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eBook details

• Title: Developing Just Monetary Arrangements (Achieving Global Economic Justice)
• Author : Ethics & International Affairs
• Release Date : January 01, 2003
• Genre: Politics & Current Events,Books,
• Pages : * pages
• Size : 284 KB

Description

The existence of money and credit is an integral and probably unavoidable feature of complex, modern societies. The question of how money and credit are supplied, how much, to whom, and when has significant implications for the nature, quantity, and distribution of goods and services produced and consumed. This fact has made money and credit subjects of enduring and central interest for economists. The frequent occurrence of currency crises--most recently in East Asia, Latin America, and Russia--and their dramatic social consequences have also made money and monetary institutions focal points for activists and policy-makers. Yet despite the acknowledged centrality of monetary arrangements--defined here as the practices and rules governing the creation, distribution, and management of money and credit, thus embracing both banking and monetary institutions--in modern economies, they have received surprisingly little attention from philosophers concerned with distributive justice, whether in the national or the world context. My assumption is that money is not merely a veil that affects the price level and nothing else. Therefore, there is a need to explore the implications of the idea that monetary decisions have real effects for debates on international distributive justice. The lack of attention of philosophers to monetary arrangements reflects the preference of recent philosophical discourse to focus on the distribution of resources or on the freedom and well-being that arise from the possession of these resources rather than on the details of the institutional arrangements that produce these distributions. (1) It also reflects the need to possess a degree of specialized, and seemingly arcane, knowledge of economic principles and facts in order to understand monetary arrangements adequately.

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