“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. Eichengreen, B.: Globalizing Capital: a. System. IX, pp. Princeton Univer. US $ Barry Eichengreen at his best: his lat international monetary system.

Author: Yozshuran Kigasar
Country: Belgium
Language: English (Spanish)
Genre: Art
Published (Last): 21 March 2013
Pages: 398
PDF File Size: 1.45 Mb
ePub File Size: 20.83 Mb
ISBN: 780-2-53985-280-1
Downloads: 5608
Price: Free* [*Free Regsitration Required]
Uploader: Tule

General, International, or Comparative Time Period s: International cooperative organizations can be useful but only if they are backed by sufficient capital and have the major players on board. Eichengreen does a great job in explaining this complicated subject. Gold would flow into a country when the volume of exports exceeds the volume of imports. It’s ingenious and intellectually appealing, but unfortunately it didn’t explain what happened.

Eichengreen also tends, in my view, to overstate the extent to which democratic nations must rely upon accommodative central bank policies, unhindered by fixed exchange rates, to avoid financial and macroeconomic turmoil.

The philosopher David Hume first came up with a theory to explain this.

Account Options Sign in. Jan 19, John rated it really liked it. I’m always wishing books like this were more mechanistic than narrative. In some loose sense, of course, democratic pressures fueled the globaliznig of the international gold standard and of later schemes for pegging exchange rates. 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.


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 try to stay competitive by devaluing to counter devaluations of their trading partners.

Eichengreen Limited preview – Will eichenggeen a second reading shortly, but the first reading nonetheless added greatly to my understanding of the tides of global finance throughout the 20th century and to the ways in which international capitap and monetary trends impacted the politics of the 20th century. This would deprive countries of gold and further threaten their exchange rates.

A History of the International Monetary System. Capitao work demonstrates that insights into the international monetary system and effective principles for governing it can result only if it is seen a globaliizing phenomenon extending from the gold standard period to interwar instability, then to Bretton Woods, and finally to the post period of fluctuating currencies.

Jan 30, Noelle rated it liked eichenrgeen. 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.

Globalizing Capital: A History of the International Monetary System

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 international monetary systems. Globalizing Capital will become a classic.


May 21, Paulo O’Brien rated it liked cspital. The implication seems undeniable: Even for those who are familiar with macroeconomics and monetary policies, this book is a deep, slow read.

Globalizing Capital: A History of the International Monetary System

Tom rated it liked globalozing Feb 24, Zeeshan rated it it was amazing Mar 04, For instance, the IMF does not seem to have made a big difference in coordinating currency stability, but the US was able to achieve it in Europe through large and sustained loans. The period of American predominance led to the rise of the so-called ‘Bretton Woods’ system, named after the hotel in which it was planned in New Hampshire.

Feb glogalizing, Bryce rated it really liked it. Pardee and Helen N. The book also convinced me that the arguments of the ‘gold bugs’ — as to why we need to go back to a currency that is backed by gold — are fundamentalistic and spurious. Fernando Espinosa rated it liked it Jan 10, Other books include Globalizing Capital: Levels of international trade grew to eidhengreen levels, in proportion and in scale.

Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace.