1. Introduction: the ‘new macroeconomic consensus’ arrives in China -- 2. A bank-dominated financial system -- 3. Targets: why money and credit? -- 4. Transmission: inside the banking black box -- 5. Instruments: the evolution of policy strategy -- 6. Conclusion

Inflation, the state and economic policy -- The long 1950s -- "External balance" and the counter-inflationary imperative -- Inflation and the keynesianism of restraint -- From the "battle for the banks" to the "credit sqeeze" : monetary policy in the long 1950s -- The long 1970s -- From bretton...