Democracy and Money: Lessons for Today from Athens in Classical Times (Banking, Money and International Finance)

"The authors of this book argue that post-war fiscal and monetary policies in the U.S. are prone to more frequent and more destabilizing domestic and international financial crises. So, in the aftermath of the one that erupted in 2008, they propose that now we are sleepwalking into another, which under the prevailing institutional circumstances could develop into a worldwide financial Armageddon. Thinking ahead of such a calamity, this book presents for the first time a model of democratic governance with privately produced money based on the case of Athens in Classical times, and explains why, if it is conceived as a benchmark for reference and adaptation, it may provide an effective way out from the dreadful predicament that state managed fiat money holds for the stability of Western-type democracies and the international financial system. As the U.S. today, Athens at that time reached the apex of its military, economic, political, cultural, and scientific influence in the world. But Athens triumphed through different approaches to democracy and fundamentally different fiscal and monetary policies than the U.S. Thus the readers will have the opportunity to learn about these differences and appreciate the potential they offer for confronting the challenges contemporary democracies face under the leadership of the U.S. The book will find audiences among academics, university students, and researchers across a wide range of fields and subfields, as well as legislators, fiscal and monetary policy makers, and economic and financial consultants"-- Provided by publisher Dedication 6 Contents 8 List of exhibits 12 List of figures 14 List of tables 16 Preface 18 1 Introduction 24 2 Money-related institutions in classical Athens 40 3 The system and the tenets of public finance 56 4 Main currency-related policies 82 5 Structure and evolution of the economy 104 6 Money in an economy without a central bank 151 7 An assessment of comparative performance 164 8 Alternatives to common central banking 215 9 Why back and how to direct democracy 247 References 284 Glossary of Greek Terms 302 Index 312