We are delighted to share that our Convenor Prod. Richard A Werner alongside long-standing ARBE researchers Dr Plamen Ivanov and Dr Kun Duan have now published Open Access article in the Review of Political Economy.
The three distinguished scholars develop a novel theory by integrating two long-opposing views about the (re-)organization of fountain pen money (i.e. credit money) about the driving factors behind the impressive Chinese economic growth in the last four decades. In their article, they argue that Chinese policymakers have successfully integrated elements of the Currency School (i.e. centralized public money creation) and Banking School (i.e. decentralized private money creation) in order to create a new Red Capitalist variety (i.e. public decentralised money creation).