“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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This made international trade possible on a larger scale. Already have an account or want to create one?

Pardee and Helen N. Learn more about Amazon Prime. It took me a while to read it because I had to read it in small bites globalizap keep everything from blurring together. Try the Kindle edition and experience these great reading features: The imbalance only grew as Washington printed dollars to fund major social programs and fight the war in Vietnam.

I read this book so I could be a little better informed when talking about the gold standard. A lot of details, very thorough. There is glbalizao much speculation against the weakest currency.

Globalization with Chinese Characteristics

Starting from the early days of the markets’ globalization in the late 19th century, he traces the transformation and the trial an error of the different richengreen monetary systems. Eichebgreen Taylor rated it it was amazing Apr 15, Amazon Renewed Refurbished products with a warranty. In Western Europe, after the failure of the European Snake of the s and the disappointments of the European Monetary System of the s and early s, the countries of the European Union are engaged in an effort to form a monetary union centered on Germany, with what success the next few years will reveal.

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He is a regular monthly columnist for Project Syndicate. No wonder economics is called the “dead science”. MB rated it did not like it Aug 02, Just a moment while we sign you in to your Goodreads account.

The rub is that high capital mobility tends to undermine stable, eichengrwen currency exchange rates. View all 3 comments. When the public-sector share of national income is one-tenth, the burden of economic contraction that in some circumstances is required under the gold standard can be spread across a private sector accounting for 90 percent of national income.

Levels of international trade grew to unprecedented levels, in proportion and in scale. The introduction of capital controls and a drastic decline in capital flows after marked the interwar period.

Throughout, Eichengreen stresses the crucial role of international globa,izao in preserving monetary regimes. Brilliant, accessible review of global monetary history since the late 19th century. I’m always wishing books like this were more mechanistic than narrative.

Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate

At times, political instability itself seems to be more influential than either competing policy might be. And, in a sense, Eichengreen seems to argue that world political and economic leaders have been searching in vain for a full century now for a system that worked as well as the gold standard, at least from the perspective of promoting trade, stable exchange rates and capital mobility. See all 19 reviews.

One side of this more or less make sense to me. My library Help Advanced Book Search. The exchange of goods in foreign markets became much less complicated, and money became fully convertible. Protectionism seems like a tempting option, but the s show why that isn’t the best option.

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Second, and related to the first, eeichengreen author notes that workers and labor groups had limited political power eichengren this period and thus could not put pressure on governments to take policy actions that staved off unemployment rather than currency devaluation, even if they had understood the relationship.

Globalizing Capital: A History of the International Monetary System by Barry Eichengreen

This, however, forced them to follow the monetary policies of the other country, with sometimes disastrous results see: Get to Know Us. As Eichengreen concludes, to understand the present diversified international monetary system, one needs to appreciate its history. The brief and volatile period following the First World War when exchange rates were allowed to float spooked treasury officials and politicians for at least a generation.

Princeton University Press, Pages: Here again Globallzao could have used some theoretical grounding. In addition to the internal forces pushing for a consistent currency value, the big problem today is that extreme currency fluctuations are thought to create exchange rate wars, in which countries globaliza to stay competitive by devaluing to counter devaluations of their trading partners.