
and the UMKC Economics Club
Present
The Nature, Origins, and
Role of Money
An International Conference, Free and Open to
the Public
March 31 – April 1, 2004 9:00am –
5:15pm
Plaza Room, Administrative Center, 5100 Oak
Street
University of Missouri-Kansas City
______
Wednesday, March 31
Welcome and Introduction:
9:00 am
Mathew Forstater, Director,
Center for Full Employment and Price Stability
Session 1: 9:15-10:15 am
John Henry,
Visiting Professor, UMKC; Professor, California State University-Sacramento
“The Social Origins of
Money: The Case of Egypt”
Session 2: 10:30-11:30 am
Michael Hudson,
Distinguished Visiting Professor of Economics, UMKC; ISLET
“The Archaeology of Money”
Session 3: 11:45-12:45 pm
Mark Peacock,
Lecturer in Economics, University of Erfurt, Germany
“State, Money, Catallaxy:
underlaboring for a chartalist theory of money”
Lunch 12:45-1:45 pm
Session 4: 1:45-2:45 pm
Mathew Forstater,
Associate Professor, UMKC
“Taxes Drive Money: Further
Evidence from the History of Thought, Economic History, and Economic Policy”
Session 5: 3:00-4:00 pm
Geoffrey Ingham,
Fellow and Director of Studies in Social
and Political Sciences, Christ's College, Cambridge, UK
“The Emergence of Capitalist
Credit-Money”
Session 6: 4:15-5:15 pm
David Woodruff,
Ford Career
Development Associate Professor of Political Science,
MIT
“Boom, Gloom, Doom: Balance
Sheets, Monetary Fragmentation, and Financial Crisis in Argentina and
Russia”
Thursday April 1
Welcome and Introduction:
9:00 am
Mathew Forstater, Director,
Center for Full Employment and Price Stability
Session 7: 9:15-10:15 am
Pavlina Tcherneva,
Associate Director, Center for Full Employment and Price Stability, UMKC
“Modern Money: a critical
realist approach”
Session 8: 10:30-11:30 am
L. Randall Wray,
Professor of Economics, UMKC
“The Credit Money and State
Money Approaches”
Session 9: 11:45-12:45 pm
Scott Fullwiler,
Assistant Professor of Economics and James A. Leach Chair in Banking and
Monetary Economics at Wartburg College in Waverly, Iowa
“Setting Interest Rates in
the Modern Money Era”
Lunch: 12:45-1:45 pm
Session 10: 1:45-2:45 pm
Stephanie Bell,
Assistant Professor, UMKC
“Stateless Money and the
Prospects for Stabilization in the Eurozone”
Session 11: 3:00-4:00 pm
Jan Kregel,
Distinguished Professor at UMKC and High-level Financial Expert at The
United Nations Conference on Trade and Development
“Money and Finance for
Development”
Session 12: 4:15-5:15 pm
Rogério
Studart,
Economist, Inter-American Development Bank
“Financial integration,
instability and macroeconomic performance in the 1990s:
some possible perverse links”
Participants
Stephanie Bell
has a B.S. in Business Administration (Finance
concentration) and a B.A. in Economics, both from California State University,
Sacramento. After finishing her undergraduate degrees, she studied at Cambridge
University, where she completed an M.Phil. in Economics, while on an Rotary
Scholarship. She then spent a year at The Jerome Levy Economics Institute -- a
public policy institute in upstate New York -- on a fellowship she won through
Christ’s College, Cambridge. While at The Levy Institute, she wrote a number of
papers that became part of her Ph.D. dissertation, which she completed at the
New School for Social Research. She is currently an Assistant Professor at the
University of Missouri, Kansas City and a Research Scholar at the Center for
Full Employment and Price Stability (C-FEPS). Her new book (edited with Edward
J. Nell), The State, The Market, and the Euro: Metallism versus Chartalism in
the Theory of Money, is available through Edward Elgar Press. She has
published articles in the Journal of Economic Issues, the Cambridge
Journal of Economics, the Journal of Post Keynesian Economics, and
the Review of Social Economy. Her primary research interests include
monetary theory, international economics, employment policy, social security,
and European monetary integration.
Mathew
Forstater is Associate Professor of Economics and Director, Center for Full
Employment and Price Stability, Department of Economics, University of Missouri
—Kansas City. Forstater previously was a Visiting Scholar at the Jerome Levy
Economics Institute of Bard College (1997-1999) and taught at Bard and
Gettysburg College (1992-1997), where he was the recipient of a number of
teaching awards and recognitions. He received his Ph.D. (1996) in Economics from
the New School for Social Research. His Ph.D. dissertation was supervised by
Robert Heilbroner, author of The Worldly Philosophers. Forstater has
published widely on the History of Economic Thought, Economic Methodology,
Employment Policy, and Political Economy in academic journals such as The
Journal of Economic Issues, Journal of Post Keynesian Economics, Review of
Political Economy, Review of Social Economy, Review of Austrian Economics,
Advances in Austrian Economics, Economic and Labour Relations Review, Economie
Appliquée, Review of Black Political Economy, American Journal of Economics and
Sociology, History of Economic Ideas, Forum for Social Economics, and The
Eastern Economic Journal, as well as chapters in edited volumes and
encyclopedia entries. Forstater co-edited Commitment to Full Employment (M.E.
Sharpe, 2000), Reinventing Functional Finance (Elgar, 2003), and
Growth, Distribution and Effective Demand (M. E. Sharpe, 2004).
Scott
Fullwiler is Assistant Professor of
Economics and James A. Leach Chair in Banking and Monetary Economics at Wartburg
College and Research Associate at the Center for Full Employment and Price
Stability. Fullwiler was previously a Visiting Professor at Creighton
University, Nebraska Wesleyan University, and the University of Missouri-Rolla.
He studied at Washington State University and Universität Bonn (Germany) prior
to earning B.A. (1994) and Ph.D. (2001) degrees in economics from the University
of Nebraska in Lincoln. His dissertation on the federal funds market was
written under the direction of Veblen-Commons Award recipient F. Gregory Hayden.
Fullwiler’s research has been presented at the Association for Institutional
Thought (AFIT) meetings and has appeared in the Journal of Economic Issues.
John F. Henry
earned his A.B. at Muhlenberg College, and his M.A. and Ph.D. at McGill
University, and has been teaching at CSU Sacramento since 1970. He has also been
Visiting Professor at Staffordshire University, UK and the University of
Missouri, Kansas City. In addition he was Visiting Scholar at the University of
Cambridge. He is the author of The Making of Neoclassical Economics (Unwin
Hyman) and John Bates Clark (Macmillan), and numerous articles in the
Journal of Post Keynesian Economics, Journal of Economic Issues, History of
Political Economy, Review of Political Economy, History of Economics Review,
Review of Social Economy among other periodicals. In his home university, he
has been the recipient of the Outstanding Teacher Award and has presented the
annual John C. Livingston lecture, the highest honour the university bestows.
His primary research area is the history of economic thought, particularly as it
pertains to the development of neoclassical theory. Currently, he is working on
the relations among property rights and relations, markets, and economic theory.
Michael Hudson
is an independent Wall Street financial economist. After working as a
balance-of-payments economist for the Chase Manhattan Bank and Arthur Anderson
in the 1960s, he taught international finance at the New School in New York.
Presently, he is Distinguished Professor of Economics at the University of
Missouri (Kansas City). He has published widely on the topic of US financial
dominance. He has also been an economic adviser to the Canadian, Mexican,
Russian and US governments. His books include Trade, Development, and Foreign
Debt (Pluto, 1992, 2 vols.). He is the author of Super Imperialism.
Geoffrey Ingham
is Fellow and Director of Studies in Social and Political Sciences, Christ's
College, Cambridge, UK. He received a doctorate in sociology in the Faculty of
Economics and Politics, Cambridge, in the 1960s and later spent twenty-five
years there teaching sociology to economists. His book, Capitalism Divided?
(1984) on the development of the British economy had popular as well as academic
influence. He has worked on a social and political theory of money for several
years and a new book, The Nature of Money, Blackwell Publishing, 2004. He
is visiting UMKC as the Bernardin-Haskell lecturer.
Jan Kregel
is Professor in the Department of
Economics of the Universitý degli Studi di Bologna and Adjunct Professor
of International Economics in the Johns Hopkins University Paul Nitze School of
Advanced International Studies where he has also served as Associate Director of
its Bologna Center from 1987-90. He received his Ph.D. from Rutgers University
in 1970 under the supervision of Paul Davidson. Professor Kregel was also
trained by Joan Robinson and Nicolas Kaldor at Cambridge University in the U.K.
He has held permanent and visiting positions in universities in the United
Kingdom, the United States, the Netherlands, Belgium, France, Germany and
Mexico. He is a Life Fellow of the Royal Economic Society (U.K.), an Elected
member of the Societý Italiana degli Economisti, and a member of the
American Economic Association. Professor Kregel is currently serving as High
Level Expert in International Finance and Macroeconomics in the New York Liaison
Office of the United Nations Conference on Trade and Development (UNCTAD). Jan
A. Kregel is associated with the Center for Full Employment and Price Stability
at the University of Missouri Kansas City where he teaches as Distinguished
Research Professor of Economics.
Mark Peacock
has held teaching and
research posts at the Universities of Sussex, Lancaster and Cambridge (the last
of which awarded him a Ph.D. which he wrote under Tony Lawson's supervision in
1996) and at Witten/Herdecke University, Germany. Since Oct. 2000 he has been a
lecturer at Erfurt University where he is a member of the
Staatswissenschaftliche Fakultät. He has published work in Constitutional
Political Economy, Journal of Post Keynesian Economics, Review of Social
Economy, Review of Political Economy, Cambridge Journal of Economics, History of
the Human Sciences and Journal for the Theory of Social Behaviour.
His research interests include: philosophical and methodological issues in
economics; selected themes in the history of economic thought (ancient economic
thought, Marx, Keynes); economic analyses of politics and the state.
His recent publications include: 'On political competition: Democracy,
opinion and responsibility', Constitutional Political Economy vol.15,
forthcoming; 'No methodology without ontology: Reorienting economics',
Journal of Economic Methodology, forthcoming; 'State, Money, Catallaxy:
Underlabouring for a Chartalist Theory of Money', Journal of Post Keynesian
Economics vol. 26 (2), , pp. 205-226; and 'The moral economy of parallel
currencies: an analysis of local exchange trading systems', American Journal
of Economics and Sociology vol. 63, forthcoming.
Rogério Studart
is Financial Economist in the
Inter-American Development Bank. He holds a PhD in Economics from University of
London (1992), from which he received the Alfred Eichner award for the best
thesis in the area of Monetary and Financial Economics in 1992 for his PhD
dissertation, supervised by Victoria Chick. From 2000 to 2002, he worked for the
United Nations Economic Commission for Latin America and the Caribbean, and from
1993 to 2000, he was Associate Professor of Macroeconomics (1993-2000), at the
Universidade Federal do Rio de Janeiro, and a consultant for the United Nations
and World Bank - among others. He has specialized in the field of development
finance, having written a book, entitled Investment Finance in Economic
Development, published by Routledge, London, UK; was co-author of "Teoria
Monetária e Financeira", published by Editora Campos, Sao Paulo, Brazil;
published chapters in 12 other books and 12 articles in this field in scientific
journals in the US, Europe and Latin America - such as the Journal of
Economics and Finance (US), Journal of Post-Keynesian Economics (US), Review of
Political Economy (UK), Revista Investigacion Economica (Mexico), Revista de la
CEPAL (Chile) and Revista de Economia Politica (Brazil).
Pavlina
Tcherneva is Associate Director for
Economic Analysis at the Center for Full Employment and Price Stability, and a
Ph.D. student in Economics at the University of Missouri-Kansas City. Tcherneva
received two BA degrees with honors in Economics and Mathematics from Gettysburg
College, Pennsylvania (May 1997). In her Economics thesis she focused on the
government as an employer of last resort and developed a mathematical framework
for full employment and zero inflation. Her Mathematics thesis dealt with topics
from Combinatorics, Game Theory in particular. After completing her
undergraduate studies, Tcherneva joined the Jerome Levy Economics Institute as a
winner of a national competition for the Research Fellowship at the Levy
Forecasting Center. Successful forecasts include the late 90s slowdown in
capital equipment spending, spurt in office construction, and the recession in
Brazil. Tcherneva's research interests further include monetary theory, public
policy, and the Argentinean economy.
David
Woodruff is Associate Professor of
Political Science at MIT. He has worked largely on the political economy of
contemporary Russia, with some forays into work on tsarist Russia and
contemporary Argentina and Poland. Other research interests include financial
history, theories of economic institutions, the history of the social sciences
(especially of economics and the division of labor between economics and other
disciplines), and philosophy and methodology of social science. He is the author
of Money Unmade: Barter and the Fate of Russian Capitalism (Cornell
University Press, 1999) and articles in Politics & Society and Studies in
Comparative International Development. He is at work on a book entitled
Negotiable Balance: Money and Corporate Stock Between Law and Markets.
L. Randall
Wray is Professor of Economics at the
University of Missouri-Kansas City, a Senior Research Associate at the Center
for Full Employment and Price Stability, as well as a visiting Senior Scholar at
the Jerome Levy Economics Institute of Bard College. He was a student of Hyman
P. Minsky while at Washington University in St. Louis where he earned his Ph.D.
in economics (1988). Professor Wray has focused on monetary theory and policy,
macroeconomics, and employment policy. Wray"s research has appeared in numerous
books and journals including Journal of Post Keynesian Economics, Journal of
Economic Issues, Review of Political Economy, Review of Social Economy, Eastern
Economic Journal, Challenge, Economies et Societés, Monnaie et
Production, The Economic and Labour Relations Review, The Durell Journal of
Money and Banking, International Papers in Political Economy, Coyuntura
Agropecuaria, Social Science Perspectives Journal, Social Justice,
Commercio Exterior, and Political Economy: Studies in Surplus Approach. He
is the author of Understanding Modern Money: The Key to Full Employment and
Price Stability (Elgar, 1998), and Money and Credit in Capitalist
Economies (Elgar 1990), and is the editor of Credit and State Theories of
Money: the contributions of A. Mitchell Innes (Elgar 2004).
For further information, call
816-235-5835.
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