s A system reset seems imminent. The world’s finan- cial system will need to find a new anchor before the year 2020. Since the beginning of the credit s crisis, the US realized the dollar will lose its role em as the world’s reserve currency, and has been planning for a monetary reset. According to Willem Middelkoop, this reset MIDD Willem will be designed to keep the US in the driver’s seat, allowing the new monetary system to include significant roles for other currencies such as the euro and China’s renminbi. s Middelkoop PREPARE FOR THE COMING RESET E In all likelihood gold will be re-introduced as one of the pillars LKOOP of this next phase in the global financial system. The predic- s tion is that gold could be revalued at $ 7,000 per troy ounce. By looking past the American ‘smokescreen’ surrounding gold TWarh on Golde and the dollar long ago, China and Russia have been accumu- lating massive amounts of gold reserves, positioning them- THE selves for a more prominent role in the future to come. The and the reset will come as a shock to many. The Big Reset will help everyone who wants to be fully prepared. Financial illem Middelkoop (1962) is founder of the Commodity BIG Endgame Discovery Fund and a bestsell- s ing author, who has been writing about the world’s financial system since the early 2000s. Between 2001 W RESET and 2008 he was a market commentator for RTL Television in the Netherlands and also BIG appeared on CNBC.
    [Show full text]
  • The Decline of Sterling Managing the Retreat of an International Currency, 1945-1992
    The Decline of Sterling Managing the Retreat of an International Currency, 1945-1992 Catherine R. Schenk CAMBRIDGE UNIVERSITY PRESS Contents List of figures { page x List of tables xiii Acknowledgements xv 1 Introduction 1 Evolution of the international monetary system 7 Britain in the world economy 13 Measuring sterling's international role 21 Summary and outline of the book 27 Part I Reconstructing the International Monetary System 1945-1959 35 2 The post-war international monetary system 1945-1950 37 The post-war settlement 37 The 1947 convertibility crisis 60 Devaluation, .1949 68 Conclusions 80 3 The return to convertibility 1950-1959 83 Sterling as a reserve currency 83 Sterling as a trading currency 95 The sterling exchange rate 100 Convertibility on the current account 102 Conclusions 115 Part II Accelerating the Retreat: Sterling in the 1960s 117 4 Sterling and European integration 119 Erosion of traditional relationships in the 1960s 121 The first application, 1961-1963 124 The second application, 1967 131 The final battle for accession, 1970-1972 - 138 Conclusions 151 Contents The 1967 sterling devaluation: relations with the United States and the IMF 1964-1969 155 Devaluation and Anglo-American relations 157 Devaluation and the IMF 185 Conclusions 204 Sterling and the City 206 Measuring sterling as a commercial currency 208 Sterling in banking and finance 212 Capital controls on sterling 215 The eclipse of sterling, 1958-1970 224 Conclusions 238 Multilateral negotiations: sterling and the-reform of the international monetary
    [Show full text]
  • Before the 'Locomotive' Runs: the Impact of the – Oil Shock on Japan and the International Financi
    Financial History Review . (), pp. –. © The Author(s), . Published by Cambridge University Press on behalf of European Association for Banking and Financial History. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/./), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited. doi:./S Before the ‘locomotive’ runs: the impact of the – oil shock on Japan and the international financial system KAZUHIKO YAGO Waseda University This article offers a Japanese perspective on the debate about the international financial system immedi- ately after the first oil shock of –. Using archival records from the OECD and Bank of Japan, I analyze the three key policy issues discussed at the meetings of Working Party (WP) of the OECD: petrodollar recycling, balance-of-payments adjustments, and the management of global growth. Documents show that the Japanese approach to capital controls, exchange rate management, state-led growth orientation and international banking strategies was rather strengthened by the impact of the oil shock. By the OECD viewed Japan, together with Germany and the United States, as one of the ‘locomotives’ that would trigger a revival of economic growth in the industrialized West. Keywords: petrodollars, recycling, balance-of-payment adjustment, OECD, Japan JEL codes: F,F,N,N,N I The oil shock of the s is considered one of the most momentous events in the transformation of the world economy, along with the Nixon shock (Maier ). The fourfold increase in the oil price (from $. to $. per barrel between October and January ) caused by the Organization of Petroleum Exporting Countries (OPEC) shook the foundations of capitalist economies, which until then had enjoyed a plentiful supply of cheap oil under a fixed exchange rate regime.
    [Show full text]
  • Modern Currency Wars
    ADBI Working Paper Series Modern Currency Wars: The United States versus Japan Ronald McKinnon and Zhao Liu No. 437 October 2013 Asian Development Bank Institute Ronald McKinnon is Professor Emeritus of Economics, Stanford University. Zhao Liu is a graduate in Management Science and Electrical Engineering, Stanford University. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, the ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms of publication. Suggested citation: McKinnon, R., and Z. Liu. 2013. Modern Currency Wars: The US versus Japan. ADBI Working Paper 437. Tokyo: Asian Development Bank Institute. Available: http://www.adbi.org/working-paper/2013/10/10/5910.modern.currency.wars.usa.vs.japan/ Please contact the authors for information about this paper. Email: [email protected]; [email protected] Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2013 Asian Development Bank Institute ADBI Working Paper 437 McKinnon and Liu Abstract In the currency wars of the 1920s and 1930s, various nations fell off the gold standard and in so doing experienced deep devaluations.
    [Show full text]
  • Monetary Policy Cooperation and Coordination: an Historical Perspective on the Importance of Rules
    Monetary Policy Cooperation and Coordination: An Historical Perspective on the Importance of Rules Michael D. Bordo and Catherine Schenk Economics Working Paper 16112 HOOVER INSTITUTION 434 GALVEZ MALL STANFORD UNIVERSITY STANFORD, CA 94305-6010 May 6, 2016 This paper addresses the ongoing debate between those who advocate for central banks to take coordinated action to reduce the international spillovers from their domestic policy actions; and those who argue that the international spillovers from recent monetary policy actions reflect the deviations from rules based monetary policy. We take an historical perspective and examine the experiences of international cooperation and coordination since the late nineteenth century across several exchange rate regimes: the classical gold standard 1880-1914; the Interwar gold exchange standard 1924 to 1936; the Bretton Woods System 1944 to 1973; and the Managed Float 1973 to the present. We find that in monetary regimes which are rules based cooperation was most successful and less so in regimes based on discretion or poorly grounded rules. We find less success for more elaborate schemes of coordination. The authors would like to thank Owen Humpage, Geoffrey Wood, Forrest Capie, and Harold James for their helpful comments. The Hoover Institution Economics Working Paper Series allows authors to distribute research for discussion and comment among other researchers. Working papers reflect the views of the authors and not the views of the Hoover Institution. 1. Introduction Events since the financial
    [Show full text]
  • “Imfcoin” Be Scaruffi's <I>Moneta Immaginaria</I>?
    Marquette Intellectual Property Law Review Volume 23 Issue 2 Article 5 2019 Can “IMFcoin” be Scaruffi's Moneta Immaginaria? Alexander M. Heideman Follow this and additional works at: https://scholarship.law.marquette.edu/iplr Part of the Banking and Finance Law Commons, Intellectual Property Law Commons, International Law Commons, International Trade Law Commons, Science and Technology Law Commons, and the Transnational Law Commons Repository Citation Alexander M. Heideman, Can “IMFcoin” be Scaruffi's Moneta Immaginaria?, 23 Marq. Intellectual Property L. Rev. 137 (2019). Available at: https://scholarship.law.marquette.edu/iplr/vol23/iss2/5 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Intellectual Property Law Review by an authorized editor of Marquette Law Scholarly Commons. For more information, please contact [email protected]. 1_21_20(1) HEIDEMAN (DO NOT DELETE) 1/28/20 12:55 PM CAN “IMFCOIN” BE SCARUFFI’S MONETA IMMAGINARIA? ALEXANDER M. HEIDEMAN* INTRODUCTION ............................................................................................... 138 I. HISTORY OF THE LEGAL STATUS OF U.S. CURRENCY ................................. 140 A. From bimetallism to the classic gold standard ...................................... 140 1. Bimetallic currency ..................................................................... 140 2. Experimentation with fiat currency ............................................ 141
    [Show full text]