In Central Bank Capitalism: Monetary Policy in Times of Crisis, Joscha Wullweber provides a compelling analysis of the evolving role of central banks in the global financial system. The book presents a thought-provoking argument that, since the 2008 financial crisis, central banks have taken on an increasingly interventionist role, not only stabilizing financial markets but effectively becoming the primary institutions sustaining economic order. Through the concept of “central bank capitalism,” Wullweber contends that central banks, originally designed as technocratic institutions with limited mandates, have become the ultimate arbiters of financial stability in a world where governments are reluctant to engage in expansive fiscal policy.

The book is structured around the idea that the global financial system has remained in a near-constant state of crisis since 2008, primarily due to the expansion of shadow banking and the increasing reliance on unconventional monetary policies such as quantitative easing. Wullweber argues that central banks now operate in a hybrid space between monetary and fiscal policy, fundamentally altering the nature of economic governance. He traces this transformation by examining both theoretical and empirical dimensions, drawing on governance studies, financial history, and critical political economy.