Fed Power: How Finance Wins

Hardcover | March 10, 2016

byLawrence Jacobs, Desmond King

not yet rated|write a review
The Federal Reserve is the most powerful central bank in the world. Without its central bank, America would be subject to devastating fluctuations in currency value and chronic economic instability. To stabilize the economy, the Fed adjusts interest rates and intervenes in the economy moredirectly when appropriate. According to most Fed observers, it as an impartial referee exercising its independence free from political interference in order to advance the best interests of America. Its actions during the Great Recession were heroic, saving the American and indeed the world economyfrom a far worse fate. Wrong. Lawrence Jacobs and Desmond King's Fed Power is the first sustained examination of the Fed as a potent political institution that systematically provides concealed advantages to a privileged few. The authors trace the Fed's historic development from the fiery tug-of-war over monetary policy duringthe 19th century to its current position as the most important institution in the American economy, possessing unparalleled capacity and autonomy to intervene in private markets. Yet despite its power and resources, it was asleep at the wheel when the crisis hit. After it hit, the Fed acted swiftlyto contain the crisis, but in the process exposed its real preferences. Jacobs and King dissect how the Fed's programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far fromserving the national interest, the Fed increased economic inequality in America and further enriched the "one percent." America is heading into the next financial crisis without an effective central bank. 'End the Fed' is a popular slogan that not only voices the people's displeasure with the Fed's favoritism, but also speaks to a national feeling of the Fed's illegitimacy. Of course, we need a powerful and capablecentral bank - getting rid of it is a roadmap to mass unemployment and impoverishment. Jacobs and King present an energetic reform agenda to build the sort of accountable central bank that other countries, like Canada, already possess and which can help ensure that the economy remains stable andprosperous for all and not just a few.

Pricing and Purchase Info

$24.47 online
$27.50 list price (save 11%)
Ships within 1-2 weeks
Ships free on orders over $25
Prices may vary. why?
Please call ahead to confirm inventory.

From the Publisher

The Federal Reserve is the most powerful central bank in the world. Without its central bank, America would be subject to devastating fluctuations in currency value and chronic economic instability. To stabilize the economy, the Fed adjusts interest rates and intervenes in the economy moredirectly when appropriate. According to most Fe...

Lawrence R. Jacobs is Walter F. and Joan Mondale Chair for Political Studies at the Humphrey School for Public Affairs, the University of Minnesota, and co-author of both Health Care Reform and American Politics (Oxford) and Class War? (Chicago). Desmond King is Andrew W. Mellon Professor of American Government at Oxford University an...

other books by Lawrence Jacobs

Who Governs?: Presidents, Public Opinion, and Manipulation
Who Governs?: Presidents, Public Opinion, and Manipulat...

Kobo ebook|Mar 17 2015

$25.29 online$32.81list price(save 22%)
Fed Power: How Finance Wins
Fed Power: How Finance Wins

Kobo ebook|Mar 4 2016

$16.99

see all books by Lawrence Jacobs
Format:HardcoverDimensions:240 pages, 0.12 × 0.12 × 0.12 inPublished:March 10, 2016Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199388962

ISBN - 13:9780199388967

Look for similar items by category:

Customer Reviews of Fed Power: How Finance Wins

Reviews