Originally published in 1973, this book deals with the development of financial institutions, changes in methods of finance and the role of monetary control in socialist economic management. The structure and activity of financial institutions were deliberately adapted to changes in policy planning techniques used in socialist economies. Dr Podolski provides a systematic description of this process of adaptation, based mainly on the example of the Polish economy, on which he has gathered a large amount of statistical data. Throughout the book international comparisons are made. Soviet experience is particularly relevant, but attempts are also made at comparisons with Western economies. Dr Podolski's study sheds a great deal of light on the role of the credit system in a centralised economy and will be of value to anyone with an interest in banking and monetary policy, or Soviet and Eastern Bloc economies.
This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the log
This book documents the growth of unproductive activity in the United States economy since World War II and its relation to the economic surplus, capital accumulation, and economic growth. Unproductive activities broadly consist of those involved in the circulation process, including wholesaling and retailing, banking and financial services, advertising, legal services, business services and many (though not all) government activities. The results indicate that the level of unproductive activity in the postwar economy has been a significant factor in the slowdown in the rate of capital accumulation, productivity growth and the overall growth rate. Here, the villain is shown to be the gradual but persistent shift of resources to unproductive activities. The consequence has been a reduction in new capital formation and productivity growth and an erosion in the rate of growth in per capita living standards. Moreover, the rise in unproductive activity is itself seen to be rooted in the log
When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007–2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further. Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking. Central banks are never politically neutral and, despite unfair demands, are unable to prevent collapses to debt deflation or credit/asset inflation. They can produce debilitating depressions but not the recoveries desired in democracies and unwanted by capitalist banks or war finance logics. Drawing on economic sociology and economic histories, this book will appeal to informed readers interested in studying democracies, banks and central banking's ambivalent positions, via comparative and distributive perspectives
When the Federal Reserve, European Central Bank and Bank of England purchased bank and state debt during the 2007–2008 crisis, it became apparent that, when technically divorced from fiscal policy, monetary policy cannot revive but only prevent economic activity deteriorating further. Pixley explains how conflicting social forces shape the diverse, complex relations of central banks to the money production of democracies and the immense money creation by capitalist banking. Central banks are never politically neutral and, despite unfair demands, are unable to prevent collapses to debt deflation or credit/asset inflation. They can produce debilitating depressions but not the recoveries desired in democracies and unwanted by capitalist banks or war finance logics. Drawing on economic sociology and economic histories, this book will appeal to informed readers interested in studying democracies, banks and central banking's ambivalent positions, via comparative and distributive perspectives
