The Euro: A Chartalist Critique
Abstract: The aim of this article is to develop a Chartalist critique of the prevailing economic theories that have informed the original design of the Eurosystem. In order to understand the structural dynamics of the current crisis, it is necessary to examine the longstanding internal contradictions that the system has inherited from its inception under the Maastricht Treaty of 1992 and the neoliberal strategy, which has governed its evolution. In its bare essentials, the euro lacks the backing of a coherent sovereign power. More specifically, the article argues that this national/supranational dichotomy prevents a more unified response to the current debt crises engulfing the peripheral countries of the Eurozone.
Voluntary and Involuntary Constraints on the Conduct of Macroeconomic Policy: An Application to the UK
Abstract: Modern Monetary Theory advocates make the distinction between voluntary and involuntary constraints with respect to operation of key institutions, such as the Central Bank and Treasury, in their conduct of macroeconomic policy. In this article we explore several episodes of UK policymaking, in order to demonstrate consistency regarding the policy coordination between HM Treasury and the Bank of England, and, in addition, highlight numerous voluntary constraints which by their very nature can be finessed when circumstances demand. In particular, we show that the use of the Ways and Means account on a number of notable occasions has meant that Government spending was not constrained by prospective tax receipts and sales of Government securities. Also, the introduction of non-convertible banknotes and other strategies, including the financing of the First War Loan, meant that the prevailing voluntary constraints were sidestepped.
Nietzsche: Philosopher, Psychologist, Antichrist
This classic is the benchmark against which all modern books about Nietzsche are measured. When Walter Kaufmann wrote it in the immediate aftermath of World War II, most scholars outside Germany viewed Nietzsche as part madman, part proto-Nazi, and almost wholly unphilosophical. Kaufmann rehabilitated Nietzsche nearly single-handedly, presenting his works as one of the great achievements of Western philosophy. Responding to the powerful myths and countermyths that had sprung up around Nietzsche, Kaufmann offered a patient, evenhanded account of his life and works, and of the uses and abuses to which subsequent generations had put his ideas.Without ignoring or downplaying the ugliness of many of Nietzsche's proclamations, he set them in the context of his work as a whole and of the counterexamples yielded by a responsible reading of his books. More positively, he presented Nietzsche's ideas about power as one of the great accomplishments of modern philosophy, arguing that his conception of the "will to power" was not a crude apology for ruthless self-assertion but must be linked to Nietzsche's equally profound ideas about sublimation.He also presented Nietzsche as a pioneer of modern psychology and argued that a key to understanding his overall philosophy is to see it as a reaction against Christianity. Many scholars in the past half century have taken issue with some of Kaufmann's interpretations, but the book ranks as one of the most influential accounts ever written of any major Western thinker.