Description
Book SynopsisIn the wake of the 2008 financial crisis, central banks created trillions of dollars of new money, and poured it into financial markets. ‘Quantitative Easing’ (QE) was supposed to prevent deflation and restore economic growth.
But the money didn’t go to ordinary people: it went to the rich, who didn’t need it. It went to big corporations and banks – the same banks whose reckless lending caused the crash. This led to a decade of stagnation, not recovery. QE failed.
In this book, Frances Coppola makes the case for a ‘people’s QE’, in which the money goes directly to ordinary people and small businesses. She argues that it is the fairest and most effective way of restoring crisis-hit economies and helping to solve the long-term challenges of ageing populations, automation and climate change.
Trade Review‘Irresponsible bank lending caused the crisis of 2008, and increased inequality dramatically. Bernanke's Quantitative Easing rewarded banks, and increased inequality further. I agree with Coppola that the next QE should be for the people. Read this book to learn how it would work.’
Steve Keen, author of Debunking Economics
‘Frances Coppola is a world expert on commercial and central banking. Her defence of “People’s QE” is a must-read for all those engaged in the debate. No one else could approach this subject more authoritatively.’
Ann Pettifor, Director of Policy Research in Macroeconomics (PRIME)
Table of ContentsIntroduction
Section 1 The Great Experiment
Section 2 Understanding Money
Section 3 QE for the People: A Better Way
Section 4 Some (Weak) Objections to QE for the People
Section 5 Lessons for the Next Depression
Notes
