In order to describe the global structure of the monetary and financial system and its effects on the global economy, most economics textbooks rely on unappropriated theories that provide nothing but outdated descriptions. In this talk, experts in economics, economic history and banking try to make this complex system a little more understandable by relying on real-world insights. Speakers are on the one hand empirically focused academics (Perry Mehrling and Adam Tooze) and on the other hand, banking sector practitioners (Patricia Mosser and Phil Prince). The focus is on the evolution of the system since the 1970s, the role of shadow banking and the interactions between public and private actors.
The material brings key insights into the functioning of the global monetary/financial system. Speakers come from different perspectives or disciplines, whether theoretical (post-Keynesian economics, economic history, law) or practical (central banking, private banking). Misleading standard economic views on the subject are explicitly corrected.