“Capital accumulation that happens by asset value appreciation, unaccompanied by progress in GDP, is now thought-about to be a fascinating function in capitalism — and never an apparent bug — supplied that central banks can present liquidity with out including to consumer-price inflation,” mentioned Meister. “We’re attempting to open a strategic debate about methods to harvest the advantages of the illiquidity doubtlessly created by democratic politics.”
As one of many school members main the mission, he feels that liquidity help by the federal government shouldn’t enhance the monetary energy of these with pre-existing wealth.
By way of the Berkeley Program on Finance and Democracy, researchers will even increase the physique of scholarly work across the political ramifications of the digitization of monetary infrastructure, an underexplored subject that’s reshaping the character of financial sovereignty. The rise of algorithmic buying and selling, digital cost methods, and cryptocurrency networks represents greater than mere technological innovation — it constitutes a elementary reorganization of how cash and monetary energy function.
UC Berkeley economists have established revolutionary methods of monitoring world monetary flows towards tax havens; the Berkeley Program on Finance and Democracy will increase this work by learning different methods wherein wealth travels throughout borders. Theorists will suggest monetary methods and devices that may empower residents and voters. Researchers will analyze new crypto-financial energy constructions, their promoters, and the regulatory and geopolitical challenges posed by these new constructions.
Pierson is happy that this system has now employed an inaugural program director, Brian Choose, who will handle a sturdy regime of analysis, communications, and occasions.
“The world is rushing up; our aim is to contribute to raised understanding the place we’re going,” mentioned Pierson.
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