Researcher: Professor Jay Cullen
Law is normally regarded in orthodox economics as an external force that intervenes to facilitate and regulate market transactions which would otherwise take place. Such a perspective fails to recognise the fundamental importance of legal rules in constituting the financial system and global monetary order.
Established in 2018, the Law and Money Initiative (LMI) is a partnership with the schools of law at Cornell and Manchester. LMI members aim to improve understanding of the relationship between law and money through insights derived from heterodox economics traditions, particularly Modern Monetary Theory. We explore money as a legal institution and study its contested role in modern economies.