Globalizing Capital
A History of the International Monetary System - Third Edition
3rd Edition
Published on 23. September 2019
320 pages
978-0-691-19458-5 (ISBN)
Description
Essential reading for understanding the international economy-now thoroughly updated
Lucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history-from the classical gold standard to today's post-Bretton Woods "nonsystem." Bringing the story up to the present, this third edition covers the global financial crisis, the Greek bailout, the Euro crisis, the rise of China as a global monetary power, the renewed controversy over the international role of the U.S. dollar, and the currency war. Concise and nontechnical, and with a proven appeal to general readers, students, and specialists alike, Globalizing Capital is a must-read for anyone who wants to understand where the international economy has been-and where it may be going.
Lucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history-from the classical gold standard to today's post-Bretton Woods "nonsystem." Bringing the story up to the present, this third edition covers the global financial crisis, the Greek bailout, the Euro crisis, the rise of China as a global monetary power, the renewed controversy over the international role of the U.S. dollar, and the currency war. Concise and nontechnical, and with a proven appeal to general readers, students, and specialists alike, Globalizing Capital is a must-read for anyone who wants to understand where the international economy has been-and where it may be going.
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Book
08/2019
3rd Edition
Princeton University Press
€37.50
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Person
Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. He is the coauthor of How Global Currencies Work: Past, Present, and Future and the author of The European Economy since 1945 (both Princeton).
Content
- Cover
- Title Page
- Copyright Page
- CONTENTS
- Preface
- 1 Introduction
- 2 The Gold Standard
- Prehistory
- The Dilemmas of Bimetallism
- The Lure of Bimetallism
- The Advent of the Gold Standard
- Shades of Gold
- How the Gold Standard Worked
- The Gold Standard as a Historically Specific Institution
- International Solidarity
- The Gold Standard and the Lender of Last Resort
- Instability at the Periphery
- The Stability of the System
- 3 Interwar Instability
- Chronology
- Experience with Floating: The Controversial Case of the Franc
- Reconstructing the Gold Standard
- The New Gold Standard
- Problems of the New Gold Standard
- The Pattern of International Payments
- Responses to the Great Depression
- Banking Crises and Their Management
- Disintegration of the Gold Standard
- Sterling's Crisis
- The Dollar Follows
- Managed Floating
- Conclusions
- 4 The Bretton Woods System
- Wartime Planning and Its Consequences
- The Sterling Crisis and the Realignment of European Currencies
- The European Payments Union
- Payments Problems and Selective Controls
- Convertibility: Problems and Progress
- Special Drawing Rights
- Declining Controls and Rising Rigidity
- The Battle for Sterling
- The Crisis of the Dollar
- The Lessons of Bretton Woods
- 5 After Bretton Woods
- Floating Exchange Rates in the 1970s
- Floating Exchange Rates in the 1980s
- The Snake
- The European Monetary System
- Renewed Impetus for Integration
- Europe's Crisis
- Understanding the Crisis
- The Experience of Developing Countries
- Conclusions
- 6 A Brave New Monetary World
- The Asian Crisis
- Emerging Instability
- Global Imbalances
- The Euro
- International Currency Competition
- 7 A Decade of Crises
- From Subprime Crisis to Global Financial Crisis
- Greece's Crisis
- The Grexit Option
- Europe's Crisis
- Currency Wars
- China and the International System
- Digital Future
- 8 Conclusion
- Glossary
- References
- Index
