“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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Password required Remember me? The book traces the evolution of preferences for different kinds of exchange-rate arrangements by countries against the eichengrern of swings in the behavior of their exchange rates.
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. Start reading Globalizing Capital on your Kindle in under a minute.
Globalization with Chinese Characteristics
Can’t say I found this book enjoyable, but am glad I waded through it. Get to Know Us.
The introduction of capital controls and a drastic decline in capital flows after marked the interwar period. The world’s leading economies wrestled with the issue again in the wake of the Second World War.
A monetary regime that requires international cooperation for it to be viable will not survive. Top Reviews Most recent Top Reviews. The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar.
Globalizing Capital: A History of the International Monetary System by Barry Eichengreen
The gold standard was finally doomed after the First World War. Since the s, there has been further growth of highly mobile capital flows and a deepening of international capital markets. Buy the selected items together This item: Jun 07, Ben Newton rated it really liked it.
The implication seems undeniable: MB rated it did not like it Aug 02, In this, he succeeds magnificently. Zeeshan rated it it was amazing Mar 04, This was also concurrent with advances in transportation and communication, like steam power and the telegraph. Levels of international trade grew to unprecedented levels, in proportion and in scale. The authorities in England without detailed market knowledge overvalued gold coin in respect to silver.
Because governments had a free hand to take whatever necessary policy steps to keep the currency in line, international investors made moves that worked as self-corrected capital flows. Fortunately, the author provides a very useful glossary of key terms and many footnotes but globqlizao takes quite a bit of attention to wade through this stuff. The main take-home messages for me were these.
Pages with related products. Today eichengrfen exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace.
Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate
The imposition of controls on capital mobility afforded them some leeway to pursue internal objectives without sacrificing the external objective. Just to grow the money supply in general? Shopbop Designer Fashion Brands. Refresh and try again. Eichengreen makes frequent allusion to the fact that countries could easily devalue their currency without setting off the spiral of exchange rate drops if they just did it together, but apparently that has essentially never happened.
Volker RittbergerBernhard Zangl No preview available – How Global Currencies Work: The story of the book is one of governments constantly feeling pressure to devalue their currency, thus increasing export competitiveness and potentially wage growth.
Businesses, due to the higher interest rates, eichenggreen be unable to earn credit and debtors have to pay more interest on their loans. So too is capital mobility, allowing the efficient allocation of foreign investment and spurring global economic growth.