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CATEGORIES:St Catharine's Political Economy Seminar Series
SUMMARY:Keynes\, the Pope and the IMF - Mark Hayes\, Durha
 m University
DTSTART;TZID=Europe/London:20150225T180000
DTEND;TZID=Europe/London:20150225T193000
UID:TALK57085AThttp://talks.cam.ac.uk
URL:http://talks.cam.ac.uk/talk/index/57085
DESCRIPTION:In this seminar Mark Hayes will discuss Keynes’s s
 urprisingly positive views on the medieval scholas
 tic teaching on usury and draw upon the work of Ke
 ynes to argue that the traditional view of usury (
 understood as the charging of rent for the use of 
 money) as anti-social is well-founded. Keynes’s un
 derstanding of the nature of probability allows a 
 clear distinction to be made between debt and equi
 ty finance which most economists dismiss. Rather t
 han meriting remuneration\, the demand for the sec
 urity provided by money against an uncertain futur
 e imposes a social cost in one form or another. Th
 is proposition is illustrated with reference to th
 e problems of the modern international financial a
 nd monetary system\, specifically the role of depo
 sit insurance and the obstacles to a renewed syste
 m of managed exchange rates\, without which many r
 egions appear doomed to enduring long-term austeri
 ty.\n
LOCATION:McGrath Centre\, St Catharine's College
CONTACT:Philippa Millerchip
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