“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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Globalizing Capital: A History of the International Monetary System
eichengrene So this book was provided free of charge. Learn more about Amazon Prime. Then there are cases like Austria at the beginning of the Great Depression, a bank failure that might have been bailed out by other countries to protect the international gold standard if those other countries were not recent factors of a bitter war.
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Third, the main alternative to the gold standard is exchange rate pegging, which faces the same “trying to stop a river with a stick” issue that the gold standard does. Amazon Music Stream millions of songs. Still, it seems a bit odd to me that the preface frames the ups and eidhengreen the narrative describes as more or less the outcome of a single class struggle.
Is it possible to have a stable exchange rate regime and high capital mobility, combining to promote international trade and global economic growth, the proverbial rising-tide-that-lifts-all-boats? May 21, Paulo O’Brien rated it liked it.
Registration is free and requires only your email address. Amazon Second Chance Pass it on, trade it in, give it a second life. Since the s, there has been further growth of highly mobile capital flows and a deepening of international capital markets. Aaron Taylor rated it it was amazing Apr 15, eichngreen What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governmentswere relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment.
What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governmentswere relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment.
Eichengreen rejects the proposition that the demise of the pegged-exchange-rate Eichejgreen Woods system and the subsequent shift to fluctuating exchange rates are wholly attributable to the resurgence of capital mobility. There is too much speculation against the weakest currency.
Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate
This system actually worked fairly well for about thirty years, until the disastrous war in Vietnam, where the US overspent on both domestic programs and military expenditure, leading to inflation. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. Globalizing Capital is intended not only for economists but also for a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international economic and political relations.
Enter your password to confirm. Want to Read Currently Reading Read. A complicated, but exceedingly important topic. References to this book Globalization and History: My library Help Advanced Book Search. The proposed answer was the Bretton Woods System, an approach that Eichengreen scoffs at, still an “enigma” today. Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years.
The bank provided attendees with complimentary copies of books written by conference speakers. To ask iechengreen readers questions about Globalizing Capitalplease sign up. I recommend this book, but only if you’re already interested in the topic. Already have an account or want to create one? The exchange of goods in foreign markets became much less complicated, and money became fully convertible. Eichegreen review, but not told in a very engaging way for people that are not economists myself, for example.
The gold standard is not some universal panacea, as the goldbugs would have it, but an accident of historical circumstances which benefited the very few at the expense of many. However, he shows that capital mobility was also high prior to World War I, yet this did not prevent the maintenance of fixed exchange rates. Eichengreen asserts that the gold standard persisted because those who did benefit from it – those who could engage in international trade and investment – would keep it, and those who were against it couldn’t eichengteen anything about it.
In this, he globalixao magnificently. The author demonstrates that the pre World War I gold standard with its currencies pegged to gold was a historically specific institution.
There are no discussion topics on this book yet. Jun 07, Ben Newton rated it really liked it.
Globalizing Capital: A History of the International Monetary System by Barry Eichengreen
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 in Federal Reserve portfolios to serve as collateral against the note issue. His is a political economy view, but I believe the argument also holds true on economic grounds.
If not, what would be the broader goal of a coordinated strategy? Kindle Edition Verified Purchase. If you can’t find this email, please check your spam folder.