There is something special about the role of ideas in money - the power of ideas does more than just shape the possible. It defines the feasible… They can mask sharp distributional conflicts. Self-confirming ideas about money bestow a legitimacy to some choices that convinces the winners they are right while muting the protests of the losers. But many of these policies, justified and sustained principally upon claims of their theoretical soundness (and superiority to other options), are of predominantly political origin and effect…. Focus on the real, differential effects of monetary phenomena clarifies the sharp politics, as opposed to the ambiguous economics, that is driving macroeconomic policy.
Jonathan Kirshner (‘Money is Politics’) - on the self-fulfilling prophecy that is belief in financial liberalisation, and why it is a political weapon
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