Central Bank Capitalism

The global financial system is in a deep crisis. The guardians of money, central banks like the ECB or the US Fed, have become its very backbone and have ushered in a new era: that of central bank capitalism. For this, they had to revolutionise their monetary policy as well as act as market makers of last resort.

Joscha Wullweber descends into the engine room of modern capitalism, discusses the new instruments of central banks and explains the complex ways in which the state and the financial market are intertwined today.

He also takes a close look at the shadow banking system, from which the global financial crisis originated and which is nevertheless becoming increasingly important. An indispensable contribution to understanding current global monetary and financial policy.

»Financial globalization is the significant fact of our age. Central Bank Capitalism foregrounds the role of central banks in enabling this development, and the challenge that political scientists face in integrating this into their understanding of governance.« Perry Mehrling, author of The New Lombard Street

»Monetary theory and policy are shrouded in near-mystical language and ideas. Wullweber shines a bright light on both and in plain language reveals the interdependence of private capital markets, money markets, the shadow banking system and central banks.« Ann Pettifor, author of The Case for the Green New Deal

»Wullweber offers a brilliant new perspective on the role of central banks in today's global economy. With deep empirical analysis, he sees a new regime emerging governed by powerful monetary authorities. Central Bank Capitalism is provocative and insightful.« Benjamin J. Cohen, author of International Political Economy: An Intellectual History

»Central banks remain some of the most mysterious and important institutions of modern time. In this tour-de-force analysis, Wullweber unpacks their technocratic processes and shows them to be deeply political.« Marieke de Goede, author of Speculative Security

»Central Bank Capitalism makes the reader understand why monetary policy is no longer boring—and why this is a problem for all of us.« Waltraud Schelkle, author of The Political Economy of Monetary Solidarity

»Everyone should try to understand how and how much central banks are crucial for economics and politics, and this book is a great place to start. Even well-informed readers who've kept up with recent financial developments will have a great deal to learn from Wullweber's comprehensive vision of global financial politics.« Roy Kreitner, author of Calculating Promises

»A carefully crafted study ... Wullweber's book points out where we can build on lessons already learned and where the unanswered questions lie.« Leon Wansleben, Soziopolis

»If you want to understand how financial capitalism works today and what central role central banks play in maintaining it, this book is for you.« Caspar Dohmen, Deutschlandfunk