The Rapporto sulla Federconsorzi (Report on the Italian Confederation of Agricultural Unions), published in 1963, is one of Manlio Rossi-Doria’s better known works. The book prompted widespread debate, not only among agricultural economists but, even more, in the national political arena. The...

Building on the view that financial systems from contract and trading structures through regulation are artifacts of law and politics, this paper analyzes the fundamental reasons for the observed hierarchy in all financial systems. Why are financial systems hierarchical? The answer offered here...

Contribution to the panel session at the Hoover Institution conference on “Frameworks for Monetary Policy for the Next Century,” May 30, 2014.