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Money Capital: New Monetary Principles for a More Prosperous Society Audiobook
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A conventional economic theory, monetarism, holds that inflation is a monetary phenomenon driven by changes in the supply of money. Yet recent experience—including the aftermath of the financial crisis of 2008 and the economic development of China—contradict this basic prediction. In this book, Patrick Bolton and Haizhou Huang offer a novel perspective, viewing monetary economics through the lens of corporate finance. They propose a richer theory, where money can be seen as the equity capital of a nation, playing a similar role as stocks for a company. This innovative framework integrates the real and monetary sides of the economy, with a banking sector and debt at its core.
In the financial world, companies issue new shares only if it results in some kind of value creation; this is a basic principle of corporate finance that Bolton and Huang argue can be applied to monetary economics. When the government increases the money supply to finance positive net value investments—when it prints money to keep the economy going—it increases output, not inflation. The effect of increasing money supply depends on how money enters the system and what the money buys. The principles outlined by Bolton and Huang shed new light on a range of issues, including inflation, monetary and fiscal policy, central banking, money and growth, and the international monetary system.
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About Michael Langan
Michael Langan works as a freelance editor, writing mentor, and teacher and also facilitates creative writing and critical reading workshops. He taught creative writing and English literature at Greenwich University, London, for ten years before giving it up to focus on his writing career. He was arts editor of the online LGBTQ arts and culture journal Polari Magazine, during which time he wrote on visual art, cinema, and books. For the past three years, he has joined forces with The Literary Consultancy (TLC), London, to offer manuscript assessments to emerging LGBTQ writers as part of TLC’s Free Reads scheme, sponsored by the Arts Council England.