{"title":"Banking's transformation and the harmful effects of too much finance","authors":"Guangdong Xu","doi":"10.1111/ecaf.70029","DOIUrl":"https://doi.org/10.1111/ecaf.70029","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"150-156"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147280113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modern Monetary Theory: The Bolshevik experiment","authors":"Nikolay Nenovsky, Kevin Dowd","doi":"10.1111/ecaf.70028","DOIUrl":"https://doi.org/10.1111/ecaf.70028","url":null,"abstract":"<p>In this article we present the monetary theory, known as the ‘Theory of the Emission Economy’, most fully formulated over a century ago by the Russian economist S. A. Falkner (1890–1938). It is strikingly reminiscent of Modern Monetary Theory. The Theory of the Emission Economy was put into practice soon after the October 1917 Bolshevik Revolution and ended in an inflationary catastrophe. Lenin himself, who at first shared its basic ideas, was eventually forced to support a monetary stabilisation based on the introduction of gold coins, the chervonets, that was completed in early 1924, and which ultimately resolved the monetary crisis along conventional monetary lines. This disastrous Bolshevik monetary experiment stands as a clear warning to modern MMT advocates who seek to implement it in a contemporary setting.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"76-98"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147280110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"UK monetary and fiscal policy since 2007: Could we have done better?","authors":"Terence Burns","doi":"10.1111/ecaf.70033","DOIUrl":"https://doi.org/10.1111/ecaf.70033","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"2-16"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147315471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The European Miracle and beyond: Essays in honour of Professor E. L. Jones Edited by Gary B. Magee and Kent Deng. Palgrave Macmillan. 2025. 267 pp. £179.99 (hbk). ISBN: 978-3031902475. £143.50 (ebk). ISBN: 978-3031902482","authors":"Michael James","doi":"10.1111/ecaf.70025","DOIUrl":"https://doi.org/10.1111/ecaf.70025","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"166-169"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147315472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Debt as a US defence spending consideration since the end of World War II. Part Two: Nixon to Biden","authors":"David Tier","doi":"10.1111/ecaf.70016","DOIUrl":"https://doi.org/10.1111/ecaf.70016","url":null,"abstract":"<p>American presidents since 1945 have deliberately considered reducing defence spending as part of a plan to shrink deficits, but they have also found there is a level of defence spending they dare not fall beneath. Using qualitative analysis, I examine the rhetoric these leaders have articulated to consider the trade-offs between the economic costs of deficit spending and the military budgets necessary to defend the nation against military threats. Part One of this study (published in <i>Economic Affairs</i>, vol. 45, no. 3) examined rhetoric through the Lyndon B. Johnson administration. Part Two examines rhetoric from the Nixon through Biden administrations, analyses the total results and, finally, sets out the contribution of this research. These results inform debates over the US national debt, deficit spending, and the mixture of spending cuts and revenue increases needed to achieve a balanced budget.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"17-40"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147268946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The attitude of the Turkish population towards markets, wealth and capitalism","authors":"Murat Çokgezen","doi":"10.1111/ecaf.70026","DOIUrl":"https://doi.org/10.1111/ecaf.70026","url":null,"abstract":"<p>Although most countries today have a capitalist economic system, people's views on capitalism and its features differ. This study aims to assess Turkish people's views on the market mechanism, wealth, and capitalism in general. Face-to-face interviews were conducted with 2011 respondents in 28 Turkish cities in 2024. The survey results show that Turkish people's views on the market mechanism, wealth, and capitalism in general are not positive. These views do not differ systematically by gender, age, education or income. The study also suggests that these attitudes may be related to the fact that the state has played an important role in Turkey's economy since its inception and has become more active since 2010.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"115-131"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147315473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"False dawn: The New Deal and the promise of recovery, 1933–1947 By George Selgin. University of Chicago Press. 2025. 384 pp. £28.00 (hbk). ISBN: 978-0226832937. £26.57 (Kindle ed.). ISBN: 978-0226838991","authors":"Forrest Capie","doi":"10.1111/ecaf.70022","DOIUrl":"https://doi.org/10.1111/ecaf.70022","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"163-165"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147288277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The political economy of central banking: A short history of the changing role of central banks. By Alessandro Roselli. Palgrave Macmillan. 2024. 348 pp. £109.99 (hbk). ISBN: 978-3031770357. £87.50 (ebk). ISBN: 978-3031770364","authors":"Gabriel Stein","doi":"10.1111/ecaf.70023","DOIUrl":"https://doi.org/10.1111/ecaf.70023","url":null,"abstract":"","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"160-162"},"PeriodicalIF":1.8,"publicationDate":"2026-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147268877","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The government–robber comparison: A long-standing tradition beyond avowed libertarianism","authors":"Brian Mandeville","doi":"10.1111/ecaf.70020","DOIUrl":"https://doi.org/10.1111/ecaf.70020","url":null,"abstract":"<p>A government differs from a robber, but they share the common feature of initiating coercion. This similarity has been noticed by libertarians as well as within a distinct scholarly tradition and as a recurring theme throughout Western philosophy. Twentieth-century political economists have employed this comparison to understand state formation and institutional behaviour. Philosophers from ancient Greece to the Enlightenment have recognised the fundamental similarities between governmental and criminal coercion in the context of examining questions of legitimacy and justice. The government–robber comparison has been an analytical tool of accepted standing throughout Western intellectual history that deserves contemporary consideration.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"41-58"},"PeriodicalIF":1.8,"publicationDate":"2025-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.70020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147315584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why is competition in the European football market failing, and what should be done about it?","authors":"Magnus Henrekson, Lars Persson","doi":"10.1111/ecaf.70024","DOIUrl":"https://doi.org/10.1111/ecaf.70024","url":null,"abstract":"<p>The European football (soccer) market increasingly funnels rents to superstar players and intermediaries while weakening competitive balance. We trace this dynamic to two forces: (<i>a</i>) technological innovation that globalised broadcasting and magnified superstar returns, and (<i>b</i>) legal rulings boosting player mobility and causing bidding wars. The 2024 Diarra ruling by the Court of Justice of the European Union further loosens transfer constraints, and will likely intensify talent concentration at ‘superclubs’. The result is soaring salaries and transfer fees, persistent financial fragility among non-elite clubs, and growing predictability of match outcomes. We evaluate reform options that preserve Europe's open-league tradition yet borrow from North American competitive-balance tools: greater revenue sharing, hard/soft salary caps, and draft-like mechanisms. These should be complemented by a ‘cartel tax’ to fund youth sport, and club-governance codes plus credible financial-sustainability rules.</p>","PeriodicalId":44825,"journal":{"name":"ECONOMIC AFFAIRS","volume":"46 1","pages":"59-75"},"PeriodicalIF":1.8,"publicationDate":"2025-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ecaf.70024","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147269001","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}