The Citizens' Ledger: Digitizing Our Money, Democratizing Our Finance (Paperback)
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Chapter 1. Introduction: Money, Finance, & Production in Contemporary Commercial Republics A. Money & Production, Public & Private: The Two-by-Two Matrix of Commercial Republican Economies B. Ills of Financial Hybridity-& Their Possible Money-Tech Cure C. Digitized Citizen Ledger Finance as Our Newly Available Cure Chapter 2: Money, Capital, & Investment: Fixing Some Critical Terms & Relations A. Capital: A Crucial Yet Oft-Muddled Term 1.Production: What Capital is (Ultimately) For 2.Generic Capital 3.Generic Capital in Production-Investment Capital B. Investment: Antonym & Antidote to Speculation 1.Investment & Finance 2.Stratification & N-ary (a.k.a."Meta-") Markets 3.Intermediation, Derivation, "Financialization" C. Money: From Measure to Medium-and Back 1.Paying-Including Investing 2.Accounting 3.Crediting / Debiting Chapter 3: Franchise Finance: A Brief Exposition & Expos A. Hybridity In the Large: Exposition B. Hybridity in Detail: Expos 1.Credit-Money's Endogeneity: Private Lending of Public Capital 2.Endogeneity's Blessing-and Curse: Production & Wealth, Speculation & Recursive Collective Action Problems Chapter 4. Franchise Finance: Why & How We Got Here A. Why Credit and Currency 1.Credit: Production & Payment in Time 2.Currency: From Ledgers to Tokens-and Back B. Why Uniformity 1.Spatial Uniformity: Payments & "Universal Equivalents" 2.Temporal Uniformity: "Sound Money" & "Elastic Currency" Chapter 5. Franchise Finance: Why We Retain It- & Why We Need Not 52 A. Why We Retain It: New Facts, Old Ideas B. Why We Need Not: New Facts, New Prospects C. Ending Hybridity-Citizen Ledger Finance in Broad Outline Chapter 6. Digitized Citizen Ledger Finance: What We Now Can & Must Do A. Liability-Side Reform: Reserve Accounts, Citizen Wallets, & Resident Wallets 1.What the U.S. & Others Do Now: Reserve Accounts 2.What We Must Add: Digital Citizen Wallets, Resident Wallets, & Their Common Digital Ledger B. Asset Side Reform: Digitized CB, NIC, PSF, & Other Public Issuances 1.What We Do Now: Finance Ministry Debt, Agency Debt, & (Sometimes) Other 2.What We Must Add: Digitized CB-Discounted Paper, NIC Issuances, PSF Holdings, & Other C. Systemic Ramifications: Private Sector Transformation, Public Sector Consolidation 1.Private Money Capital: From Credit-Generation & -Multiplication to Honest Intermediation 2.Public Investment Capital: From Central Bank & Finance Ministry, Fiscal & Monetary, and "T-Bill," "Fed Note" & "Mint Coin" Separation to Digital Consolidation Chapter 7. Digitized Citizen Ledger Finance: Logistics & Technics A. From Abstract Accounting to Concrete Logistics: Making It Happen Now B. From Macro Logistics to Micro Technics: Why to Digitize Now 1.The Bright Side of the Ledger.
About the Author
Robert C. Hockett is Edward Cornell Professor of Law and Professor of Public Policy at Cornell University, USA. He is also Senior Counsel at Westwood Capital, a socially responsible investment bank, and a Visiting Professor of Finance at Georgetown University's McDonough School of Business. Formerly with the Federal Reserve Bank of New York and the International Monetary Fund, his principal teaching, research, and writing interests lie in the fields of organizational, financial, and monetary law and economics in both their positive and normative, as well as their national and transnational, dimensions. His guiding concern in these fields is with the legal and institutional prerequisites to a just, prosperous, and sustainable economic order.