Stefan Eich
@stefeich
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Political theorist of 💵 ⚖️⌛️ Prof at Georgetown; Author of THE CURRENCY OF POLITICS (Princeton University Press) 👉 @stefeich .bsky.social
Joined June 2013
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TEN FIREWORK IT
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Sooo this year's
@NobelEconomics
goes to 1980s banking research that misleadingly --and tragically-- conceived of banks as mere intermediaries b/w savers & investors.
The Nobel explainer docs are riddled with basic mistakes, confusions, & puzzling claims.
Completely bizarre...
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It's 🎉 publication day 🎉 for THE CURRENCY OF POLITICS: THE POLITICAL THEORY OF MONEY FROM ARISTOTLE TO KEYNES!
Thanks to the entire
@PrincetonUPress
team and all those who helped along the way.
Order from PUP directly and get 30% off (code: P289)
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Just got back from some travel away from the internet and have some nice news to share: _The Currency of Politics_ has been awarded the APSA Foundations Best First Book Prize!
Very honored by the recognition and deeply grateful to the committee.
@apsatweets
@PrincetonUPress
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Page proofs for _The Currency of Politics_ have arrived! Officially out in May 2022.
Huge thanks to the terrific production team at
@PrincetonUPress
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Just received my advance copy of _The Currency of Politics_! Available for preorder now, out on May 24.
Thanks as ever to the many many people who helped over the years, to the extremely generous blurbers, and to
@PrincetonUPress
for making it happen.
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Why exactly are we not rendering the two RNA vaccines the intellectual property of humanity, shower its inventors with all the money & medals of the world (“incentives!”), and ramp up production in every single plant & lab we can find?
Is the answer really as banal as I fear?
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Two extraordinary paragraphs by
@adam_tooze
on bailout capitalism & its unwitting work on the radical imagination.
Salutary of course to end with Adorno rather than Schmitt but I would add that this screams for more theorizing of the interdependence between finance & the state!
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My book has a cover! And a home online at
@PrincetonUPress
. Out in May 2022.
Thanks to
@robtempio
for being the best editor an author can possibly dream of.
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Couldn’t be more thrilled to join the Georgetown Government Department next year! Thank you for the warm welcome.
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Just got the proofs, should be online very soon and out in
@AJPS_Editor
! Keynes and politics of time, or why we are not all dead in the long run.
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Finally managed to read Michael Sonenscher's _Capitalism_. For now just this gem from the excellent chapter on Lorenz von Stein (p. 165):
"A state without a debt either cares too little for its future or demands too much from its present." Lehrbuch der Finanzwissenschaft (1871)
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It's already paperback publication day in the US for *The Currency of Politics*!
@PrincetonUPress
Check out the new blurbs on the back, including an amazing one by Kim Stanley Robinson that even has its own narrative structure 🙏
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Hard to believe it took till March 2021 for this to finally make it onto the agenda & into the headlines.
It's urgent time to lift IP protections and get the world vaccinated. There'll still be ingredient bottlenecks but it would be criminal not to use all production capacity.
The White House is considering whether to lift intellectual property protections on Covid-19 vaccines, sources say, which would allow other countries to replicate existing vaccines.
@kaylatausche
reports.
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“This year’s economics Nobel prize…has the effrontery actually to celebrate one of the weakest dimensions of modern macroeconomic thinking - its extraordinarily limited ability to grasp the macrofinancial instability of modern capitalism.”
@adam_tooze
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After peaking in 2004, black US homeownership has since fallen so low as to erase virtually all gains made since the passage of the Fair Housing Act in 1968.
Important Read!!!The ’heartbreaking‘ decrease in black homeownership
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@NobelEconomics
I know plenty of economists and finance scholars who are perfectly aware that this is a highly misleading and outdated way to understand banks. So why still celebrate these papers as if they offer us any clues for the present?
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As if Keynes had never lived… “the more we develop into a steered economy, the more we endanger our democracy.”
To hear a former judge of the German Constitutional Court recycle lazy talking points of the 1930s is only matched by the composition of the panel (and room!).
Sehr klare Ansage von
@BVerfG
Richter Udo die Fabio:
„Es ist empirisch belegt: Man kann eine Demokratie nicht ohne Marktwirtschaft haben. Und je mehr wir uns zu einer gelenkten Wirtschaft entwickeln, desto mehr gefährden wir unsere Demokratie.“ (bei Hayek-Stiftung)
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The official publication date was already a few weeks ago but now physical proof of the book’s existence has finally arrived!
Extremely happy to have this out in the world with
@ColumbiaUP
. A huge thanks to our remarkable contributors on this journey!
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What an amazing correction in the
@Financialtimes
.
Don't mean to dunk on the poor image editor but one could write a whole paper about an image of Cold War deportation* mistakenly used to represent an ideal of welcoming immigrants.
*cf. Immigration and Nationality Act of 1952
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I chatted to Dan Denvir at
@thedigradio
about the global monetary imagination after Bretton Woods, Hayek pitching new forms of private credit money to bank execs in the ‘80s, and why cryptocurrencies are very bad at being currencies
I've got more crypto-is-twisted content for you on
@thedigradio
: it's
@stefeich
on how cryptocurrency fits into Hayek’s old neoliberal dream of private money and why that vision emerged in a new form in the wake of the 2008 financial crisis.
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Welcome to Germany where “normality” means to cut spending in a recession (official since last week’s figures) and to celebrate underinvestment in the name of generational sustainability.
The latest season of the award-winning comedic tragedy “Haunted by the Schwarze Null!” 👻⚫️
Eine neue Austeritätspolitik steht bevor: Die Bundesregierung möchte in der Rezession, in Krisenzeiten überall die Ausgaben kürzen (außer beim Militär). Begründung: "Jetzt sind wir auf dem Landeanflug in Richtung Normalität", erklärte heute tatsächlich die Regierungssprecherin
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Check out this much needed new journal imagined & headed by an amazing team who bring together the history of economic thought, quant economic history & broader social histories of capital. Get your library to subscribe & submit your work. Could not be prouder to be part of this!
An inaugural, open-access issue of "
#Capitalism
: A Journal of
#History
&
#Economics
" is now out. A much-needed publication! Featuring
@flandreaumarc
@B_Eichengreen
@stefeich
Joan Dejean, Karl Koth, John Serieux, Julia Ott, Marc Flandreau, Carolyn Biltoft
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@NobelEconomics
Not to mention that this reduction of banks to mere intermediaries was one major reason why many pre-Financial Crisis models simply left out the banking sector ... with obviously devastating effects.
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Georgetown Political Theory Speaker Series
Adom Getachew and Jennifer Pitts (both University of Chicago):
"Democracy and Empire: An Introduction to the International Thought of W.E.B Du Bois"
Friday, March 6
11am-12:30pm
ICC 462
DM me to be added to the mailing list!
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My musings on whether we are indeed all dead in the long run (spoiler: maybe, but not according to Keynes) is now out in
@AJPS_Editor
.
"Expedience and experimentation: John Maynard Keynes and the politics of time"
A (selective) summary thread 🧵:
👇
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Tomorrow in Princeton: Roundtable w/ the editors of an exciting new journal
"Capitalism: A Journal of History and Economics"
Francesca Trivellato, Julia Ott, Carolyn Biltoft, Marc Flandreau
Sat, Nov 16, 4:30pm
Princeton University
Chancellor Green 105
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Today is submission day for *In Search of Another Universalism: Seyla Benhabib and the Future of Critical Theory*
Out with Columbia University Press in late 2023/early 2024!
Such a pleasure to edit this with the dream team
@AnnaJurkevics
, Nishin Nathwani, &
@NicaSiegel
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Sam Zeitlin's excellent translation of Raymond Aron's _Liberty and Equality_ appears with PUP next Tuesday. Check it out!
It’s the first English translation of Aron’s elegant lecture from 1978, his last at the Collège de France.
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Time to discipline capital rather than trying to "mobilize" it.
A deeply depressing read.
The 4 ideas to 'mobilize private finance' ( 1/de-risking, 2/securitization, 3/carbon markets, 4/regulatory certainty for investors) have all been tried countless times. Begging asset managers won't help.
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For the last couple of months I’ve been busy as part of an amazing team putting together this celebration of Seyla Benhabib on March 27-28 at Yale.
#benhabibfest
Come all! It’s open to the public. Just please RSVP on the conference website:
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The SVB saga is a good time to acknowledge that banks are never purely private but publicly-chartered franchises who somehow managed to slip out of almost all their public obligations.
This, rather than narrow worries about moral hazard, is what we should be to talking about.
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Hirschman on Keynes's General Theory:
"He frequently ... managed to present common sense in paradox's clothing, and in fact this made his theory doubly attractive: it satisfied at the same time the intellectuals' craving for populism and their taste for difficulty and paradox."
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🇬🇧🇬🇧🇬🇧This sweltering record hot July day is also (finally!) the UK publication day for THE CURRENCY OF POLITICS 🇬🇧🇬🇧🇬🇧
Get 30% off w/ code "P289" on the PUP website (£19.60)
Or find it here:
Hope everyone is staying cool & safe!
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As if catching up with colleagues back on the
@georgetown
campus isn't nice enough, Terry Pinkard had a lovely gift for me: his new guide to Hegel's Phen!
Just published with OUP -- apparently the first printing has already sold out.
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Found out today that _The Currency of Politics_ will appear in Italian translation with
@Treccani
!
What wonderful company to be in. Many thanks to the
@PrincetonUPress
team
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Been in the making for a while: Our (w/
@adam_tooze
) article on Weber and crisis just came out in History & Theory!
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Or rather: Help Karl and me beat Jordan Peterson!!
Get your paws on the book that is outselling the communist manifesto!!!
@stefeich
's Currency of Politics
@adam_tooze
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As de facto central bank of the world, the Fed can't afford to ignore its effects on the rest of the world. As central bank of the US, it can't afford to take seriously its effects on the rest of the world.
This is the ugly dilemma -- and tragedy -- of our global $ non-system.
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And it's precisely this lingering in the monetary interregnum—w/ all its crypto monsters, confusion & uncertainty—that makes it so crucial to grasp the history of political theorizing about money and set out demands for a more democratic monetary constitution
#CurrencyofPolitics
Crypto is the morbid symptom of an interregnum, in which the gold standard is dead but a fully political money that dares to speak its name has not yet been born.
Check out the development of this line from Chartbook
#15
in
#74
H/t
@evgenymorozov
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Astonishing and embarrassing to see the German finance minister
@c_lindner
trumpet that the IRA was debt financed which is simply not true.
What an ignorant fool who should not be in charge of the public finances of Europe’s largest economy.
Die letzte Unternehmenssteuerreform, die ihren Namen verdient, war 2008. Durch Schwerpunktsetzung im Haushalt wären hier Fortschritte möglich. Der einfachste Weg: Verzicht auf den Soli. Mindestens schrittweise sollte man sich darauf verständigen können. CL
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Very grateful for this recognition and honored by the wonderful company.
A *huge* thanks to the committee for all their work! And congrats also to
@irit_katz
for 'The Common Camp'
First Book Award:
Winner: Stefan Eich _The Currency of Politics_ (Princeton)
Honorable Mention: Irit Katz, _The Common Camp_ (Minnesota)
Committee: Banu Bargu, Jairus Grove, Adam Dahl
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This month marks the 100th anniversary of the publication of Ambedkar's extraordinary The Problem of the Rupee (1923). A stunning monetary history with a counterintuitive conclusion.
An honor to write about it for the
@IndianExpress
&
@surajyengde
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I should add that there’s nothing wrong w/ coming up w/ elegant model that turns out to be deeply flawed—all three of them went on to do much more interesting research! The scandal lies w/ the Sveriges Riksbank for using the Prize to push a discredited story of how banking works.
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Unbeatable: Tsipras' letter ends with a massive Freudian slip: "Thanking you for our cooperation, Alexis Tsipras"
http://t.co/zQirgvedqb
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Here's the full two-part symposium on The Currency of Politics in
@EuropeanLawOpen
in all its glory, including my attempt to respond to all these brilliant readers!
Thanks so much again to everyone involved, not least
@ajmenend
& the ELO editorial team.
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Georgetown is hosting an unintendedly timely book talk this Monday! Matthew Specter on his new history of IR realism as a product of German-American struggles over Weltpolitik.
March 14, 12:30, hybrid:
PS:
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If you are worried the Civil War will be forgotten, here is the solution.
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Happy publication week to
@adam_tooze
for Shutdown!
I was fortunate to read a version of the ms earlier this year and am still in awe about the book's soaring curiosity and its ability to draw connections: b/w countries and balance sheets but above all b/w power and expertise.
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“The political problem of mankind is to combine three things: economic efficiency, social justice, and individual liberty.”
Who wrote it? Rawls or Keynes?
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@BeedrillHive
@jvtklooster
Ah yes I have long been terrified by the moral hazard exerted by these willy nilly global pandemics.
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One of the exciting unintended consequences of Princeton‘s shared ReCAP book depository w/ Columbia and the NYPL is that they often accidentally send you precious treasures like this. First edition copy of The Problem of the Rupee w/ Ambedkar’s original dedication!
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Beautiful cephalopod coins from (I believe) Eretria and Syracuse!
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Really looking forward to joining
@katforrester
and
@zeithistoriker
this afternoon to talk about Keynes, time, and money! Would be great to see folks if you’re free at 4pm today
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Einen Riesendank an das tolle Team der Hamburger Edition und den herausragenden Übersetzer Felix Kurz! Könnte nicht glücklicher sein.
Jetzt schon vorbestellbar und dann ab dem 23.10. verfügbar!
Auf der Verlagsseite gibt es auch eine kleine Leseprobe:
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Come join us tomorrow in the
@Georgetown
Political Theory Speaker Series for a panel discussion on the political thought of Judith Shklar with a stellar set of presenters and discussants.
February 9, 11am - 1pm ET, Georgetown University, Car Barn Suite 110
DM me for a zoom link
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Like everyone else on HPT twitter this week I’ve been admiring Felix Waldmann’s (
@F_Waldmann
) extraordinary scholarship and discovery. What a feat!
It all makes sense to me. Can anyone who read the Two Tracts ms (1660) ever have thought Hobbes was *not* on L’s mind at Oxford?
Du nouveau sur la lecture de Hobbes par Locke (source : TLS)
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Mit der Veröffentlichung der deutschen Übersetzung des Buchs als _Die Währung der Politik_ lohnt es sich das schöne ZEIT Gespräch mit Oliver Weber nochmal zu posten.
Hier der Link zum Buch, gerade bei der Hamburger Edition (
@hh_edition
) erschienen:
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This great
@adam_tooze
piece on eurodollars opens w/ Blair in 2005: "I hear people say we have to stop & debate globalisation. You might as well debate whether autumn should follow summer.”
2018: Turns out both globalization & the weather are political!
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"An economic transaction is a solved political problem.”
-- Abba Lerner, 1972
(h/t
@alexxdouglas
's wonderful piece on Spinoza, money, and desire in the European Journal of Philosophy earlier this year)
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Very excited to be in conversation with
@sanjaygreddy
&
@EmmaFlemingPark
about The Currency of Politics at
@TheNewSchool
on March 21.
Many thanks to
@sandiptodg
for organizing!
PS: Solidarity w/ the New School Part-Time Faculty
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If only Britain still had some export industries left to benefit from the fall in the pound...
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Well said! I'd only add that many if not most of Keynes's students during the 1930s were socialists of various kinds, and that this fed into some of the strategic choices he made in the General Theory.
Time for my most controversial opinion expressed this week: the relationship between Keynes and the rest of left wing economics is more complex than a lot of commentators generally let on.
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*The Currency of Politics* has now been included in the PUP summer sale this week (June 21-28)!
50% off with code "PUP22"
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@Fehlermaker
@adam_tooze
The key sobering point is that political money is not necessarily democratic money. Instead a more democratic monetary system is only one kind of politics, indeed a rare & demanding one. So depoliticization is de-democratization but also: not all politicization is democratization
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Love Robert Paul Wolff's account of what he sees himself to be doing
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While the internet is amused by the Hegel interpretation of the German health minister (who happens to hail from my home town), German twitter is fighting over whether this is not really a line from Friedrich Engels paraphrasing Hegel.
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😱
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Extremely excited to receive my advance copy of Charly Coleman’s brilliant excavation of eighteenth-century French Catholic economic theology, the latest amazing addition to our
@stanfordpress
series on “Currencies: New Thinking for Financial Times”
@konings_martijn
@fewstein
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Terrific piece by
@konings_martijn
on the shared blind spot of financial instability and class politics in both old (center-left) and new (neoliberal) Keynesianism.
Sent me back to Minsky’s great Keynes book from 1975.
'Financial institutions produce volatility in the course of their normal operations. Instability – loss of liquidity, non-payment, outright failure – is endemic, not exceptional.'
Martijn Konings (
@konings_martijn
) on Alan Blinder and US economic policy.
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Very happy to report that there will be a German translation of THE CURRENCY OF POLITICS which will appear with *Hamburger Edition* (
@hh_edition
), the wonderful publishing house of the Hamburg Institute for Social Research
What a lovely home for the book!
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Though worth adding that Hayek hoped it would be banks that could help to de-democratize money. That faith had become untenable by 2008 when it was too obvious that “private” banks are in fact tightly linked to central banks. As a result cryptobugs looked to algorithms instead.
.
@stefeich
has a great essay on the history of Bitcoin’s politics which links it back to the work of Friedrich Hayek.
It’s shocking that there are people who consider themselves on the left but who regularly parrot this crap in arguing for the necessity of crypto.
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Keynes in 1926 when asked to define whig and radical:
"A whig is a perfectly sensible Conservative. A radical is a perfectly sensible Labourite. A Liberal is anyone who is perfectly sensible. Yours, &c,
J. M. KEYNES"
Glad that's settled!
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Many thanks
@dominicburbidge
for this excellent review! Very perceptive, & building up to some key questions.
I actually agree that the historical excavation does not itself imply more democratic monetary ideas, though I do consider it a necessary step for starting the debate.
My review essay of Professor
@stefeich
's stimulating new book "The Currency of Politics: The Political Theory of Money from Aristotle to Keynes"
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Bitcoin remains an Asian mania, arguably an Asian middle class mania. Even China's recent clampdown only meant that by now it is Japan, South Korea and Vietnam that account for nearly 80% of bitcoin trading activity globally.
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I wrote something on central bank independence ... or why we should rather ask “Independence from what?”
Next up in our Roundtable on Central Bank Independence: Stefan Eich (
@stefeich
), "Independence from What?"
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@PrincetonUPress
Here is a short 🧵 on the book:
One of the book’s key questions is: How can we democratize money?
But also: Why are we so afraid of the political malleability of money? What makes money so tricky for democracies? And what links political theories of money to moments of crisis?
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Last night was a very special evening for me. _Die Währung der Politik_ was officially launched in Hamburg at the
@hh_edition
/
@his_hamburg
!
I’m deeply grateful to
@AufAnfang
for the lovely intro & great discussion, and to Isabell Trommer & the team for this wonderful translation
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The first review of
@adam_tooze
’s _Crashed_ is out!
@martinwolf_
on the book’s mindboggling research, its far-reaching global narrative, and its many simultaneously spinning wheels that all work together to reframe the Financial Crisis as one of those great crises of modernity.
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When inflation will eventually go down (as energy markets & supply chains start to ease again) central bankers will clap each other on their shoulders & award themselves Paul Volcker Memorial Prizes. But it will have been a costly mirage just to protect the post-1970s narrative.
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This is an extremely productive and powerful line of thought: we need to recognize that post-Crisis central banks have become de facto asset managers and market makers. This predestines central banks to become agents of long-term public investment.
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This is the Lukács statue in Budapest that will be removed. Not a brazen celebration of power but a bow to human frailty and the mind
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Rather than having to choose between legitimacy-enhancing regulation or ‘let it burn’ laissez faire, shouldn’t economic and ecological vandalism that is clearly socially harmful be taxed out of existence?
"In aftermath of collapse of FTX, authorities should resist urge to create a legal and regulatory framework for crypto. It is far better to do nothing, and just let crypto burn." Cecchetti and Kim Schoenholtz PRECISELY the line I took on Onesandtooze
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We have a new book out in March in our SUP series & it's a banger!
@konings_martijn
Eli Jelly-Schapiro
MOMENTS OF CAPITAL: World Theory, World Literature
Credit to
@stanfordpress
for the amazing Gerhard Richter cover!
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“Banking stands revealed as a part of the state masquerading as part of the private sector.” 🫡
@martinwolf_
in the
@FT
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Looking forward to this!
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Now that it’s online: A huge thanks to the
@AJPS_Editor
editorial team and the absolutely incredible anonymous reviewers who all made working on this a rare joy!
And thank you to all the friends, readers and audiences who shaped the paper along the way.
Expedience and experimentation: John Maynard Keynes and the politics of time by Stefan Eich is now available in Early View.
@stefeich
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Out in August! Crashed,
@adam_tooze
's latest book on the Great Recession. What a joy to be part of this conversation between Yale and Columbia. Confident to say that the book will change how we think of the global politics of the crisis and where to go from here
Crashed: How a Decade of Financial Crises Changed the World - Out August 2018 -
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Ever wondered what money has to do with onomatopoetic ululations and why MLK got it right? My piece on Aristotle, nomisma, and monetary reciprocity is now out in _Political Theory_! Deeply grateful to the many people who helped me with it over the years.
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"Robert Shiller, the Yale economist who wrote Irrational Exuberance, sees the demand for bitcoin arising from the same sort of anxieties about modern life that helped elect Donald Trump as US president."
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@PrincetonUPress
I’ll leave it here and invite everyone to follow me on my time travel through the wormholes that connect monetary crises.
As one of the book’s guides, John Maynard Keynes, put it: “Money is, above all, a subtle device for linking the present to the future.”
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Today's issue of DIE ZEIT carries a long interview with me on my new book on the political theory of money.
The brilliant
@OliverBWeber
asked me about intellectual histories of money, the paradoxes of depoliticization, and the future of democracy.
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Du Bois celebrating his 25th birthday in Berlin: some Schubert, letters home, a ceremonial "sacrifice to the Zeitgeist" at midnight, a date in Potsdam, and then dinner with Greek wine, cocoa, and oranges. Quite a day!
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To be fair, the ad does capture the dynamic of a Ponzi scheme quite well...
This was basically an ad for a pyramid scheme and it just ran on TV with no warnings like they were selling laundry detergent or car insurance.
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