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A Dynamic Theory of Public Banks (and Why it Matters)

Marois, T; (2021) A Dynamic Theory of Public Banks (and Why it Matters). Review of Political Economy , 34 (2) pp. 356-371. 10.1080/09538259.2021.1898110. Green open access

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Abstract

Public banks are pervasive, with more than 900 worldwide, and powerful, having assets nearing $49 trillion. Yet they are too often perceived as static financial institutions, based on economic theories that begin from fixed notions of what it is to be a publicly owned bank. This has given rise to polarized debate wherein public banks are characterized as being either essentially good or bad. This is unrealistic and unhelpful as we seek ways to confront the crises of finance and of climate finance. We need instead to rethink public banks as dynamic and contested institutions within the public spheres of states. In this view, public ownership itself predetermines nothing but it does open up a particular public realm of possibilities. Change becomes possible and is a result of social forces making it so, if within the structural confines of gendered, racialized, and class-divided capitalist society. A dynamic theory of public banks provides a novel theoretical alternative and a practical pathway towards financing green and just transitions in the public interest.

Type: Article
Title: A Dynamic Theory of Public Banks (and Why it Matters)
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/09538259.2021.1898110
Publisher version: https://doi.org/10.1080/09538259.2021.1898110
Language: English
Additional information: © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.
Keywords: Public banks; political economy; institutions; theory; ownership
UCL classification: UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL
URI: https://discovery.ucl.ac.uk/id/eprint/10152671
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