The Political Economy of Central Banking
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The Political Economy of Central Banking

Contested Control and the Power of Finance, Selected Essays of Gerald Epstein

Gerald Epstein

Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
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Chapter 22: Should Congress control the Federal Reserve?

Robert Pollin and Gerald Epstein

Abstract

How the "Federal Reserve Runs the Country" is both the subtitle and central vision motivating Williams Greider's book on recent U.S. political and economic history, Secrets of the Temple. In case the book's viewpoint is not sufficiently clear from its title page, Greider asserts his thesis even more strongly in the first chapter: "The Federal Reserve decided the largest questions of the political economy 'during the years of Paul Volcker's chairmanship,' including who shall prosper and who shall fail." Greider's contention that U.S. financial travails can be traced to the unrepresentative and insulated club of bankers running the Federal Reserve is widely accepted by radical economists.

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