A political theory of money, or a financial theory of the state
March 27 @ 1:30 pm - 2:45 pm
- This event has passed.
Date: 27th March 2019
Time: 1:30 PM to 2:45 PM
Venue: AC 02 LR 103
Abstract: What kind of power is monetary power? How might we define monetary sovereignty? What difference does democracy make to monetary sovereignty? Is monetary sovereignty more akin to standard coercion, as one prominent school of thought has it, or hegemony, a braiding together of coercion and consent? Does the fact that the state’s money sits atop the hierarchy of money indicate that coercion underwrites money? This paper aims to downplay the role of coercion at the heart of monetary power by recasting the state as the institutional expression of a political settlement, a settlement that enables the state to be a special kind of financial intermediary having disproportionate creditworthiness. Why does it matter to have an answer to these questions, to begin with? In a world where monetary experiments now abound, the interplay between the technical and political dimensions of money is more a matter of daily conduct and popular discussion than it has been in at least two generations. Understanding the role of power in money is a pressing concern.
Bio: Anush Kapadia joined IIT Bombay in 2016. He works on the political economy of financial systems, aiming to understand the design and construction of key financial markets as the site of macro-political battles. He has examined the evolution of financial market construction in several contexts: post-reform India, postwar America, post-crisis Europe, emerging global reserve system, and experiments in cryptocurrencies. He is also initiating projects on development banking and digital economies.