Jamie Martin teaches history at Harvard and is the author of The Meddlers: Sovereignty, Empire and the Birth of Global Economic Governance.
For the last thirty years or more, there has been wide agreement that politics and sound monetary policy are incompatible. If politicians control the money supply, the thinking goes, then every time an election comes around they will risk inflation by goosing the economy with easy money in order to buy support from the voters. Price stability requires long-term thinking; but the public...
The earliest known interest-bearing debt is recorded on a 4500-year-old clay cone from southern Iraq. Its cuneiform inscription narrates a border dispute between two ancient Sumerian cities, Umma and Lagash, over control of a fertile plain and a debt in barley that the former owed to the latter. Unable to repay the debt, which had grown to astronomical proportions, Umma’s ruler...
As Western investors became controlling shareholders in the railways, mines and plantations of the global South, the supposedly peaceful worlds of trade and finance became harder to distinguish from imperialism....
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