Monetarism: Difference between revisions

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|image=Monetarism-2.png
|image=Monetarism-2.png
|caption=‘‘Stop the presses! When the second coming of Friedman returns so shall they!’’
|caption=‘‘Stop the presses! When the second coming of Friedman returns so shall they!’’
|aliases=<div style="overflow:auto; height:auto; max-height:200px; background:transparent;">
|aliases=[[File:Neo-Chilib.png]] Neo-Chicagoan School<br>Monetary Conservatism<br>
|alignments=[[File:Rightunity-yellow.png]] [[RightUnity]]
[[File:Neo-Chilib.png]] Neo-Chicago School<br>
Monetary Conservatism<br>
Monetary Neoliberalism<br>
[[File:Friedman_CBS.png]] Friedmanite Central Bank System<br>
Central Banking Liberalism<br>
Warburtonism<br>
|alignments=
{{Info|Right Unity|RightUnity}}<br>
{{Info|Capitalists}}
|song=
|song=
|theorists=
|theorists=[[File:PanAmer.png]] '''Americas''' {{Collapse|
[[File:PanAmer.png]] '''Americas''' {{Collapse|
⚫
*[[File:Monet.png]] [[w:Clark Warburton|Clark Warburton]] (1896-1979) [[File:Cball-US.png]] USA
*[[File:Friedman.png]] [[Chicago School|Milton Friedman]] (1912-2006) [[File:Cball-US.png]] USA
*[[File:Monet.png]] [[w:Clark Warburton|Clark Warburton]] (1896-1979) [[File:Cball-US.png]] {{PBW|USAball|USA}}
*[[File:Newkeynes.png]] [[w:Ben Bernanke|Ben Bernanke]] (1953-) [[File:Cball-US.png]] USA
*[[File:Trustbust.png]] Henry Calvert Simoms (1899-1946) [[File:Cball-US.png]] {{PBW|USAball|USA}}
*[[File:Friedman.png]] [[Chicago School|Milton Friedman]] (1912-2006) [[File:Cball-US.png]] {{PBW|USAball|USA}}
⚫
*[[File:Newkeynes.png]] [[w:Ben Bernanke|Ben Bernanke]] (1953-) [[File:Cball-US.png]] {{PBW|USAball|USA}}
}}
}}
[[File:Cball-Commonwealth.png]] '''Commonwealth Realm''' {{Collapse|
[[File:Cball-Commonwealth.png]] '''Commonwealth Realm''' {{Collapse|
*[[File:EnochPowell.png]] [[Classical Conservatism|Enoch Powell]] (1912-1998) [[File:Cball-UK.png]] UK
*[[File:EnochPowell.png]] [[Classical Conservatism|Enoch Powell]] (1912-1998) [[File:Cball-UK.png]] {{PBW|UKball|UK}}
*[[File:Thatcher.png]] [[Conservative Liberalism|Margaret Thatcher]] (1925-2013) [[File:Cball-UK.png]] UK
*[[File:Thatcher.png]] [[Conservative Liberalism|Margaret Thatcher]] (1925-2013) [[File:Cball-UK.png]] {{PBW|UKball|UK}}
}}
}}
[[File:PanAsian.png]] '''Asia-Pacific'''{{Collapse|
[[File:PanAsian.png]] '''Asia-Pacific'''{{Collapse|
*[[File:Necon.png]] [[Neoconservatism|Tsukasa Jonen]] (1969-) [[File:Cball-Japan.png]] Japan
*[[File:Necon.png]] [[Neoconservatism|Tsukasa Jonen]] (1969-) [[File:Cball-Japan.png]] {{PBW|Japanball|Japan}}
}}
}}
|likes=
|likes=
|dislikes=
|dislikes=
|influences=<div style="overflow:auto; height:auto; max-height:200px; background:transparent;">
|influences=[[File:Chilib.png]] [[Chicago School]]
[[File:Chilib.png]] [[Chicago School]]<br>
|influenced={{Collapse|
</div>
|influenced=<div style="overflow:auto; height:auto; max-height:200px; background:transparent;">
[[File:ShinzoAbe.png]] [[National Conservatism|Abenomics]]<br>
[[File:ShinzoAbe.png]] [[National Conservatism|Abenomics]]<br>
[[File:Chilib.png]] [[Chicago School]] (Initially)<br>
[[File:Chilib.png]] [[Chicago School]] (Initially)<br>
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[[File:Nordmodel.png]] [[Nordic Model]] (in 80s and 90s)<br>
[[File:Nordmodel.png]] [[Nordic Model]] (in 80s and 90s)<br>
[[File:EnochPowell.png]] [[Classical Conservatism|Powellism]]
[[File:EnochPowell.png]] [[Classical Conservatism|Powellism]]
</div>
}}
}}
{{Quote|
⚫
quote="I would define the stock of money as including currency outside commercial banks plus all deposits of commercial banks. I would specify that the Reserve System shall see to it that the total stock of money so defined rises month by month, and indeed, so far as possible, day by day, at an annual rate of X per cent, where X is some number between 3 and 5. The precise definition of money adopted, or the precise rate of growth chosen, makes far less difference than the definite choice of a particular definition and a particular rate of growth."
|speaker=[[File:Friedman.png]] [[Chicago School|Milton Friedman]]
}}
}}
⚫
<div style="display:grid;grid-template-columns:30% 30% 30%;grid-template-rows:35% 65%;grid-column-gap:16px;grid-row-gap:16px;text-align:center;align-items:center;margin-top:96px;"><div style="grid-area:1/1/1/4;">{{Quote|quote="I would define the stock of money as including currency outside commercial banks plus all deposits of commercial banks. I would specify that the Reserve System shall see to it that the total stock of money so defined rises month by month, and indeed, so far as possible, day by day, at an annual rate of X per cent, where X is some number between 3 and 5. The precise definition of money adopted, or the precise rate of growth chosen, makes far less difference than the definite choice of a particular definition and a particular rate of growth."|speaker=[[File:Friedman.png]] [[Chicago School|Milton Friedman]]}}</div></div>

'''Monetarism''' is an economically [[File:Cap.png]] [[Capitalism|right]] ideology, whose general economic theory was created by [[File:Friedman.png]] [[Chicago School|Milton Friedman]] to cure inflation. He believes that the government's primary role in the economy should be monetary policy with the goal of keeping inflation under control. Specifically, he thinks that there should be a very low inflation rate (1%-3%), and he wants this to be as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former Federal Reserve Chair and Nobel Prize winner Ben Bernanke, have been monetarists. Monetarist policies were used by Bernanke during the 2008 Great Recession with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.
'''Monetarism''' is an economically [[File:Cap.png]] [[Capitalism|right]] ideology, whose general economic theory was created by [[File:Friedman.png]] [[Chicago School|Milton Friedman]] to cure inflation. He believes that the government's primary role in the economy should be monetary policy with the goal of keeping inflation under control. Specifically, he thinks that there should be a very low inflation rate (1%-3%), and he wants this to be as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former Federal Reserve Chair and Nobel Prize winner Ben Bernanke, have been monetarists. Monetarist policies were used by Bernanke during the 2008 Great Recession with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.


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{{Flag-auto
{{Flag-auto
|c1 = Red
|c1=Red
|h1 = #D90200
|h1=#D90200
|c2 = Blue
|c2=Blue
|h2 = #416494
|h2=#416494
}}
}}


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*[[File:Tradcon.png]] [[Classical Conservatism]] - Enoch Powell is a great pal.
*[[File:Tradcon.png]] [[Classical Conservatism]] - Enoch Powell is a great pal.
*[[File:Clib.png]] [[Classical Liberalism]] - And you're even better.
*[[File:Clib.png]] [[Classical Liberalism]] - And you're even better.
*[[File:Orlib.png]] [[Ordo-Liberalism]] - German version of above who also likes more central banks.
*[[File:Newkeynes.png]] [[Keynesian School|New Keynesianism]] - [[File:Keynes.png]] [[Keynesian School]] but better!
*[[File:Newkeynes.png]] [[Keynesian School|New Keynesianism]] - [[File:Keynes.png]] [[Keynesian School]] but better!
*[[File:Right Reformism.png]] [[Reformism#Right-Reformism|Reformism]] - I'm with you buddy!


===Frenemies===
===Frenemies===
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*[[File:Juche.png]] [[Juche]] - Stop printing counterfeit money reeeeeee!
*[[File:Juche.png]] [[Juche]] - Stop printing counterfeit money reeeeeee!
*[[File:Austrobert.png]] [[Austrian School]] - Is gold money? No. No it is not.
*[[File:Austrobert.png]] [[Austrian School]] - Is gold money? No. No it is not.
*[[File:Jacksonian Democracy.png]] [[Jacksonian Democracy]] - Stop vetoing the central bank and causing economic panics!


==Gallery==
==Gallery==
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==Further Information==
==Further Information==
===Literature===
===Literature===
*[https://web.archive.org/web/20090327033812/http://cepa.newschool.edu/het/profiles/warburton.htm Major Works of Clark Warburton]
*[https://books.google.com/books?id=Q7J_EUM3RfoC A Monetary History of the United States] by [[File:Friedman.png]] [[Chicago School|Milton Friedman]] and [[File:Chilib.png]] [[Chicago School|Anna Schwartz]]
*[https://books.google.com/books?id=Q7J_EUM3RfoC A Monetary History of the United States] by [[File:Friedman.png]] [[Chicago School|Milton Friedman]] and [[File:Chilib.png]] [[Chicago School|Anna Schwartz]]
*[https://openlibrary.org/books/OL1717100M/A_program_for_monetary_stability A Program For Monetary Stability] by [[File:Friedman.png]] [[Chicago School|Milton Friedman]]
*[https://openlibrary.org/books/OL1717100M/A_program_for_monetary_stability A Program For Monetary Stability] by [[File:Friedman.png]] [[Chicago School|Milton Friedman]]

Latest revision as of 12:04, 4 March 2024

"I would define the stock of money as including currency outside commercial banks plus all deposits of commercial banks. I would specify that the Reserve System shall see to it that the total stock of money so defined rises month by month, and indeed, so far as possible, day by day, at an annual rate of X per cent, where X is some number between 3 and 5. The precise definition of money adopted, or the precise rate of growth chosen, makes far less difference than the definite choice of a particular definition and a particular rate of growth."

Monetarism is an economically right ideology, whose general economic theory was created by Milton Friedman to cure inflation. He believes that the government's primary role in the economy should be monetary policy with the goal of keeping inflation under control. Specifically, he thinks that there should be a very low inflation rate (1%-3%), and he wants this to be as stable as possible, since it being stable eliminates the market distortion both non-stable inflation/deflation brings. In modern times, several Monetary Authorities, notably Former Federal Reserve Chair and Nobel Prize winner Ben Bernanke, have been monetarists. Monetarist policies were used by Bernanke during the 2008 Great Recession with expansion of QE (Quantitative Easing) and the overall expansion of Money Supply.

History

The Federal Reserve Under Ben Bernanke (2006-2014)

Ben Bernanke was elected by President George H.W Bush along with the U.S Senate as Federal Reserve Chair on February 1st of 2006, succeeding the acclaimed Chair Alan Greenspan. Bernanke himself was considered an Orthodox Monetarist, and his skill was soon put to the test two years after his appointment during the 2008 Housing Crisis. The Federal Reserve ramped up Money Printing, as well as QE, in an attempt to stabilize the economy and ease off the pain caused by MBS. While most economists call the Federal Reserve's efforts a success, a few others, such as the staunch anti-fiat-currency Representative Ron Paul, criticized the Fed and Bernanke for the ensuing stagflation of 2012.

While controversial in extremely libertarian or leftist circles, most consider the chairmanship of Ben Bernanke to have had a positive effect. He was succeeded by Janet Yellen, one of his deputies, in early January of 2014.

Beliefs

Monetarism is an approach to Macroeconomics which stresses a large focus upon Monetary Policy instead of Fiscal Policy, in contrast to Keynesian School. Monetarism prefers Monetary Policy over Fiscal due to its belief that Monetary Policy is significantly easier to change than Fiscal Policy, and can have a far greater effect on the most important issue (to him) which is inflation. While Monetarism is quite different from Keynesianism, they both hold the axiomatic beliefs of Central Banking, Fiat Currency and so forth, and are usually combined in some form.

Personality and Behaviour

Monetarism is a specter of ancient theory (circa 1950) that occasionally is summoned by nations being plagued by high inflation and prices. After possessing a local central banker, he will destroy printers as penance to Milton Friedman, hoping that he will come back to life in full glory and usher in a new era of economic. He shall continue to offer up printers, non believers, and monetary workers until his messiah returns. Since this has yet to happen, all he usually has to show is better economic policy. After a few years, he is eventually exorcised from his host once they order a new printer.

How to Draw

Flag of Monetarism
  1. Draw a ball,
  2. Draw a red stripe through the middle vertical third of the ball,
  3. Draw blue lines on both edges of the red stripe,
  4. Draw the eyes and you're finished!
Color Name HEX RGB
Red #D90200 217, 2, 0
Blue #416494 65, 100, 148


Relationships

Friends

Frenemies

  • Hayekism - Free Banking doesn't prevent inflation.
  • Keynesian School - He believes the government should focus on government spending in times of crisis, I think the government should focus on money supply. Overall we still agree on central banking and the like, so we respect each other.

Enemies

Gallery

Portraits

  • Old portrait

    Old portrait

Further Information

Literature

Wikipedia

Navigation

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