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and the UMKC Economics Club

 Present

The Nature, Origins, and

Role of Money

An International Conference, Free and Open to the Public

March 31 – April 1, 2004         9:00am – 5:15pm

Plaza Room, Administrative Center, 5100 Oak Street

University of Missouri-Kansas City

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Wednesday, March 31

Welcome and Introduction: 9:00 am

Mathew Forstater, Director, Center for Full Employment and Price Stability

Session 1: 9:15-10:15 am

John Henry, Visiting Professor, UMKC; Professor, California State University-Sacramento

“The Social Origins of Money: The Case of Egypt”

Session 2: 10:30-11:30 am

Michael Hudson, Distinguished Visiting Professor of Economics, UMKC; ISLET

“The Archaeology of Money”

Session 3: 11:45-12:45 pm

Mark Peacock, Lecturer in Economics, University of Erfurt, Germany

“State, Money, Catallaxy: underlaboring for a chartalist theory of money”

Lunch 12:45-1:45 pm

Session 4: 1:45-2:45 pm

Mathew Forstater, Associate Professor, UMKC

“Taxes Drive Money: Further Evidence from the History of Thought, Economic History, and Economic Policy”

Session 5: 3:00-4:00 pm

Geoffrey Ingham, Fellow and Director of Studies in Social and Political Sciences, Christ's College, Cambridge, UK

“The Emergence of Capitalist Credit-Money”

Session 6: 4:15-5:15 pm

David Woodruff, Ford Career Development Associate Professor of Political Science, MIT

“Boom, Gloom, Doom: Balance Sheets, Monetary Fragmentation, and Financial Crisis in Argentina and Russia”

Thursday April 1

Welcome and Introduction: 9:00 am

Mathew Forstater, Director, Center for Full Employment and Price Stability

Session 7: 9:15-10:15 am

Pavlina Tcherneva, Associate Director, Center for Full Employment and Price Stability, UMKC

“Modern Money: a critical realist approach”

Session 8: 10:30-11:30 am

L. Randall Wray, Professor of Economics, UMKC

“The Credit Money and State Money Approaches”

Session 9: 11:45-12:45 pm

Scott Fullwiler, Assistant Professor of Economics and James A. Leach Chair in Banking and Monetary Economics at Wartburg College in Waverly, Iowa

“Setting Interest Rates in the Modern Money Era”

Lunch: 12:45-1:45 pm

Session 10: 1:45-2:45 pm

Stephanie Bell, Assistant Professor, UMKC

“Stateless Money and the Prospects for Stabilization in the Eurozone”

Session 11: 3:00-4:00 pm

Jan Kregel, Distinguished Professor at UMKC and High-level Financial Expert at The United Nations Conference on Trade and Development

“Money and Finance for Development”

Session 12: 4:15-5:15 pm

Rogério Studart, Economist, Inter-American Development Bank

“Financial integration, instability and macroeconomic performance in the 1990s: some possible perverse links”

Participants

Stephanie Bell has a B.S. in Business Administration (Finance concentration) and a B.A. in Economics, both from California State University, Sacramento. After finishing her undergraduate degrees, she studied at Cambridge University, where she completed an M.Phil. in Economics, while on an Rotary Scholarship. She then spent a year at The Jerome Levy Economics Institute -- a public policy institute in upstate New York -- on a fellowship she won through Christ’s College, Cambridge.  While at The Levy Institute, she wrote a number of papers that became part of her Ph.D. dissertation, which she completed at the New School for Social Research. She is currently an Assistant Professor at the University of Missouri, Kansas City and a Research Scholar at the Center for Full Employment and Price Stability (C-FEPS). Her new book (edited with Edward J. Nell), The State, The Market, and the Euro: Metallism versus Chartalism in the Theory of Money, is available through Edward Elgar Press. She has published articles in the Journal of Economic Issues, the Cambridge Journal of Economics, the Journal of Post Keynesian Economics, and the Review of Social Economy.  Her primary research interests include monetary theory, international economics, employment policy, social security, and European monetary integration.

Mathew Forstater is Associate Professor of Economics and Director, Center for Full Employment and Price Stability, Department of Economics, University of Missouri —Kansas City. Forstater previously was a Visiting Scholar at the Jerome Levy Economics Institute of Bard College (1997-1999) and taught at Bard and Gettysburg College (1992-1997), where he was the recipient of a number of teaching awards and recognitions. He received his Ph.D. (1996) in Economics from the New School for Social Research. His Ph.D. dissertation was supervised by Robert Heilbroner, author of The Worldly Philosophers. Forstater has published widely on the History of Economic Thought, Economic Methodology, Employment Policy, and Political Economy in academic journals such as The Journal of Economic Issues, Journal of Post Keynesian Economics, Review of Political Economy, Review of Social Economy, Review of Austrian Economics, Advances in Austrian Economics, Economic and Labour Relations Review, Economie Appliquée, Review of Black Political Economy, American Journal of Economics and Sociology, History of Economic Ideas, Forum for Social Economics, and The Eastern Economic Journal, as well as chapters in edited volumes and encyclopedia entries. Forstater co-edited Commitment to Full Employment (M.E. Sharpe, 2000), Reinventing Functional Finance (Elgar, 2003), and Growth, Distribution and Effective Demand (M. E. Sharpe, 2004).

Scott Fullwiler is Assistant Professor of Economics and James A. Leach Chair in Banking and Monetary Economics at Wartburg College and Research Associate at the Center for Full Employment and Price Stability.  Fullwiler was previously a Visiting Professor at Creighton University, Nebraska Wesleyan University, and the University of Missouri-Rolla.  He studied at Washington State University and Universität Bonn (Germany) prior to earning B.A. (1994) and Ph.D. (2001) degrees in economics from the University of Nebraska in Lincoln.  His dissertation on the federal funds market was written under the direction of Veblen-Commons Award recipient F. Gregory Hayden.  Fullwiler’s research has been presented at the Association for Institutional Thought (AFIT) meetings and has appeared in the Journal of Economic Issues.

John F. Henry earned his A.B. at Muhlenberg College, and his M.A. and Ph.D. at McGill University, and has been teaching at CSU Sacramento since 1970. He has also been Visiting Professor at Staffordshire University, UK and the University of Missouri, Kansas City. In addition he was Visiting Scholar at the University of Cambridge. He is the author of The Making of Neoclassical Economics (Unwin Hyman) and John Bates Clark (Macmillan), and numerous articles in the Journal of Post Keynesian Economics, Journal of Economic Issues, History of Political Economy, Review of Political Economy, History of Economics Review, Review of Social Economy among other periodicals. In his home university, he has been the recipient of the Outstanding Teacher Award and has presented the annual John C. Livingston lecture, the highest honour the university bestows. His primary research area is the history of economic thought, particularly as it pertains to the development of neoclassical theory. Currently, he is working on the relations among property rights and relations, markets, and economic theory.

Michael Hudson is an independent Wall Street financial economist. After working as a balance-of-payments economist for the Chase Manhattan Bank and Arthur Anderson in the 1960s, he taught international finance at the New School in New York. Presently, he is Distinguished Professor of Economics at the University of Missouri (Kansas City). He has published widely on the topic of US financial dominance. He has also been an economic adviser to the Canadian, Mexican, Russian and US governments. His books include Trade, Development, and Foreign Debt (Pluto, 1992, 2 vols.). He is the author of Super Imperialism.

Geoffrey Ingham is Fellow and Director of Studies in Social and Political Sciences, Christ's College, Cambridge, UK. He received a doctorate in sociology in the Faculty of Economics and Politics, Cambridge, in the 1960s and later spent twenty-five years there teaching sociology to economists. His book, Capitalism Divided? (1984) on the development of the British economy had popular as well as academic influence. He has worked on a social and political theory of money for several years and a new book, The Nature of Money, Blackwell Publishing, 2004. He is visiting UMKC as the Bernardin-Haskell lecturer.

Jan Kregel is Professor in the Department of Economics of the Universitý degli Studi di Bologna and Adjunct Professor of International Economics in the Johns Hopkins University Paul Nitze School of Advanced International Studies where he has also served as Associate Director of its Bologna Center from 1987-90. He received his Ph.D. from Rutgers University in 1970 under the supervision of Paul Davidson. Professor Kregel was also trained by Joan Robinson and Nicolas Kaldor at Cambridge University in the U.K. He has held permanent and visiting positions in universities in the United Kingdom, the United States, the Netherlands, Belgium, France, Germany and Mexico. He is a Life Fellow of the Royal Economic Society (U.K.), an Elected member of the Societý Italiana degli Economisti, and a member of the American Economic Association. Professor Kregel is currently serving as High Level Expert in International Finance and Macroeconomics in the New York Liaison Office of the United Nations Conference on Trade and Development (UNCTAD). Jan A. Kregel is associated with the Center for Full Employment and Price Stability at the University of Missouri Kansas City where he teaches as Distinguished Research Professor of Economics.

Mark Peacock has held teaching and research posts at the Universities of Sussex, Lancaster and Cambridge (the last of which awarded him a Ph.D. which he wrote under Tony Lawson's supervision in 1996) and at Witten/Herdecke University, Germany. Since Oct. 2000 he has been a lecturer at Erfurt University where he is a member of the Staatswissenschaftliche Fakultät. He has published work in Constitutional Political Economy, Journal of Post Keynesian Economics, Review of Social Economy, Review of Political Economy, Cambridge Journal of Economics, History of the Human Sciences and Journal for the Theory of Social Behaviour. His research interests include: philosophical and methodological issues in economics; selected themes in the history of economic thought (ancient economic thought, Marx, Keynes); economic analyses of politics and the state. His recent publications include: 'On political competition: Democracy, opinion and responsibility', Constitutional Political Economy vol.15, forthcoming; 'No methodology without ontology: Reorienting economics', Journal of Economic Methodology, forthcoming; 'State, Money, Catallaxy: Underlabouring for a Chartalist Theory of Money', Journal of Post Keynesian Economics vol. 26 (2), , pp. 205-226; and 'The moral economy of parallel currencies: an analysis of local exchange trading systems', American Journal of Economics and Sociology vol. 63, forthcoming.

Rogério Studart is Financial Economist in the Inter-American Development Bank. He holds a PhD in Economics from University of London (1992), from which he received the Alfred Eichner award for the best thesis in the area of Monetary and Financial Economics in 1992 for his PhD dissertation, supervised by Victoria Chick. From 2000 to 2002, he worked for the United Nations Economic Commission for Latin America and the Caribbean, and from 1993 to 2000, he was Associate Professor of Macroeconomics (1993-2000), at the Universidade Federal do Rio de Janeiro, and a consultant for the United Nations and World Bank - among others. He has specialized in the field of development finance, having written a book, entitled Investment Finance in Economic Development, published by Routledge, London, UK; was co-author of "Teoria Monetária e Financeira", published by Editora Campos, Sao Paulo, Brazil; published chapters in 12 other books and 12 articles in this field in scientific journals in the US, Europe and Latin America - such as the Journal of Economics and Finance (US), Journal of Post-Keynesian Economics (US), Review of Political Economy (UK), Revista Investigacion Economica (Mexico), Revista de la CEPAL (Chile) and Revista de Economia Politica (Brazil).

Pavlina Tcherneva is Associate Director for Economic Analysis at the Center for Full Employment and Price Stability, and a Ph.D. student in Economics at the University of Missouri-Kansas City. Tcherneva received two BA degrees with honors in Economics and Mathematics from Gettysburg College, Pennsylvania (May 1997). In her Economics thesis she focused on the government as an employer of last resort and developed a mathematical framework for full employment and zero inflation. Her Mathematics thesis dealt with topics from Combinatorics, Game Theory in particular. After completing her undergraduate studies, Tcherneva joined the Jerome Levy Economics Institute as a winner of a national competition for the Research Fellowship at the Levy Forecasting Center. Successful forecasts include the late 90s slowdown in capital equipment spending, spurt in office construction, and the recession in Brazil. Tcherneva's research interests further include monetary theory, public policy, and the Argentinean economy.

David Woodruff is Associate Professor of Political Science at MIT. He has worked largely on the political economy of contemporary Russia, with some forays into work on tsarist Russia and contemporary Argentina and Poland. Other research interests include financial history, theories of economic institutions, the history of the social sciences (especially of economics and the division of labor between economics and other disciplines), and philosophy and methodology of social science. He is the author of Money Unmade: Barter and the Fate of Russian Capitalism (Cornell University Press, 1999) and articles in Politics & Society and Studies in Comparative International Development. He is at work on a book entitled Negotiable Balance: Money and Corporate Stock Between Law and Markets

L. Randall Wray is Professor of Economics at the University of Missouri-Kansas City, a Senior Research Associate at the Center for Full Employment and Price Stability, as well as a visiting Senior Scholar at the Jerome Levy Economics Institute of Bard College. He was a student of Hyman P. Minsky while at Washington University in St. Louis where he earned his Ph.D. in economics (1988). Professor Wray has focused on monetary theory and policy, macroeconomics, and employment policy. Wray"s research has appeared in numerous books and journals including Journal of Post Keynesian Economics, Journal of Economic Issues, Review of Political Economy, Review of Social Economy, Eastern Economic Journal, Challenge, Economies et Societés, Monnaie et Production, The Economic and Labour Relations Review, The Durell Journal of Money and Banking, International Papers in Political Economy, Coyuntura Agropecuaria, Social Science Perspectives Journal, Social Justice, Commercio Exterior, and Political Economy: Studies in Surplus Approach. He is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998), and Money and Credit in Capitalist Economies (Elgar 1990), and is the editor of Credit and State Theories of Money: the contributions of A. Mitchell Innes (Elgar 2004).

For further information, call 816-235-5835.