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Wesley C. Marshall

During the ongoing financial crisis in the North Atlantic, the central role that money plays in monetary production economies is undergoing fundamental changes. Specifically, traditional money-creating institutions, both public and private, increasingly eschew the fulfillment of aggregate demand for money. The implications of this development are wide-reaching, both in terms of academic debate and the quickly evolving international monetary system. Based on Alain Parguez's insights and the monetary transformation of Argentina a decade ago, this article will present several initial conclusions regarding the changing role of money in current western capitalism.

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Wesley C. Marshall

This article will argue that the shadow banking system has been at the heart of the Great Crisis since its first manifestations in the summer of 2007. This system has been purposefully misunderstood, as it is essentially a complex machine of too-big-to-fail banks designed to make large private profits while creating infinitely larger amounts of public debt. Years into the crisis, the shadow banking system still presents the greatest threat to global financial stability. As the fundamental operational conditions of this system gradually become clearer, and the understanding of the risks greater, a proper understanding of shadow banking is essential if the enormous problems of this doomsday machine are to be resolved.

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Financial flows and Mexico’s disintegrated spaces of production

Banking and Financial Circuits and the Role of the State

Gregorio Vidal and Wesley C. Marshall