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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The author spoke at an Asian Forum hosted by Barclay’s bank a few years ag0.

Fortunately, the author provides a very useful glossary of key terms and many footnotes but it takes quite a bit of attention to wade through this stuff. The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar. Smaller economies, on the other hand, were tossed to the wind. International cooperative organizations can be useful but only if they are eichenfreen by sufficient capital and have the major players on board.

The eicgengreen standard as an internal check doesn’t work. None of the original solutions, raising interest rates or unemployment, were politically acceptable, and so the exchange rate limitations were abandoned in Mark Pasewark rated it liked it Sep 03, The period of American predominance led to the rise of eichengeeen so-called ‘Bretton Woods’ system, named after the hotel in which it was planned in New Hampshire.

Barry Eichengreen, Globalizing Capital

In Western Europe, after the failure of the European Snake of the s and the disappointments of the European Monetary System of the s and early s, the countries of the European Union are engaged in an effort to form a monetary union centered on Germany, with what success the next few years will reveal.


A complicated, but exceedingly important topic. Just to grow the money supply in general? Jan 30, Noelle rated it liked it.

There are no discussion topics on this book yet. It begins in the early s in Europe, and remains focused there and on the United States until more or less the s, at which point it finally expands to discuss Asia and the largest South American economies. As Eichengreen concludes, to understand the present diversified international monetary system, one needs to appreciate its history. I almost wish he’d written a series of books covering each of the chapters in this book.

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

The money supply would rise with a high volume of trade, and inflation would set in, causing the price of goods and services to rise. Kudos to Barclay’s for educating their clients. I initially shelved this to read on the hoped-for assumption that it was a more ambitious book than it is. MB rated it did not like it Aug 02, This time, I think a big part of it was just that the subject matter is relatively narrow, and much of the mechanistic content is implicit in related issues that Eichengreen doesn’t see fit to explain.

Prices of currencies were influenced by the principles of supply and demand of the usage of those currencies. Zeeshan rated it it was amazing Mar 04, I lean toward those explanations in general but had never heard one applied to this question.

Globalizing Capital: A History of the International Monetary System

The Great Depression put a stake in its heart, as Hoover-style policies to maintain it by raising interest rates only worsened economic conditions. Since World War I, eichejgreen, universal suffrage and the rise of a politically robust labor movement have constrained the ability of government authorities to elevate external over internal stability. Can you imagine the days when the Bank of England sent clipper ships full of bullion to pay its debts to the Dutch?


His is a political economy view, but I believe the argument also holds true on economic grounds. On the Verge of a Big Bang?

Eichengreen believes that during the Great Depression deflation could not be avoided, because had central banks attempted sichengreen inject liquidity into financial markets to bail out banks in globalkzing they might have violated the statutes requiring them to hold a minimum ratio of gold to their liabilities p.

Williamson Limited preview – Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years.

Globalizing Capital

By Januarythanks to gold inflows after Augustthe stock exceeded its initial level. Is it even possible for a coordinated strategy to provide those fixes?

It took me a while to read it because I had to read it in small bites to keep everything from blurring together. Fortuitously, I ended up actually reading it because the narrow subject matter it does tackle is something I needed to learn about for another project.