Do central banks serve the people?
Do central banks serve the people?

In the wake of the 2007 financial crisis, central banks injected trillions of dollars of liquidity – through quantitative easing – to prevent financial meltdown and stimulate the economy. The untold story behind these measures is that they have come at a considerable cost.

Central bankers argue we had no choice. Using examples from Europe and the US, this book shows why this claim is false. It outlines why we should worry about the role played by central banks since the crisis and what could be done about it. Not only do central bank policies drive economic inequality, they have also become worryingly dependent on financial markets. Far from applying neutral and scientific solutions, their expertise is often biased in predictable ways.

This book is a sobering and urgent wake-up call for policy makers and anyone interested in how our monetary and financial system really works.

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  • July 2018
  • 144 pages
  • 124 x 190 mm / 5 x 7 in
Available Formats
  • Hardback $45.00
  • 9781509525768
  • Paperback $12.95
  • 9781509525775
  • Open eBook $12.95
  • 9781509525805
Table of Contents

Introduction Central banks ought to serve the people

Chapter 1 Central banking: the essentials

Chapter 2 Central banking and inequalities

Chapter 3 Central banking and finance

Chapter 4 Central banking expertise

Chapter 5 Whither central banking? Institutional options for the future


About the Author

Peter Dietsch is Professor of Philosophy at Université de Montréal

François Claveau is Assistant Professor of Philosophy at Université de Sherbrooke

Clément Fontan is Assistant Professor of European Economic Policies at Université catholique de Louvain

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"This excellent book shows that central banking is a political process with profound distributional consequences. It is a must read for anyone wanting to know how central banks could work to serve the people."
Daniela Gabor, University of the West of England

"This highly recommended book should give political leaders pause when they ask for continued blind faith in central bank maestros."
Christopher Adolph, University of Washington

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