Law and Money Initiative

Law is normally regarded in orthodox economics as an external force that intervenes to facilitate and regulate market transactions which would otherwise take place. Such a perspective fails to recognise the fundamental importance of legal rules in constituting the financial system and global monetary order.

Established in 2018, the Law and Money Initiative (LMI) is a partnership between the schools of law at the Universities of Sheffield, Cornell and Manchester. LMI members aim to improve understanding of the relationship between law and money through insights derived from heterodox economics traditions, particularly Modern Monetary Theory. We explore money as a legal institution and study its contested role in modern economies.

LMI has recently established a network of scholars from across continents. LMI will continue to promote collaboration, education and scholarly research, and will develop the next-generation workforce through innovative skills training.

Our work focuses on alliance between diverse academic and industry expertise with particular emphasis placed on initiating innovative policy orientations in governance toward more equitable and sustained futures.

In establishing LMI, we hope to bring scholars and students together to develop fresh perspectives on the pressing social, political and economic issues of our times. The last decade has witnessed unprecedented upheaval in the political and economic order, as the neoliberal consensus has collapsed. LMI offers legal, regulatory and technological solutions to the challenges posed by these developments.

Dr Jay Cullen, LMI Director


Dr. Jay Cullen, University of Sheffield Law School
Dr. John D. Haskell, University of Manchester School of Law
Professor Robert C. Hockett, Cornell Law School
Mr Rohan Grey (Assistant Director), Cornell Law School JSD Candidate

Administrative team

William Bevin-Nicholls, University of Manchester School of Law
Sophie Theis, University of Manchester School of Law

Photo low angle view of London skyscrapers