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With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
Envisioning a socio-economic utopia, A. P. Giannini was not a typical banking tycoon. With a socially enlightened heart, he made the American dream a reality. Founding the Bank of Italy for poor immigrant families, he wanted to overcome the barriers put in place by the banking elite to fulfill the dreams of "little guys."
The great monopoly in this country is money. So long as that exists, our old variety and individual energy of development are out of the question. A great industrial nation is controlled by its system of credit.
Perhaps more than any other individual, Amadeo Peter Giannini brought California into the twentieth century. Extending credit to ordinary working people, creating a financial empire through his branch banks, this son of Italian immigrants enabled California to advance faster than any other state in the decades before World War II. But who was A. P. Giannini? Felice A. Bonadio's superior biography reveals the founder of Bank of America in his many roles, most notably that of a bold, ruthless financial genius keenly aware of his minority status in a world dominated by the eastern Protestant elite. Yet this is more than the success story of an underdog. Bonadio profiles a man of immense talent who was relentlessly eager to serve "the people." Hard-driving, obsessive about defending his empire against its enemies, Giannini could be both a good hater and a good friend. He was one of the first American businessmen to promote employee ownership and profit sharing, and when he died in 1949 at age 79, nearly forty percent of B of A's shares were owned by its employees. Little interested in personal wealth, Giannini's own estate was modest at the time of his death. Much of Bonadio's research is from the private papers of Federal Reserve Bank officials and confidential Bank of America archives. Recollections of Giannini family members and former bank executives are also here, lending historical resonance and color to this portrait of a man whose influence endures many years after his death. Giannini prided himself on his compulsive work habits, which he justified with one of his frequently repeated aphorisms, "Be first in everything." Once, on horseback to solicit a consignment order from one of the valley's biggest growers, he suddenly spotted a competitor's team in the distance headed in the same direction. Remembering a deep slough that stood between him and the farm, he quickly cut across the field, tethered his horse to a tree, and swam to the other side. Then he ran the rest of the way to the farmhouse. By the time the other merchant had arrived, Giannini was negotiating a deal with the grower. Perhaps more than any other individual, Amadeo Peter Giannini brought California into the twentieth century. Extending credit to ordinary working people, creating a financial empire through his branch banks, this son of Italian immigrants enabled California to advance faster than any other state in the decades before World War II. But who was A. P. Giannini? Felice A. Bonadio's superior biography reveals the founder of Bank of America in his many roles, most notably that of a bold, ruthless financial genius keenly aware of his minority status in a world dominated by the eastern Protestant elite. Yet this is more than the success story of an underdog. Bonadio profiles a man of immense talent who was relentlessly eager to serve "the people." Hard-driving, obsessive about defending his empire against its enemies, Giannini could be both a good hater and a good friend. He was one of the first American businessmen to promote employee ownership and profit sharing, and when he died in 1949 at age 79, nearly forty percent of B of A's shares were owned by its employees. Little interested in personal wealth, Giannini's own estate was modest at the time of his death. Much of Bonadio's research is from the private papers of Federal Reserve Bank officials and confidential Bank of America archives. Recollections of Giannini family members and former bank executives are also here, lending historical resonance and color to this portrait of a man whose influence endures many years after his death. Giannini prided himself on his compulsive work habits, which he justified with one of his frequently repeated aphorisms, "Be first in everything." Once, on horseback to solicit a consignment order from one of the valley's biggest growers, he suddenly spotted a competitor's team in the distance headed in the same direction. Remembering a deep slough that stood between him and the farm, he quickly cut across the field, tethered his horse to a tree, and swam to the other side. Then he ran the rest of the way to the farmhouse. By the time the other merchant had arrived, Giannini was negotiating a deal with the grower.
In the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth. But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed. In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.
“Read this book. It explains so much about the moment...Beautiful, heartbreaking work.” —Ta-Nehisi Coates “A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.” —The Atlantic “Extraordinary...Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.” —Ezra Klein When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy. “Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.” —Los Angeles Review of Books “A must read for anyone interested in closing America’s racial wealth gap.” —Black Perspectives
A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.
This alternative guidebook for one of the world’s most popular tourist destinations explores all five boroughs to reveal a people’s New York City. The sites and stories of A People’s Guide to New York City shift our perception of what defines New York, placing the passion, determination, defeats, and victories of its people at the core. Delving into the histories of New York's five boroughs, you will encounter enslaved Africans in revolt, women marching for equality, workers on strike, musicians and performers claiming streets for their art, and neighbors organizing against landfills and industrial toxins and in support of affordable housing and public schools. The streetscapes that emerge from these groups' struggles bear the traces, and this book shows you where to look to find them. New York City is a preeminent global city, serving as the headquarters for hundreds of multinational firms and a world-renowned cultural hub for fashion, art, and music. It is among the most multicultural cities in the world and also one of the most segregated cities in the United States. The people that make this global city function—immigrants, people of color, and the working classes—reside largely in the so-called outer boroughs, outside the corporations, neon, and skyscrapers of Manhattan. A People’s Guide to New York City expands the scope and scale of traditional guidebooks, providing an equitable exploration of the diverse communities throughout the city. Through the stories of over 150 sites across the Bronx, Manhattan, Queens, Brooklyn and Staten Island as well as thematic tours and contemporary and archival photographs, a people’s New York emerges, one in which collective struggles for justice and freedom have shaped the very landscape of the city.
An alternative history and geography of the Bay Area that highlights sites of oppression, resistance, and transformation. A People’s Guide to the San Francisco Bay Area looks beyond the mythologized image of San Francisco to the places where collective struggle has built the region. Countering romanticized commercial narratives about the Bay Area, geographers Rachel Brahinsky and Alexander Tarr highlight the cultural and economic landscape of indigenous resistance to colonial rule, radical interracial and cross-class organizing against housing discrimination and police violence, young people demanding economically and ecologically sustainable futures, and the often-unrecognized labor of farmworkers and everyday people. The book asks who had—and who has—the power to shape the geography of one of the most watched regions in the world. As Silicon Valley's wealth dramatically transforms the look and feel of every corner of the region, like bankers' wealth did in the past, what do we need to remember about the people and places that have made the Bay Area, with its rich political legacies? With over 100 sites that you can visit and learn from, this book demonstrates critical ways of reading the landscape itself for clues to these histories. A useful companion for travelers, educators, or longtime residents, this guide links multicultural streets and lush hills to suburban cul-de-sacs and wetlands, stretching from the North Bay to the South Bay, from the East Bay to San Francisco. Original maps help guide readers, and thematic tours offer starting points for creating your own routes through the region.
Offers a comprehensive analysis of the historical experiences of monetary policymaking of the world's largest central banks. Written in celebration of the 350th anniversary of the central bank of Sweden, Sveriges Riksbank. Includes chapters on other banks around the world written by leading economic scholars.