Date: 2 June 2026

Venue: C110, School of Management

Topic: Money Captial: New Monetary Principles for a More Prosperous Society

In his lecture entitled *Money Captial: New Monetary Principles for a More Prosperous Society*, Huang Haizhou began by addressing the foundational tenets of monetarism. He examined the pioneering 1965 work by Friedman and Schwartz, highlighting the shortcomings of monetarism’s core arguments. Subsequently, Huang Haizhou put forward the core thesis of the lecture: money is a *stock* issued by the state, rather than a *bond* as understood in traditional monetary economics. Huang then integrated this framework with corporate finance theory, arguing that the consequences of increased state money supply fundamentally depend on whether the newly issued money flows into projects with a positive net present value. Concluding the lecture, Huang discussed monetary sovereignty within the macro framework of international political economy, calling for a re-examination of the internationalisation of the renminbi and the monetary policy framework.

Speaker’s Profile: Huang Haizhou, renowned economist and member of the Monetary Policy Committee of the People’s Bank of China