World Power and World Money

Andrew Walter's study of the politics of international monetary organization evaluates the theory that the international monetary order is produced by dominant or "hegemonic" powers. He surveys monetary relations from 1870 to the present. He concludes that the "theory of hegemonic stability" is an unsatisfactory account of international monetary history, and suggests alternative explanations of past and present disorders. The book has been updated to include: the liberalization of Eastern Europe and Third World economies, the decline of Japan and the current status of EMU.