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Abstract:
This interview is not simple, but it is crucial. It attempts to build a bridge between two issues that are not discussed in the Chilean media. It describes financialized capitalism, dominated by huge “asset managers” who push privatization and drive housing prices up globally. The interview also describes the way central banks have used their independence to help develop these asset managers—who they are now trapped by. All this has consequences for employment and wages. It also limits governments’ policy options. The interviewee is Benjamin Braun: economist, political scientist and one of the world-leading critical voices on central bank research and financialization. Here he proposes to limit central bank independence to make them act in coordination with governments. If you’re wondering why the central bank intervenes when consumer goods prices are on the rise but doesn’t seem to react to the rise in housing prices, then you need to read this.
