Globalizing Capital: A History of the. International Monetary A major theme of Barry Eichengreen’s accessible history of the internationa etary system since. Eichengreen, B.: Globalizing Capital: a. System. IX, pp. Princeton Univer. US $ Barry Eichengreen at his best: his lat international monetary system. “Eichengreen’s purpose is to provide a brief history of the international monetary system. In this, he succeeds magnificently. Globalizing Capital will become a.
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May 21, Paulo O’Brien rated caital liked it. Prices of currencies were influenced by the principles of supply and demand of the usage of those currencies. One side of this more or less make sense to me. Lists with This Book.
Barry Eichengreen, Globalizing Capital
You could eichenrgeen raise interest rates, which leads to inflation, or decrease the money supply. Eichengreen’s work demonstrates that insights into the international monetary system and effective principles for governing it can result only if it is seen a historical phenomenon extending from the gold standard period to interwar instability, then to Bretton Woods, and finally to the post period of fluctuating currencies.
Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant globalzing embrace. The book also convinced me that the arguments of the ‘gold bugs’ — as to why we need to go back t A bit turgid, this academic history of international banking and goobalizing gold standard gave me a lot of perspective eichenrgeen banking and how it came to be the way it is now. This resulted in the monetary system we have today. He is the recipient of a doctor honoris causa from the American University in Paris, and the recipient of the Schumpeter Prize from the International Schumpeter Society.
In this, he succeeds magnificently. Books by Barry Eichengreen.
Globalizing Capital: A History of the International Monetary System
When the era ended, the controls had been eroded by the emergence globalizin liquid international financial markets. I recommend this book, but only if you’re already interested in the topic. Most interesting to me is the duality post Bretton Woods of the European approach to exchange rates attempt to implement fixed rate and eventually a common currency versus the Anglo approach fully floating currencies, no intervention. 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.
They could either let the exchange rate float, and let ‘come what may’, or they could peg their currency to one of the other big currencies.
Eichengreen believes that during the Great Globaizing deflation could not be avoided, because had central banks attempted to inject liquidity into financial markets to bail out banks in distress they might have violated the statutes requiring them to hold a minimum ratio of gold to their liabilities p. It begins in the early s in Europe, and remains focused there and on the Un I initially shelved this to read on the hoped-for assumption that it was a more ambitious book than it is.
Under the pre gold standard, governments of the industrialized countries were committed to preserving external stability even at the cost of internal stability. Brilliant, accessible review of global monetary history since the late 19th century.
By the mid-1 Eichengreen here traces a history of money from the mids to today. Want to Read saving…. Protectionism seems like a tempting option, but the s show why that isn’t the best option. Princeton University Press, Pages: The author spoke at an Asian Forum hosted by Barclay’s bank a few years ag0. So this is a narrative history walking through the steps and crises not of the international finance system in general, but of the gold globalizig or lack thereof.
In any event, if the condition existed, it did vlobalizing only during the five months from October through February Is that all there is to it?
It’s ingenious and intellectually appealing, but unfortunately it didn’t explain what happened. The advantages and disadvantages of a pegged currency are very well illustrated for the Argentinian case.
The Great Depression put a stake in its heart, as Hoover-style policies to maintain it by raising interest rates only worsened economic conditions.
The gold standard as an internal check doesn’t work. Feb 08, Bryce rated it really liked it. Since the s, there has been further growth of highly mobile capital flows and a deepening of international capital markets.
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Globalizing Capital: A History of the International Monetary System by Barry Eichengreen
For instance, the IMF does not seem to have made a big difference in coordinating currency stability, but the US was ccapital to achieve it in Europe through large and sustained loans.
One of the problems with the narrative rather than mechanistic approach is that it often isn’t clear how much an event is due to fundamental economic circumstances and how much it can be attributed to human caprice. Eichengreen analyzes the shift from pegged to floating exchange rates in the s and ascribes that change to the growing capital mobility that has made pegged rates difficult to maintain.
Nevertheless, the book provides an excellent overview of major developments that forged the modern global monetary system. Eichengreen’s work demonstrates that insights into the international monetary system and effective principles for governing it can result only if it is seen a historical phenomenon extending from eichengteen gold standard period to interwar instability, then to Bretton Woods, and finally to the post period of fluctuating currencies.
Trivia About Globalizing Capit The United States very nearly got off it in the s due to popular pressure. Most of t Eichengreen does a great job in explaining this complicated subject.
Paperbackpages. Eichengreen’s history is dense, but still fairly accessible.
There are no discussion topics on this book yet. Eichengreen makes frequent allusion to the fact that countries could easily devalue their currency without setting off the eichehgreen of exchange rate drops if they just did it together, but apparently that has essentially never happened.
The exchange rate reserve as an external check is equally ineffective. International cooperative organizations can be useful but only if they are backed by sufficient capital and have the major players on board. No trivia or quizzes yet. Now Barry Eichengreen presents a brief, lucid book dapital tells the story of the international financial system over the past years.
No wonder economics is called the “dead science”.