Money, Markets, and Democracy (eBook)
XV, 328 Seiten
Palgrave Macmillan US (Verlag)
978-1-137-56940-0 (ISBN)
George Bragues is the Assistant Vice-Provost and Program Head of Business at the University of Guelph-Humber, Canada. His writings have spanned the disciplines of economics, politics, and philosophy. He has published op-ed pieces in Canada's Financial Post. He has also published a wide variety of scholarly articles and reviews in journals such as The Journal of Business Ethics, Qualitative Research in Financial Markets, The Quarterly Journal of Austrian Economics, The Independent Review, History of Philosophy Quarterly, Episteme, and Business Ethics Quarterly.
This book offers a comprehensive analysis of the ways that politics and financial markets impact one another. In this relationship, politics is the ultimate controlling force. The kinds and prices of financial instruments that get traded and the individuals and institutions that get to trade them, not to mention the rules under which everyone trades, are all matters decisively influenced by an array of political variables - sometimes for the better, but all too often for the worse. The fault for this political skewing of the markets chiefly lies with democracy. Through its commitment to equality and its inclination towards fiscal profligacy, democracy hinders the markets from acting as a greater force for social good. To fix this skewing of finance, democracy's troubling tendencies must be squarely faced and curbed by a return to its monetary roots. Democracy must reinstall gold at the monetary foundations of our financial markets.
George Bragues is the Assistant Vice-Provost and Program Head of Business at the University of Guelph-Humber, Canada. His writings have spanned the disciplines of economics, politics, and philosophy. He has published op-ed pieces in Canada’s Financial Post. He has also published a wide variety of scholarly articles and reviews in journals such as The Journal of Business Ethics, Qualitative Research in Financial Markets, The Quarterly Journal of Austrian Economics, The Independent Review, History of Philosophy Quarterly, Episteme, and Business Ethics Quarterly.
Acknowledgments 6
Contents 7
List of Abbreviations 8
List of Figures 9
List of Tables 11
Chapter 1: Introduction: Why the Markets Must Be Politically Investigated 12
Defining the Key Terms and Aims 18
The Democratic Regime 20
Synopsis of What Lies Ahead 22
Chapter 2: Money Before Liberal Democracy 26
The Origins and Nature of Money 29
Money and Government 37
Paper Money Troubles 44
Chapter 3: Money in Liberal Democracy 53
The Natural Approach to Money 54
The Artificial Method of Managing Money 59
Democracy’s Journey Away from Gold 64
The Tension Between Gold and Democracy 74
Chapter 4: The Bond Market 85
Trading, Pricing, and Yields 87
Politically Informed Yields 91
How Democracy Enables Debt 96
How Democracy Magnifies Debt 102
Democratic Sources of The Sub-Prime Mortgage Crisis 108
Public Debt and The So-Called Bond Vigilantes 119
No Easy Fixes 127
Chapter 5: The Stock Market 129
Defining and Categorizing Stocks 131
Indices: The Measures of Markets 136
Political Pre-conditions of the Stock Market 138
Political Drivers of Stock Prices 148
Bear Markets: The Impulse for State Meddling 164
Overrated Regulation 169
Politically Influenced Bull and Bear Market Cycles 182
Chapter 6: The Derivatives Markets 187
The Incredible Rise of Derivatives 189
Futures and Forwards 193
Overcoming the Moral Animus Against Gambling 197
The Golden Barometer 201
Oily Politics 206
Options: Characteristics and History 217
Collateralized Debt Obligations: Embedded Options, Misguided Forecasts 220
Swaps and Their Political Abuses 225
Credit Default Swaps 228
Chapter 7: The Currency Markets 234
Workings and Players of the FX Market 236
Of Big Macs, Relative Interest Rates, and State Influence 241
The FX Impact of Differences Between Democracies 249
Politicizing Trade and Bretton Woods II 257
Fixed Versus Floating 266
The Euro’s Golden Lessons 269
Chapter 8: It’s All About the Money 283
Checking Democracy 284
The Gold Lever 287
Bibliography 293
Index 317
| Erscheint lt. Verlag | 11.11.2016 |
|---|---|
| Zusatzinfo | XV, 320 p. 33 illus. in color. |
| Verlagsort | New York |
| Sprache | englisch |
| Themenwelt | Sozialwissenschaften ► Politik / Verwaltung ► Politische Systeme |
| Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung | |
| Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| Schlagworte | Bonds • Currency • Democracy • Equities • Finance • Fiscal Policy • gold standard • Markets |
| ISBN-10 | 1-137-56940-9 / 1137569409 |
| ISBN-13 | 978-1-137-56940-0 / 9781137569400 |
| Haben Sie eine Frage zum Produkt? |
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