“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

Despite my reservations about some of the positions Eichengreen takes on historical and current monetary regimes, he has performed a useful service by providing a succinct characterization of the varieties of international monetary regimes that countries have adopted in recent decades in response to the rise of capital mobility. An excellent, clearly-written history of 20th century international finance eichengfeen introduction to international finance for the novice reader.

Return to Book Page. Eichengreen recognizes that at the domestic level, no policy consensus may exist. Receive our Sunday newsletter. I’m always wishing books like this were more mechanistic than narrative.

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Tom rated it liked it Feb 24, Barry does a decent job breathing some life into it. Since World War I, however, universal suffrage and the goobalizao of a politically robust labor movement have constrained the ability of government authorities to elevate external over internal stability. We want low taxes, low interest rates, a strong military, government services-a-plenty, a balanced budget, and a trade surplus.


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

This view finds no support in the case of globalizso Federal Reserve system. On the other hand, governments apparently valued their past reputation more than investors actually cared about. Or as Eichengreen cleverly puts it: Throughout, Eichengreen stresses the crucial role of international cooperation in preserving monetary regimes. The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar.

Page 1 of 1 Start over Page 1 of 1. Eichengreen and those who share his views hold that expansionary Federal Reserve action was precluded for another reason.

Other themes of the work are less compelling. So this is eichengeen narrative history walking through the steps and crises not of the international finance system in general, but of the gold standard or lack thereof. It took me a while to read it because I had to read it in small bites to keep everything from blurring together. I did find the extensive discussion of the European attempts at monetary integration prior to the euro somewhat long winded.

Pardee and Helen N. The book also convinced me that the arguments of eichengeren ‘gold bugs’ — as to why we need to go back t 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 the way it is now. There is clearly a collective action problem at work in the system.

Some small open economies have tried a currency-board arrangement as an alternative. After reading it for a history class in the first semester first edition in portuguese I read it again in the 6th semester 2nd ed in english and it made even more sense.


Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate

What isn’t as obvious to me is who the strict sacrifices made to uphold the gold standard are meant to please. This resulted in the monetary system we have today.

Most of t Eichengreen does a great job in explaining this complicated subject. Jan 30, Noelle rated it liked it. So this book was provided free of charge. The implication seems undeniable: Ships from and sold by Amazon.

Globalization with Chinese Characteristics

The story of the book is one of governments constantly feeling pressure to devalue their currency, thus increasing export competitiveness and potentially wage growth. It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other. Going back to the “good old days” of gold was not an option.

For one thing, I am told that if we melted down all the gold in the world, it would only fill up 2 olympic-size swimming pools!

Can you imagine the days when the Bank of England sent clipper ships full of bullion to pay its debts to the Dutch?