At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.

This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.

This book explains how our monetary system works and how commercial banks create money. The effects of this are examined, along with an alternate monetary system that is vastly superior - which we term Fair Money. Topics covered include: how commercial banks create money, the importance of seigniorage, how quantitative easing works, what monetary policy really means, how inter-bank payments work, the distraction of fractional reserve banking, the Guernsey experiment, the Chicago Plan, the 5 different money classes, why depositors are creditors, the war on cash, how banks buy currency notes, how bank balance sheets work, constraints on money creation, consequences of debt monetisation, the use of misleading terminology, the historical role of gold, the benefits of an asset-based currency, and the transition to a better monetary system. Extracts are provided from the Bank of England, the Federal Reserve System, the International Monetary Fund and the Reserve Bank of Australia.

Now considered a dysfunctional mess, Chicago’s public housing projects once had long waiting lists of would-be residents hoping to leave the slums behind. So what went wrong? To answer this complicated question, D. Bradford Hunt traces public housing’s history in Chicago from its New Deal roots through current mayor Richard M. Daley’s Plan for Transformation. In the process, he chronicles the Chicago Housing Authority’s own transformation from the city’s most progressive government agency to its largest slumlord. Challenging explanations that attribute the projects’ decline primarily to racial discrimination and real estate interests, Hunt argues that well-intentioned but misguided policy decisions—ranging from design choices to maintenance contracts—also paved the road to failure. Moreover, administrators who fully understood the potential drawbacks did not try to halt such deeply flawed projects as Cabrini-Green and the Robert Taylor Homes. These massive high-rise complexes housed unprecedented numbers of children but relatively few adults, engendering disorder that pushed out the working class and, consequently, the rents needed to maintain the buildings. The resulting combination of fiscal crisis, managerial incompetence, and social unrest plunged the CHA into a quagmire from which it is still struggling to emerge. Blueprint for Disaster, then,is an urgent reminder of the havoc poorly conceived policy can wreak on our most vulnerable citizens.

An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice

Winner of the 2009 Skystone Ryan Prize for Research, Association of Fundraising Professionals Research Council “All outstanding philanthropic successes have one thing in common: They started with a smart strategic plan,” say authors Paul Brest, president of the William and Flora Hewlett Foundation, and Hal Harvey, president of ClimateWorks. Money Well Spent explains how to create and implement a strategy that ensures meaningful results. Components of a smart strategy include: Achieving great clarity about one’s philanthropic goals Specifying indicators of success before beginning a project Designing and implementing a plan commensurate with available resources Evidence-based understanding of the world in which the plan will operate Paying careful attention to milestones to determine if you are on the path to success or if midcourse corrections are necessary Drawing on examples from over 100 foundations and non-profits, Money Well Spent gives readers the framework they need to design a smart strategy, addressing such key issues as: Effective use of tools—education, science, direct services, advocacy—that can achieve your objectives. How to choose the forms of funding to achieve stated goals How to measure the impact of grants or programs When to be patient and stick with a winning strategy and when to abandon a strategy that isn’t working This is a book for everyone who wants to get the most from a philanthropic dollar: donors, foundations, and non-profits.

Shifting faculty roles in a changing landscape Ernest L. Boyer's landmark book Scholarship Reconsidered: Priorities of the Professoriate challenged the publish-or-perish status quo that dominated the academic landscape for generations. His powerful and enduring argument for a new approach to faculty roles and rewards continues to play a significant part of the national conversation on scholarship in the academy. Though steeped in tradition, the role of faculty in the academic world has shifted significantly in recent decades. The rise of the non-tenure-track class of professors is well documented. If the historic rule of promotion and tenure is waning, what role can scholarship play in a fragmented, unbundled academy? Boyer offers a still much-needed approach. He calls for a broadened view of scholarship, audaciously refocusing its gaze from the tenure file and to a wider community. This expanded edition offers, in addition to the original text, a critical introduction that explores the impact of Boyer's views, a call to action for applying Boyer's message to the changing nature of faculty work, and a discussion guide to help readers start a new conversation about how Scholarship Reconsidered applies today.

One of the worldÕs leading urban and environmental economists tells us what our lives will be like when climate change arrives

"The Politics of Cancer Revisited," by internationally renowned authority on cancer causes and preventions, Samuel S. Epstein, M.D., backed by meticulous documentation, charges that the cancer establishment remains myopically fixated on damage control--diagnosis and treatment, and basic genetic research with, not always benign, indifference to cancer prevention research and failure of outreach to Congress, regulatory agencies, and the public with scientific information on unwitting exposures to a wide range of avoidable causes of cancer. The National Cancer Institute (NCI) and the American Cancer Society (ACS) are also accused of pervasive conflicts of interest, particularly with the cancer drug industry.