Leon Wansleben's Books

The Rise of Central Banks

State Power in Financial Capitalism

By: Leon Wansleben

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The Rise of Central Banks

State Power in Financial Capitalism

By: Leon Wansleben

Central banks are supposed to stabilize markets, yet decades of mounting central bank power have seen wave after wave of financial crisis. Leon Wansleben offers novel explanations for the rise of central banks and the problematic implications of their finance-dependent policies.

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Page Count

353

Publisher

Harvard University Press

Published Date

ISBN 10

0674270517

ISBN 13

9780674270510

The Rise of Central Banks

State Power in Financial Capitalism

By: Leon Wansleben

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The Rise of Central Banks

State Power in Financial Capitalism

By: Leon Wansleben

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.

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353

Publisher

Harvard University Press

Published Date

ISBN 10

0674287703

ISBN 13

9780674287709

Cultures of Expertise in Global Currency Markets

By: Leon Wansleben

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Cultures of Expertise in Global Currency Markets

By: Leon Wansleben

Notwithstanding financial crises, global foreign exchange markets have undergone a tremendous growth during the last two decades. Foreign exchange (FX) is often thought of as a site where economic actors exchange currencies for buying foreign goods or selling goods in foreign countries, but the FX markets are better understood as financial spheres, dominated by speculative actors. A key question is how this huge global speculative sphere has developed, and what maintains it. Thus far, global currency markets have been largely neglected by the new approaches to finance, and until now no study has existed to chart the interplay of their structural evolution and their shape as knowledge spheres. This new book offers a systematic study of FX markets from a knowledge sociological perspective, empirically focussing on analysts within these markets. It makes the argument that market structures are reflected in, and become stabilised by, distinct cultures of financial expertise. These cultures connect the actions and perceptions of loosely coupled, globally distributed market players, and establish shared sets of strategies of how to observe, valuate and invest. This highly original book will be of interest to scholars of economics, sociology and political science, and in particular to all those with an interest in the sociology of finance and the role of finance in the contemporary world.

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Page Count

257

Publisher

Routledge

Published Date

ISBN 10

1135037418

ISBN 13

9781135037413

Cultures of Expertise in Global Currency Markets

By: Leon Wansleben

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Cultures of Expertise in Global Currency Markets

By: Leon Wansleben

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

257

Publisher

Routledge

Published Date

ISBN 10

1135037418

ISBN 13

9781135037413

Book's by Leon Wansleben

The Rise of Central Banks

The Rise of Central Banks

The Rise of Central Banks

The Rise of Central Banks

Cultures of Expertise in Global Currency Markets

Cultures of Expertise in Global Currency Markets

Cultures of Expertise in Global Currency Markets

Cultures of Expertise in Global Currency Markets

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