“Eichengreen’s purpose is to provide a brief history of the international monetary system. In this, he succeeds magnificently. Globalizing Capital will become a. Globalizing Capital: A History of the. International Monetary A major theme of Barry Eichengreen’s accessible history of the internationa etary system since. Economist Barry Eichengreen offers great insights into the workings of the system from in the second edition of Globalizing Cap.
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Smaller economies, on the other hand, were tossed to the wind. No trivia or quizzes yet. The design of a regime must ensure that economic relations among nations promote their self-interests.
The problem, even if this were a true constraint on monetary expansion which there is reason to doubtwas eliminated by the Glass-Steagall Act of 27 Februarywhich permitted government bonds eichegreen Federal Reserve portfolios to serve as collateral against the note issue.
Feb 08, Bryce rated it really liked glogalizao. For instance, the IMF does not seem to have made a big difference in coordinating currency stability, but the US was able to achieve it in Europe through large and sustained loans.
On the other hand, governments apparently valued their past reputation more than investors actually cared about. The bank provided attendees with complimentary copies of books written by conference speakers.
Paperbackpages. Your name Your email Friend’s name Friend’s email Message. Review “Praise for the first edition: Globalizing Capital will become a classic. I did find the extensive discussion of the European attempts at monetary integration prior to the euro somewhat long winded.
Here again I could have used some theoretical grounding. Explore the Home Gift Guide. By the mids, the British eichenvreen become the world’s predominant economy, so thus it insisted on doing commerce with the pound.
The author demonstrates that the pre World War I gold standard with its currencies pegged to gold was a historically specific institution. Amazon Eicehngreen allows you to run promotional giveaways in order to create buzz, globailzao your audience, and attract new followers and customers. Other themes of the work are less compelling. Eichengreen recognizes that at the domestic level, no policy consensus may exist. The answer is no, according to the historical record.
This, however, had its costs. I had been hoping for a tight and sharp history, particularly an explanation of the workings of the gold standard, something like an extended profile in “The Economist” magazine.
Globalizing Capital: A History of the International Monetary System by Barry Eichengreen
We’ve been funding our insatiable appetite to consume with household savings from Asia. I’m rather distressed about the implications. Thus, the gold standard led to artificially contracting the economy, which harmed many groups in it. See and discover other items: Pages with related products. More generally, if the US turns its back on the global order, China will be well positioned to take the lead on reforming the rules of international trade and investment.
Please wait, fetching the form. This made international trade possible on a larger scale. Show More Contact Us. Excellent book for Monetary Economy fans. MB rated it did not like it Aug 02, Learn more about Amazon Giveaway. Read reviews that mention gold standard exchange rates bretton woods monetary system globalizing capital exchange rate international monetary great depression woods system central banks floating exchange barry eichengreen developing countries great book flow of money capital flows currency exchange pegged exchange economic history history of the international monetary.
Customers who viewed this item also viewed. Still, it seems a bit odd to me that the preface frames the ups and downs the narrative describes as more or less the outcome of a single class struggle. Capital flows of investment and speculative funds from one country to another are not like the trade in goods.
Globalizing Capital: A History of the International Monetary System
The main take-home messages for me were these. However, the book suggests that this was a mistake; speculation is more limited by fundamental shifts than imagined and when those fundamentals are bad, the crises will occur regardless of the standard.
Praise for the first edition: Share your thoughts with other customers. He is a regular monthly columnist for Project Syndicate.
Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate
This time, I think a big part of it was just that the subject matter is relatively narrow, and much of the mechanistic content is implicit in related issues that Eichengreen doesn’t see fit to explain.
A bit turgid, this academic history of international banking and the gold standard gave me a lot of perspective on banking and how it came to be globalzao way it is now. So too is capital mobility, allowing the efficient allocation of foreign investment and spurring global economic growth. Please try again later. Interesting review, but not told in a very engaging way for people that are not economists myself, for example.
And once globxlizao lost faith in a country’s ability and willingness to defend their currency, capital mobility exacerbated the currency’s weakness, rather than mitigating that weakness as it had during the gold standard when government defense of convertibility was a given. Apr 08, Erin rated it liked it. The gold standard was an “accident of history” according to the author, the result of England’s unilateral decision to adopt only gold convertibility for the pound in the early nineteenth century.
Fortuitously, I ended up actually reading it because the narrow subject matter it does tackle is something I needed to learn about for another project. Amazon Inspire Digital Educational Resources.