03724cam a2200445 i 4500 22529044 BJBSDDR 20241024145253.0 ta 220426s2023 maua b 001 0 eng 2022011350 9780674270510 (cloth) 0674270517 (cloth) MH/DLC eng rda DLC DLC eng pcc HG 1811 W251r 2023 332.1/1 Wansleben, Leon, 1986- 38992 The rise of central banks : state power in financial capitalism / Leon Wansleben. Cambridge, Massachusetts : Harvard University Press, 2023 xvii, 328 pages : illustrations ; 25 cm text txt rdacontent unmediated n rdamedia volume nc rdacarrier Includes bibliographical references and index. Introduction 1. Neoliberalism and the Rise of Central Banks 2. Monetarism and the Invention of Monetary Policy 3. Hegemonizing Financial Market Expectations 4. Money Markets as Infrastructures of Global Finance and Central Banks 5. The Organization of Ignorance: How Central Bankers Abandoned Regulation 6. Plumbing Financialization in Vain: Central Banking after 2008 A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant.While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks' increasing clout over economic policy.Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with controlling inflation. Others point to the stagflation crises, which put capitalists and workers at loggerheads. Capitalists won, the story goes, then pushed deregulation and disinflation by redistributing power from elected governments to markets and central banks. Both approaches are helpful, but they share a weakness. Abstracting from the evolving practices of central banking, they provide inaccurate accounts of recent policy changes and fail to explain how we arrived at the current era of easy money and excessive finance.By comparing developments in the United States, the United Kingdom, Germany, and Switzerland, Leon Wansleben finds that central bankers' own policy innovations were an important ingredient of change. These innovations allowed central bankers to use privileged relationships with expanding financial markets to govern the economy. But by relying on markets, central banks fostered excessive credit growth and cultivated an unsustainable version of capitalism. Through extensive archival work and numerous interviews, Wansleben sheds new light on the agency of bureaucrats and calls upon society and elected leaders to direct these actors' efforts to more progressive goals. [Resumen de editor]"-- Provided by publisher. Banks and banking, Central. Bancos centrales 925 Monetary policy. Política monetaria 1653 Capitalism Government policy. Capitalismo 1776 Financial crises. Crisis financiera 1782 7 cbc orignew 1 ecip 20 y-gencatlg lcc BK 122271 122271 0 0 lcc 0 0 CS BJB BJB CS 2024-10-17 0 HG 1811 W251r 2023 00000128285 2024-10-17 00:00:00 1 2024-10-17 BK