References
- Adams, R. M., and J. P. Gramlich. 2014. Where are all the new banks? The role of regulatory burden in new charter creation. Washington, DC: Board of Governors of the Federal Reserve System (U.S.).
- Alami, I. 2018. Money power of capital and production of ‘New State Spaces’: A view from the global south. New Political Economy 23 (4): 512–29. doi: https://doi.org/10.1080/13563467.2017.1373756.
- Bank of England. 2021. M4 Database. https://www.bankofengland.co.uk/boeapps/database/fromshowcolumns.asp?Travel=NIxAZxSUx&FromSeries=1&ToSeries=50&DAT=RNG&FD=1&FM=Jan&FY=1963&TD=31&TM=Dec&TY=2025&FNY=Y&CSVF=TT&html.x=66&html.y=26&SeriesCodes=LPMAUYM&UsingCodes=Y&Filter=N&title=LPMAUYM&VPD=Y (accessed March 25, 2021).
- Binswanger, M. 2009. Is there a growth imperative in capitalist economies? A circular flow perspective. Journal of Post Keynesian Economics 31 (4): 707–27. doi: https://doi.org/10.2753/PKE0160-3477310410.
- BIS. 2021. Total credit to households (core debt) As a percentage of GDP. https://stats.bis.org/statx/srs/table/f3.1 (accessed March 26, 2021).
- Block, F. 2019. Financial democratization and the transition to socialism. Politics & Society 47 (4): 529–56. doi: https://doi.org/10.1177/0032329219879274.
- Boehnert, J. 2018. Anthropocene economics and design: Heterodox economics for design transitions. She Ji: The Journal of Design, Economics, and Innovation 4 (4): 355–74. doi: https://doi.org/10.1016/j.sheji.2018.10.002.
- Braun, B. 2016. Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing. Review of International Political Economy 23 (6): 1064–92. doi: https://doi.org/10.1080/09692290.2016.1252415.
- Broadbent, J., and R. Laughlin. 2005. The role of PFI in the UK government’s modernisation agenda. Financial Accountability and Management 21 (1): 75–97. doi: https://doi.org/10.1111/j.0267-4424.2005.00210.x.
- Campiglio, E., Y. Dafermos, P. Monnin, J. Ryan-Collins, G. Schotten, and M. Tanaka. 2018. Climate change challenges for central banks and financial regulators. Nature Climate Change 8 (6): 462–68. doi: https://doi.org/10.1038/s41558-018-0175-0.
- Carruthers, B. G., and L. Ariovich. 2010. Money and credit: A sociological approach, Vol. 6. Cambridge, UK: Polity.
- Christophers, B. 2013. Banking across boundaries: Placing finance in capitalism. Hoboken, NJ: John Wiley & Sons.
- Cohen, B. J. 2018. The geography of money. Ithaca, NY: Cornell University Press.
- Cooper, V., and K. Paton. 2021. Accumulation by repossession: The political economy of evictions under austerity. Urban Geography 42 (5): 583–602. doi: https://doi.org/10.1080/02723638.2019.1659695.
- Dagdeviren, H., J. Balasuriya, S. Luz, A. Malik, and H. Shah. 2020. Financialization, welfare retrenchment and subsistence debt in Britain. New Political Economy 25 (2): 159–73. doi: https://doi.org/10.1080/13563467.2019.1570102.
- Davies, G. 2010. History of money. Cardiff, UK: University of Wales Press.
- Davies, R., P. Richardson, V. Katinaite, and M. J. Manning. 2010. Evolution of the UK banking system. Bank of England Quarterly Bulletin, Q4. https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2010/evolution-of-the-uk-banking-system.pdf?la=en&hash=1B96013BA769A71DD3E49FE4590FD8719DA767A1 (accessed March 2, 2021).
- Desan, C. 2017. The constitutional approach to money. In Money talks: Explaining how money really works, ed. N. Bandelj, F. F. Wherry, and V. A. Zelizer, 109–30. Princeton, NJ: Princeton University Press.
- Di Muzio, T., and L. Noble. 2017. The coming revolution in political economy: Money creation, Mankiw and misguided macroeconomics. Real-World Economics Review 80 (2017): 85–108.
- Dodd, N. 2016. The social life of money. Princeton, NJ: Princeton University Press.
- Dyson, B., G. Hodgson, and F. V. Lerven. 2016. Sovereign money. An introduction. http://positivemoney.org/wp-content/uploads/2016/12/SovereignMoney-AnIntroduction-20161214.pdf (accessed March 20, 2021).
- Eichengreen, B., and M. Flandreau. 2012. The Federal Reserve, the Bank of England, and the rise of the dollar as an international currency, 1914–1939. Open Economies Review 23 (1): 57–87. doi: https://doi.org/10.1007/s11079-011-9217-1.
- Epstein, G. 2006. Central banks as agents of economic development. No. 2006/54. WIDER Working Paper Series from World Institute for Development Economic Research. https://econpapers.repec.org/scripts/redir.pf?u=https%3A%2F%2Fwww.wider.unu.edu%2Fsites%2Fdefault%2Ffiles%2Frp2006-54.pdf;h=repec:unu:wpaper:rp2006-54
- Epstein, G. A. 2019. What’s wrong with modern money theory?: A policy critique. Springer.
- Federal Reserve Bank of Chicago. 1992. Modern money mechanics: A workbook on bank reserves and deposit expansion. Chicago: Federal Reserve Bank of Chicago.
- Feinig, J. 2020. Toward a moral economy of money? Money as a creature of democracy. Journal of Cultural Economy 13 (5): 531–47. doi: https://doi.org/10.1080/17530350.2020.1729223.
- Fessler, P., M. Silgoner, and R. Weber. 2020. Financial knowledge, attitude and behavior: Evidence from the Austrian Survey of Financial Literacy. Empirica 47 (4): 929–47. doi: https://doi.org/10.1007/s10663-019-09465-2.
- Financial Conduct Authority (FCA). 2017. Retail banking sector: Overview. Accessed March 25, 2021. https://www.fca.org.uk/publication/research/rb_sector_overview_final_jan17.pdf.
- Galvin, R., and N. Healy. 2020. The green new deal in the United States: What it is and how to pay for it. Energy Research & Social Science 67 (2020): 101529. doi: https://doi.org/10.1016/j.erss.2020.101529.
- Gamble, R. C. 1991. The money-creation model: Another pedagogy. Journal of Economic Education 22 (4): 325–29. doi: https://doi.org/10.1080/00220485.1991.10844725.
- Goodhart, C., E. Bartsch, and J. Ashworth. 2016. Central banks and credit creation: The transmission channel via the banks matters. Sveriges Riksbank Economic Review 3 (2016): 55–68.
- Goodwin, N. 2014. The human element in the new economics: A 60-year refresh for economic thinking and teaching. Real-World Economics Review 68 (2014): 98–118.
- Graeber, D. 2012. Debt: The first 5,000 years. London: Penguin.
- Green, J., and S. Lavery. 2015. The regressive recovery: Distribution, inequality and state power in Britain’s post-crisis political economy. New Political Economy 20 (6): 894–923. doi: https://doi.org/10.1080/13563467.2015.1041478.
- Guse, E., and D. W. Brasfield. 2020. A generalized exposition of money creation in the money and banking course. American Economist 65 (2): 244–63. doi: https://doi.org/10.1177/0569434519891974.
- Hail, S. 2018. Economics for sustainable prosperity. Berlin/Heidelberg, Germany: Springer.
- Hardie, I. 2011. How much can governments borrow? Financialization and emerging markets government borrowing capacity. Review of International Political Economy 18 (2): 141–67. doi: https://doi.org/10.1080/09692290903507276.
- Harker, C., D. Sayyad, and R. Shebeitah. 2019. The gender of debt and space: Notes from Ramallah-Al Bireh, Palestine. Geoforum 98 (2019): 277–85. doi: https://doi.org/10.1016/j.geoforum.2018.04.018.
- Huber, J. 2014. Modern money theory and new currency theory. A Comparative Discussion. Real-World Economics Review 66 (2014): 38–57.
- ——— 2016. Sovereign money: Beyond reserve banking. Berlin/Heidelberg, Germany: Springer.
- Ingham, G. K. 2004. The nature of money. Hoboken, NJ: John Wiley & Sons.
- ———— 2020. Money. Hoboken, NJ: John Wiley & Sons.
- Ingham, G. K., K. Coutts, and S. Konzelmann. 2016. Introduction: ‘Cranks’ and ‘brave heretics’: Rethinking money and banking after the Great Financial Crisis. Cambridge Journal of Economics 40 (5): 1247–57. doi: https://doi.org/10.1093/cje/bew040.
- Ito, H., and R. N. McCauley. 2020. Currency composition of foreign exchange reserves. Journal of International Money and Finance 102 (2020): 102104–21. doi: https://doi.org/10.1016/j.jimonfin.2019.102104.
- Jackson, T., and P. A. Victor. 2015. Does credit create a “growth imperative”? A quasi-stationary economy with interest-bearing debt. Ecological Economics 120 (2015): 32–48. doi: https://doi.org/10.1016/j.ecolecon.2015.09.009.
- Jakab, Z., and M. Kumhof. 2015. Banks are not intermediaries of loanable funds—And why this matters. Bank of England Working Paper No. 529. https://acpr.banque-france.fr/sites/default/files/medias/documents/20160601-article.pdf (accessed March 2, 2021).
- Johnston, A., G. W. Fuller, and A. Regan. 2021. It takes two to tango: Mortgage markets, labor markets and rising household debt in Europe. Review of International Political Economy 28 (4): 843–73. doi: https://doi.org/10.1080/09692290.2020.1745868.
- Jordan, T. J. 2018. How money is created by the central bank and the banking system. Speech by Mr. Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, to the Zürcher Volkswirtschaftliche Gesellschaft, Zurich, January 16, 2018. https://www.bis.org/review/r180118c.pdf (accessed March 1, 2021).
- Kaltenbrunner, A., and J. P. Painceira. 2018. Subordinated financial integration and financialization in emerging capitalist economies: The Brazilian experience. New Political Economy 23 (3): 290–313. doi: https://doi.org/10.1080/13563467.2017.1349089.
- Kellaway, M. 2008. Private Finance Initiative and public debt. Economic & Labour Market Review 2 (5): 21–22. doi: https://doi.org/10.1057/elmr.2008.71.
- Kelton, S. 2020a. The deficit myth: Modern monetary theory and the birth of the people’s economy. New York: PublicAffairs.
- ——— 2020b. As Congress pushes a $2 trillion stimulus package, the “How will You pay for it?” question is tossed in the trash. New York: The Intercept. https://theintercept.com/2020/03/27/coronavirus-stimulus-package-spending/ (accessed March 20, 2021).
- Kern, A., B. Reinsberg, and M. Rau-Goehring. 2020. The role of IMF conditionality for central bank independence. European Journal of Political Economy 59 (2020): 212–29. doi: https://doi.org/10.1016/j.ejpoleco.2019.03.002.
- Klein, M., and R. Winkler. 2019. Austerity, inequality, and private debt overhang. European Journal of Political Economy 57 (2019): 89–106. doi: https://doi.org/10.1016/j.ejpoleco.2018.08.003.
- Klein, S. 2020. The power of money: Critical theory, capitalism, and the politics of debt. Constellations 27 (1): 19–35. doi: https://doi.org/10.1111/1467-8675.12448.
- Koddenbrock, K. 2019. Money and moneyness: Thoughts on the nature and distributional power of the “backbone” of capitalist political economy. Journal of Cultural Economy 12 (2): 101–18. doi: https://doi.org/10.1080/17530350.2018.1545684.
- Koehler, S., and T. König. 2015. Fiscal governance in the Eurozone: How effectively does the stability and growth pact limit governmental debt in the Euro countries? Political Science Research and Methods 3 (2): 329–51. doi: https://doi.org/10.1017/psrm.2014.26.
- Kraemer, K., L. Jakelja, F. Brugger, and S. Nessel. 2020. Money knowledge or money myths? Results of a population survey on money and the monetary order. European Journal of Sociology 61 (2): 219–67. doi: https://doi.org/10.1017/S0003975620000119.
- Lai, C. C., J. J. Chang, and M. R. Kao. 2004. The money-creation model: Graphic illustration. Journal of Economic Education 35 (1): 79–88. doi: https://doi.org/10.3200/JECE.35.1.79-88.
- Langley, P. 2014. Liquidity lost: The governance of the global financial crisis. Oxford: OUP Oxford.
- Langley, P., B. Anderson, J. Ash, and R. Gordon. 2019. Indebted life and money culture: Payday lending in the United Kingdom. Economy and Society 48 (1): 30–51. doi: https://doi.org/10.1080/03085147.2018.1554371.
- Lee, N., H. Sameen, and M. Cowling. 2015. Access to finance for innovative SMEs since the financial crisis. Research Policy 44 (2): 370–80. doi: https://doi.org/10.1016/j.respol.2014.09.008.
- Lockwood, E. 2021. The anti-Semitic backlash to financial power: Conspiracy theory as a response to financial complexity and crisis. New Political Economy 26 (2): 261–70. doi: https://doi.org/10.1080/13563467.2020.1841141.
- MacKenzie, D. 2011. The credit crisis as a problem in the sociology of knowledge. American Journal of Sociology 116 (6): 1778–1841. doi: https://doi.org/10.1086/659639.
- Mankiw, N. G. 2009. Macroeconomics. 7th ed. New York: Worth Publishers.
- McBride, S., and B. M. Evans. 2017. The austerity state. Toronto, Canada: University of Toronto Press.
- McLeay, M., A. Radia, and R. Thomas. 2014. Money creation in the modern economy. Bank of England Quarterly Bulletin 54 (1): 14–27.
- Mellor, M. 2019. Money: Myths, truths, and alternatives. Bristol, UK: Policy Press.
- Mirowski, P. 2013. Never let a serious crisis go to waste: How neoliberalism survived the financial meltdown. New York: Verso Books.
- Montgomerie, J. 2019. Should we abolish household debts? Hoboken, NJ: John Wiley & Sons.
- Morgan, J. 2015. Is economics responding to critique? What do the UK 2015 QAA subject benchmarks indicate? Review of Political Economy 27 (4): 518–38. doi: https://doi.org/10.1080/09538259.2015.1084774.
- Mueller, A. P. 2019. The magic money tree: The case against modern monetary theory (MMT). Research Paper Series Adam Smith Institute (ASI), UK.
- Murphy, R. 2020. The UK government has not borrowed anything to pay for the coronavirus crisis—The facts. Tax Research blog. https://www.taxresearch.org.uk/Blog/2020/10/19/the-uk-government-has-not-borrowed-anything-to-pay-for-the-coronavirus-crisis-the-facts/ (accessed March 26, 2021).
- Myant, M. 2020. The economic and social consequences of Covid-19. In Social policy in the European Union: State of play, ed. B. Vanhercke, S. Spasova, and B. Fronteddu, 53–70. Brussels, Belgium: European Trade Union Institute (ETUI) and European Social Observatory (OSE).
- Neveu, A. R. 2020. Reimagining the introductory material in teaching money creation and monetary policy. Journal of Economic Education 51 (3–4): 297–316. doi: https://doi.org/10.1080/00220485.2020.1804505.
- Nietlisbach, S. 2015. Vollgeldreform. Master’s thesis, University of Zurich, January 2015.
- Office for Budget Responsibility (OBR). 2021. A brief guide to the UK public finances. OBR, UK Treasury. https://obr.uk/forecasts-in-depth/brief-guides-and-explainers/public-finances/ (accessed March 21, 2021).
- Office for National Statistics (ONS). 2021. UK government debt and deficit: September 2020. https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/september2020 (accessed March 26, 2021).
- Palley, T. I. 2019. What’s wrong with modern money theory (MMT)?: A critical primer (No. 44). FMM Working Paper. Washington, DC: Macroeconomic Policy Institute.
- Pearlman, S., and R. P. Rebelein. 2013. A goldsmith exercise for learning money creation. Journal of Economic Education 44 (4): 372–88. doi: https://doi.org/10.1080/00220485.2013.825117.
- Piketty, T. 2018. Capital in the twenty-first century. Cambridge, MA: Harvard University Press.
- Pitrou, C. 2019. Graph representation of balance sheets: From exogenous to endogenous money. Cambridge Journal of Economics 43 (2): 385–411. doi: https://doi.org/10.1093/cje/bey014.
- Positive Money. n.d. How do banks become insolvent? London, UK. https://positivemoney.org/how-money-works/advanced/how-do-banks-become-insolvent/
- Quinn, S. F. 1994. Banking before the bank: London’s unregulated goldsmith-bankers. 1660–94. Doctoral dissertation. University of Illinois at Urbana-Champaign.
- ——— 1995. Balances and goldsmith-bankers: The coordination and control of inter-banker debt clearing in seventeenth-century London. Stroud: Sutton & Centre for Metropolitan History.
- Raworth, K. 2017. Doughnut economics: Seven ways to think like a 21st-century economist. Hartford, VT: Chelsea Green Publishing.
- Rendahl, P., and L. B. Freund. 2019. Banks do not create money out of thin air. Vox EU. https://voxeu.org/article/banks-do-not-create-money-out-thin-air (accessed March 25, 2021).
- Roberts, A. 2016. Household debt and the financialization of social reproduction: Theorizing the UK housing and hunger crises. In Risking capitalism, ed. S. Soederberg, 135–64. Bingley, UK: Emerald Group Publishing Limited.
- Robinson, W. I. 2017. Debate on the new global capitalism: Transnational capitalist class, transnational state apparatuses, and global crisis. International Critical Thought 7 (2): 171–89. doi: https://doi.org/10.1080/21598282.2017.1316512.
- Rommerskirchen, C. 2015. Debt and punishment: Market discipline in the Eurozone. New Political Economy 20 (5): 752–82. doi: https://doi.org/10.1080/13563467.2014.999760.
- Ryan-Collins. J. 2017. Breaking the taboo: A history of monetary financing in Canada, 1930–1975. British Journal of Sociology 68 (4): 643–69.
- —— — 2021. Breaking the housing-finance cycle: Macroeconomic policy reforms for more affordable homes. Environment and Planning A: Economy and Space 53 (3): 480–502.
- Ryan-Collins, J., T. Greenham, R. Werner, and A. Jackson. 2012. Where does money come from? London: New Economics Foundation.
- Semieniuk, G., E. Campiglio, J. F. Mercure, U. Volz, and N. R. Edwards. 2021. Low-carbon transition risks for finance. Wiley Interdisciplinary Reviews: Climate Change 12 (1): 1–24.
- Sgambati, S. 2016. Rethinking banking. Debt discounting and the making of modern money as liquidity. New Political Economy 21 (3): 274–90. doi: https://doi.org/10.1080/13563467.2016.1113946.
- Shanks, N. 2020. “Starting points matter”: Humanizing economics pedagogy through new economic paradigms. Social Studies 111 (6): 296–311. doi: https://doi.org/10.1080/00377996.2020.1757600.
- Shaxson, N. 2018. The finance curse: How global finance is making us all poorer. New York: Random House.
- Sieroń, A. 2019. Endogenous versus exogenous money: Does the debate really matter? Research in Economics 73 (4): 329–38. doi: https://doi.org/10.1016/j.rie.2019.10.003.
- Streeck, W. 2014. The politics of public debt: Neoliberalism, Capitalist development and the restructuring of the state. German Economic Review 15 (1): 143–65. doi: https://doi.org/10.1111/geer.12032.
- Svartzman, R., P. Bolton, M. Despres, L. A. Pereira Da Silva, and F. Samama. 2021. Central banks, financial stability and policy coordination in the age of climate uncertainty: A three-layered analytical and operational framework. Climate Policy 21 (4): 563–80. doi: https://doi.org/10.1080/14693062.2020.1862743.
- Thornton, M., R. B. Ekelund, and C. D. DeLorme. 1991. The money-creation model: An alternative pedagogy. Journal of Economic Education 22 (4): 317–24. doi: https://doi.org/10.1080/00220485.1991.10844724.
- van ‘t Klooster, J., and C. Fontan. 2020. The myth of market neutrality: A comparative study of the European Central Bank’s and the Swiss National Bank’s corporate security purchases. New Political Economy 25 (6): 865–79. doi: https://doi.org/10.1080/13563467.2019.1657077.
- Wallace, N. 2014. Optimal money creation in “pure currency” economies: A conjecture. Quarterly Journal of Economics 129 (1): 259–74. doi: https://doi.org/10.1093/qje/qjt030.
- Weber, B. 2018. Democratizing money?: Debating legitimacy in monetary reform proposals. Cambridge, UK: Cambridge University Press.
- Werner, R. A. 2014a. Can banks individually create money out of nothing?—The theories and the empirical evidence. International Review of Financial Analysis 36 (2014): 1–19. doi: https://doi.org/10.1016/j.irfa.2014.07.015.
- ——— 2014b. How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking. International Review of Financial Analysis 36 (2014): 71–77. doi: https://doi.org/10.1016/j.irfa.2014.10.013.
- ——— 2016. A lost century in economics: Three theories of banking and the conclusive evidence. International Review of Financial Analysis 46 (2016): 361–79. doi: https://doi.org/10.1016/j.irfa.2015.08.014.
- Wolf, M. 2014. Strip private banks of their power to create money. Financial Times, April 24. https://www.ft.com/content/7f000b18-ca44-11e3-bb92-00144feabdc0 (accessed March 2, 2021).
- Wray, L. R. 2014. From the state theory of money to modern money theory: An alternative to economic orthodoxy. Working Paper 792. Levy Economics Institute, Working Papers Series.
- Zelizer, V. A. 1997. The social meaning of money. Princeton, NJ: Princeton University Press.