“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. Economist Barry Eichengreen offers great insights into the workings of the system from in the second edition of Globalizing Cap.

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

Learn more about Amazon Prime. The proposed answer was the Bretton Woods System, an approach that Eichengreen scoffs at, still an “enigma” today. Levels of international trade grew to unprecedented levels, in proportion and in scale. Get fast, free shipping with Amazon Prime.

Second, and related to the first, the author notes that workers and labor groups had limited political power during this period and thus could not put pressure on governments to take policy actions that staved off unemployment rather than currency devaluation, even if they had understood the relationship. Since the s, there has been further growth of highly mobile capital flows and a deepening of international capital gglobalizao.

Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years. Nov 05, Nick Geiser rated it it was amazing Shelves: The confusing part is that this pressure is only obliged when voting rights are expanded and trade unions become politically influential though even this change is one that is essentially asserted ejchengreen the preface eichengfeen whose influence is largely inferred throughout the narrative.

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Not only the U. Apr 08, Erin rated it liked it. This, however, forced them to follow the monetary policies of the other country, with sometimes disastrous results see: The implication seems undeniable: The author demonstrates that the pre World War I gold standard with its currencies pegged to gold was a historically specific institution.


The imposition of controls on capital mobility afforded them some leeway to pursue internal objectives without sacrificing the external objective. It isn’t entirely clear to me what the optimal cooperation scenario here with look like or how it would be superior to the absence of a consistent trend; devaluation seems to be a country specific strategy applied to deal with internal problems.

Globalizing Capital: A History of the International Monetary System

Because governments had a free hand to take whatever eochengreen policy steps to keep the currency in line, international investors made moves that worked as self-corrected capital flows. Brilliant, accessible review of global monetary history since the late 19th century.

The book also convinced me that the arguments of the ‘gold bugs’ eichentreen as to eichehgreen we need to go back t 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. Just to grow the money supply in general? It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other.

After the war, nobody was willing to agree with the system not even the British and Frenchand the United States was hiding in isolationism.

Eichengreen and those who share his views hold that expansionary Federal Reserve action was precluded for another reason. Write a customer review.

There’s a problem loading this menu right now. Amazon Music Stream millions of songs. Globalizing Capital will become a classic. As Eichengreen concludes, to understand the present diversified international monetary system, one needs to appreciate its history.

On the other hand, governments apparently valued their past reputation more than investors actually cared about. The design of a regime must ensure that economic relations among nations promote their self-interests.

Please note that we moderate comments to ensure the conversation remains topically relevant. I’m rather distressed about the implications. 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. Read more Read less. The Euro experiment and how we don’t know yet if it’s going eichengrene work is also an interesting case study, but the author also points out the advantages of the European currency and why it became eicnengreen alternative to the Dollar so fast.


This system actually worked fairly well for about thirty years, until the disastrous war in Vietnam, where the US overspent on both domestic programs and military expenditure, leading to inflation. Other books include Globalizing Capital: For the United States and Japan the shift toward flexible exchange rates since appears sustainable, and it will likely lead smaller countries eichenngreen the Western Hemisphere and Asia to tie their currencies to that of their larger neighbor.

Written by renowned economist Barry Eichengreen, this classic book emphasizes the importance of the international monetary system for understanding the international economy. This eichngreen, I think a big part of it was just that the subject globalisao is relatively narrow, and much of the mechanistic content is implicit in related issues that Eichengreen doesn’t see fit to explain.

Registration is free and requires only your email address. 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.

The story of the book is one of governments constantly feeling pressure to devalue their currency, thus increasing export competitiveness and potentially wage growth. I had been hoping for a tight and sharp history, particularly an explanation of the workings of the gold standard, something like an extended profile in “The Economist” magazine.