Central banks are among the most powerful government economic institutions in the world. This collection of essays, written over several decades by PERI Co-Director Gerald Epstein and co-authors, analyzes why central banks make the monetary and financial policies they do, and how they could be restructured to perform better for society as a whole. Epstein argues that central banks are a contested terrain in which major economic and political groups fight for control over policy. He shows why this contest is rigged in favor of finance, to the detriment of the economy and the vast majority of people. He concludes that more democratic governance of central banks will level the playing field and produce better and fairer economic outcomes.
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Keynes Against Capitalism
In Keynes Against Capitalism, PERI researcher James Crotty demonstrates that John Maynard Keynes—the most influential economist of the 20th Century—advanced a coherent program on behalf of 'Liberal Socialism.' Crotty's view sharply diverges from mainstream perspectives which have long held that Keynes's overarching project was mild reform of capitalism. Professor James Galbraith writes "This book is a marvel of economic narrative, with Crotty's clarity and Keynes's elegance in stunning counterpoint, from Versailles through the Depression to the war and Bretton Woods, all bringing forth the great, neglected fact that Keynes's Liberal Socialism was far more radical than modern memory would have us think."
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Toxic 100 Names Top Climate, Air, and Water Polluters
PERI economists Michael Ash and James Boyce released new indexes of the top corporate air and water polluters and top greenhouse gas emitters in the U.S., using the latest data from the Environmental Protection Agency. The Greenhouse 100 index ranks Vistra Energy, Southern Company, and Duke Energy as top greenhouse gas emitters. Topping the list of air polluters are Huntsman, Boeing, and LyondellBasell. Topping the list of water polluters are DowDuPont, Northrop Grumman, and Parker-Hannifin. The Toxic 100 Air and Greenhouse 100 Indexes include environmental justice indicators that show the extent to which air pollution burdens are imposed disproportionately on minority and low-income communities.
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What's Wrong with Modern Money Theory?
This book by PERI's co-director, Gerald Epstein assesses the validity of the "Modern Money Theory" (MMT) approach to macroeconomic policy. Whereas other studies have focused primarily on theoretical and doctrinal issues, this book focuses primarily on MMT's proposed monetary and fiscal policies. It draws on a vast institutional and empirical literature to assess the validity of MMT's policies with the goal of addressing an important question in the U.S. and elsewhere where MMT is gaining a foothold, especially among progressive activists and politicians: Is MMT a good guide for progressive macroeconomic policy? What's Wrong with Modern Money Theory? explains why the answer to this question is no.
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