Publications

Home » Publications

1. Policies for the Current Economic Crisis

Recovery in the Eurozone QE for people helicopter money

Recovery in the Eurozone: Using Money Creation to Stimulate the Real Economy

(Report, 49 pages)

This report shows that the European Central Bank’s Quantitative Easing programme will fail to deliver the type of recovery that the Eurozone needs. Instead the ECB could create new money and inject this money into the real economy rather than the financial markets. Actually, our estimates indicate that putting newly created money into the real economy could be up to 14 times more effective at growing the economy than conventional QE.

More Info & Free Download
Sovereign Money (Final Web)-1

Sovereign Money – Making the Recovery Sustainable

(Report, 60 pages)

Sovereign Money proposal explains how the Bank of England and the government could make the recovery sustainable by creating a relatively small amount of money and spending it into the real economy. This would lead to a boost in jobs and employment, and stop the current debt-fuelled recovery turning into another crisis.

More Info & Free Download
Screen Shot 2014-02-19 at 8.09.06

A Scottish Currency? – 5 Lessons from the Design Flaws of Pound Sterling

(Report, 10 pages)

If an independent Scotland wished to establish its own currency, there is little sense in modelling the currency on a design that has already spectacularly failed many times in the UK, Europe and the US.

More Info & Free Download

2. Digital Cash & Payments

digital cash

NEW: Digital Cash: Why Central Banks Should Start Issuing Electronic Money

(Report, 36 pages)

This report explains how all adults could be given the option to store digital cash at accounts at the Bank of England. These accounts could be administered by private firms which compete with each other to provide payment services, debit cards and account information. Unlike traditional banks, they wouldn’t take any risk with customers funds, and wouldn’t require taxpayer-backed deposit insurance. The report also outlines some other potential benefits of adopting Bank of England-issued digital cash.

More Info & Free Download
competition report

Increasing Competition in Payment Services

(Report, 14 pages)
Since the crisis the government has been keen to encourage more competition between banks. Their main focus has been making it easier for people to switch their current account between different banks. But we think this misses a bigger opportunity: there is much more potential for competition from technology firms and mobile app developers, who could develop current/checking accounts and more user-friendly ways of handling your money and payments.

More Info & Free Download

3. A Sovereign Money System

Modernising Money - Click for Free Preview

BOOK: Modernising Money: Why Our Monetary System is Broken, and How it Can Be Fixed

(Book, 336 pages)
The book explains, in more detail than ever before, exactly how the monetary system can be fixed. The product of three years of research and development, these proposals offer one of the few hopes of escaping from our current dysfunctional monetary system. It is detailed but accessible to non-economists. (2013)

Buy Now & More Info
COVER_Creating_a_Sovereign_Monetary_System

Our Proposals: Creating a Sovereign Monetary System

(Report, 56 pages) This report presents a reform to the banking system that would remove the ability of banks to create money, in the form of bank deposits, when they make loans. It would transfer the ability to create new money exclusively to the state, creating what we have termed a ‘sovereign money’ system.

More Info & Free Download
flexibility

Will a sovereign money system be flexible enough?

(Report, 19 pages)

Some critics have argued that a sovereign money system, in which banks are unable to create money, would not be flexible enough to meet the needs of an economy. In response, this paper explains the range of policy options that mean that a sovereign money system can be as flexible – or inflexible – as authorities would like it to be.

More Info & Free Download
Screenshot 2015-07-14 11.54.10

Would there be enough credit in a sovereign money system?

(Report, 37 pages)

Some economists, journalists and politicians have claimed that Sovereign Money proposals, in which banks are not permitted to create money, would result in the economy suffering from a shortage of credit. This report deconstructs the underlying assumptions behind the criticisms with empirical evidence and shows that stripping the banking sector of its ability to create money would not result in a shortage of credit.

More Info & Free Download

NEW: Accounting for Sovereign Money: Why state-issued money is not ‘debt’

accounting for sovereign money

(Briefing note, 9 pages)

In this briefing note we show that according to the International Accounting Standards and International Financial Reporting Standards, the guidelines used by accountants globally, sovereign money should be recorded as equity of the state, rather than debt. This initially counterintuitive result makes sense when we consider the way that sovereign money, or indeed any national currency, gets its value.

Free Download
Draft Legislation

Draft Legislation

This unofficial draft bill shows how our proposals could be implemented in law in the UK parliament. (April 2013)

More Info & Free Download

4. The Current Monetary System & its Consequences

WDMCF2

BOOK: Where Does Money Come From?

(Book, 140 pages)
What is money? How is it created? How does it enter into circulation? These are simple and vital questions it might seem, but the answers remain contested and often muddled. This book, published by the New Economics Foundation, provides a comprehensive overview of how the system actually works in non-technical language, and has already replaced the usual banking textbooks in some UK universities. (2011)

Buy Now & More Info
our money

Our Money: Towards a New Monetary System

(Booklet, 74 pages)This booklet explains, in plain English, what money is and how our current monetary system came about. It discusses the problems inherent to the present system and proposes an alternative.

It also explains how the current monetary system restrains us in addressing our economic, social and environmental problems, and even worsens them. It discusses the transition to a system that would work better, the main traits of that system, and the reasons why such a better alternative is hardly considered at present.

Free Download (A5)
Graham Hodgson - Banking, Finance & Inequality

Banking, Finance and Income Inequality

Inequality has increased continuously over the last thirty years. Many factors contribute to this growing gap, but one of the most significant is least understood: the role of money creation by banks. The evidence compiled in this paper suggests that there are several factors contributing to the growth of inequality, but at the heart is the operation of the banking system.
(Report, 16 pages, 2013)

More Info & Free Download
Banking vs Democracy

Banking vs Democracy

This report finds a banking system that has more ‘spending power’ than the democratically elected government, no accountability to the people, and massive concentration of power in the hands of a few individuals. (2012)

More Info & Free Download

Join the Campaign

d
c
back to top