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The Production of Money: How to Break the Power of Bankers

What is money, where does it come from, and who controls it?

In this accessible, brilliantly argued book, leading political economist Ann Pettifor explains in straightforward terms history’s most misunderstood invention: the money system. Pettifor argues that democracies can, and indeed must, reclaim control over money production and restrain the out-of-control finance sector so that it serves the interests of society, as well as the needs of the ecosystem.

The Production of Money examines and assesses popular alternative debates on, and innovations in, money, such as “green QE” and “helicopter money.” She sets out the possibility of linking the money in our pockets (or on our smartphones) to the improvements we want to see in the world around us.

Reviews

  • “Ann Pettifor was always the ideal author of a book that shatters the fantasy of apolitical money and the toxic myth that monetary policy must remain a democracy-free zone. This book is now a reality.”
  • “Pettifor has a splendidly clear vision, both of money creation and of the role of banks. There is a great deal to applaud here, including her critique of mainstream economic models, which continue to ignore money and banking or, alternatively, get that horribly wrong.”
  • “Ann deserves a lot of credit because she was trying to highlight these issues many, many years ago, and unfortunately, there weren’t enough people who were trying to map the system, model it, and then above all else, modify it. We have to map the financial system and then work out how to change it.”
  • “Our livelihoods and ecosystem are deeply affected by the world of money production and finance. But it’s a world largely hidden from us by vested interests. In language we can all understand, Ann Pettifor explains the issues and the debates around money, shadow banking, QE and ‘helicopter money.’ A must-read.”
  • “Coolly authoritative, soberly trenchant, unexpectedly compelling, Ann Pettifor’s book is vital in both senses, important and full of life.”
  • “Pettifor’s new book aims to elucidate the nature of money, the better to help women advocate for their needs.”

Blog

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    An abbreviated version of this article appeared in the February 2017 Le Monde diplomatique. Translated by David Broder.

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