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Explores financial aspects of constitutional government, focusing on central banking, sovereign borrowing, taxation and public expenditure.
Over 50 years ago, In Search of a Monetary Constitution, which focused on the need for constraints on the creation of money by the government, was published. Although overlooked at the time, the work's analysis has proven to be remarkably prescient. This new collection of essays, Renewing the Search for a Monetary Constitution: Reforming Government's Role in the Monetary System, commemorates the 50th anniversary of the first edition by revisiting and re-energizing the original intent. Since the publication of the original book, central banks have delivered neither sound money nor real growth; instead, chronic inflation and a series of booms and busts have prevailed. In this new collection, scholars call for monetary reform centered on the debate over creating constitutional provisions that empower government versus provisions that prohibit government interference with money. The aim of Renewing the Search for a Monetary Constitution is to revitalize public discussion of constitutional monetary reform. It's a must-read for anyone who wants to change the domination of our monetary system by the government.
This book reviews nine Supreme Court cases and decisions that dealt with monetary laws and gives a summary history of monetary events and policies as they were affected by the Court's decisions. Several cases and decisions had notable consequences on the monetary history of the United States, some of which were blatant misjudgments stimulated by political pressures. The cases included in this book begin with McCulloch v. Maryland in 1819 and end with the Gold Clause Cases in 1934–5. Constitutional Money examines three institutions that were prominent in these decisions: the Supreme Court, the gold standard and the Federal Reserve System. The final chapter describes the adjustments necessary to return to a gold standard and briefly examines the constitutional alternatives.
The volume edited by Leland Yeager more than 50 years ago and published in 1962 under the title In Search of a Monetary Constitution has turned out to be remarkably prescient since the Great Inflation was then about to begin. One might expect that in the wake of the Global Financial Crisis and Great Recession interest in monetary-constitutional matters would be revived and this has indeed been the case. In this paper an attempt is made to assess whether and to what extent scientific progress has been made in defining the nature and characteristics of a monetary constitution for the post-Crisis world. To that end some recent contributions to the literature are reviewed critically.
This insightful and timely book explores the complexity and resilience of the discourse on economic constitutionalism over a period of heightened economic and political turbulence since the economic crisis of 2008 and Brexit, and its continuous relevance despite the Covid-19 public health crisis and the Russian invasion of Ukraine. Providing a sustained and comprehensive analysis of the concept of economic constitutionalism in European and global governance, this book evaluates the origins, functions, and normative elements of economic constitutionalism and places the discussion within contemporary theoretical frameworks.
"An outgrowth of eleven lectures delivered at the Thomas Jefferson Center for Studies in Political Economy of the University of Virginia in the fall of 1960." Bibliographical footnotes.
New Economic Constitutionalism in Europe focuses on the institutional mutation of constitutionalism following the major economic crisis in the Eurozone and globally. The main axis is that a new economic constitutionalism has arisen which trespasses on the conventional conceptual foundations and needs to be addressed with novel institutional vehicles. The author proposes an original and searching analysis of the significant constitutional evolutions that have taken place in member states in response to the global financial crisis. The book combines a sophisticated theoretical model of a new form of economic constitutionalism with detailed practical argumentation. This important new work provides a valuable addition to the understanding of this hugely important topic.
New Economic Constitutionalism in Europe focuses on the institutional mutation of constitutionalism following the major economic crisis in the Eurozone and globally. The main axis is that a new economic constitutionalism has arisen which trespasses on the conventional conceptual foundations and needs to be addressed with novel institutional vehicles. The author proposes an original and searching analysis of the significant constitutional evolutions that have taken place in member states in response to the global financial crisis. The book combines a sophisticated theoretical model of a new form of economic constitutionalism with detailed practical argumentation. This important new work provides a valuable addition to the understanding of this hugely important topic.
Public Finance and Parliamentary Constitutionalism analyses constitutionalism and public finance (tax, expenditure, audit, sovereign borrowing and monetary finance) in Anglophone parliamentary systems of government. The book surveys the history of public finance law in the UK, its export throughout the British Empire, and its entrenchment in Commonwealth constitutions. It explains how modern constitutionalism was shaped by the financial impact of warfare, welfare-state programs and the growth of central banking. It then provides a case study analysis of the impact of economic conditions on governments' financial behaviour, focusing on the UK's and Australia's responses to the financial crisis, and the judiciary's position vis-à-vis the state's financial powers. Throughout, it questions orthodox accounts of financial constitutionalism (particularly the views of A. V. Dicey) and the democratic legitimacy of public finance. Currently ignored aspects of government behaviour are analysed in-depth, particularly the constitutional role of central banks and sovereign debt markets.
In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System—the Banking Act of 1935 and the Monetary Control Act of 1980. Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.