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Capital as Money

Capital as Money


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About the Book

Are you shocked and confused by the collapse of our credit and banking system and its failure to recover? In one way or another, we are all victims. Are you frustrated with the impotence of the Federal Reserve and its repeated attempts at "expansionary" monetary policy? The recession/depression we are now mired in is threatening to last longer than the Great Depression, with no sign yet of a convincing recovery. "Stimulus" attempts by government have only succeeded in expanding the deficit and placing a growing mortgage on our future. Based on what you've lived through, you may have wondered if there is not a better or simpler way to manage money, banking, and borrowing. If you have, then welcome. It is for you that this book is written. Using the simple device of an island economy-one which is fictitious but intentionally parallel to our own-the evolution of money and banking is sketched in an amusing and clear way. The reader follows the development of an economy from barter, to commodity money, and ultimately to fiat currency. Although the setting is imaginary, the problems spawned by a system of fiat currency, a central bank, and fractional-reserve banking are unfortunately very real. Finally a glimpse of a futuristic yet entirely attainable alternative world is offered-one that doesn't depend upon the sad fiasco of fractional-reserve banking and central bank manipulation. A new island economy is described that takes advantage of emerging technological and market capabilities. In fact these capabilities, that are presently available to us, render their previous monetary system obsolete. Productive capital can and does become the new store of value and the medium of exchange-the new money.
About the Author: Brian McGrath received his Ph.D. in economics in 1980 from Brown University. Areas of emphasis were monetary economics, macroeconomics and mathematical economics. He has previously taught undergraduate and graduate courses in economics and is currently a partner in D.B. Fitzpatrick & Company, a Boise investment management firm. He has previously been a consultant to private corporations, a bond portfolio manager with emphasis in mortgages and mortgage-backed securities, written numerous articles and made numerous professional presentations. Dwayne Barney received his Ph.D. in Economics from Texas A&M University in 1984. He is presently a professor of finance at Boise State University, where he is formerly the Chairman of the Department of Marketing and Finance. While at Boise State University he has taught courses in both the economics and finance areas. As a researcher he has published numerous articles in professional journals such as The Journal of Risk and Insurance, the Journal of Applied Corporate Finance, and the Journal of Financial Research.


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Product Details
  • ISBN-13: 9781480256064
  • Publisher: Createspace Independent Publishing Platform
  • Publisher Imprint: Createspace Independent Publishing Platform
  • Height: 229 mm
  • No of Pages: 298
  • Series Title: English
  • Weight: 449 gr
  • ISBN-10: 1480256064
  • Publisher Date: 18 Dec 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Spine Width: 16 mm
  • Width: 152 mm


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