First published more than a decade ago, Globalizing Capital remains an indispensable Written by renowned economist Barry Eichengreen, this classic book. Globalizing Capital has ratings and 18 reviews. Barry Eichengreen hace uno de los recuentos más completos sobre la evolución del sistema monetaria. Globalizing Capital: A History of the. International Monetary A major theme of Barry Eichengreen’s accessible history of the internationa etary system since.

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The answer is no, according to the historical record. The study traces the changing face of international monetary regimes: This resulted in the monetary system we have today.

So this is a narrative history walking eihengreen the steps and crises not of the international finance system in general, but of the gold standard or lack thereof. The Euro experiment and how we don’t know yet if it’s going to work is also an interesting case study, but the author also points out the advantages of the European currency and why it became an alternative to the Dollar so fast.

A History of the International Monetary System. Brad rated it really liked it Jul 15, Eichengreen recognizes that at the domestic level, no policy consensus may exist. Eichengreen notes the capittal of exchange-rate behavior in each monetary regime with contemporaneous developments in world capital markets.

Globalizing Capital: A History of the International Monetary System

I recommend this book, but only if you’re already interested in the topic. Then gold would flow back globalizkng if people can’t afford it. Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace.

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 eichengreeen a broad interest in international economic and political relations.


I almost wish he’d written a series of books covering each of the chapters in this book. In any case, Eichengreen’s analysis is far more detailed than my sketch, and he lays his arguments out very convincingly.

echengreen Want to Read saving…. Want to Read Currently Reading Read. Pardee and Helen N. 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. International cooperative organizations can be useful but only if they are backed by sufficient capital and have the major players on board.

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

Most interesting to me is the duality post Bretton Woods of the European approach to exchange globalizinb attempt to implement fixed rate and eventually a common currency versus the Anglo approach fully floating currencies, no intervention. Bob rated it it was amazing Nov 28, Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years.

Open Preview See a Problem? I initially shelved this to read on the hoped-for assumption that it was a more ambitious book than it is.

View all 3 comments. The implication seems undeniable: Protectionism seems like a tempting option, but the s show why that isn’t the best option.

Eichengreen asserts that the gold standard persisted because those who did benefit from it – those who could engage in international trade and investment – would keep it, and those who were against it couldn’t do anything about it. A complicated, but exceedingly important topic. So this book was provided free of charge. He made a mistake in calculating the prices of silver and gold and their ratios in currency, driving silver out of circulation and thus leaving England with a gold-backed currency.


Throughout, Eichengreen stresses the crucial role of international cooperation in preserving monetary regimes. One side of this more or less make sense to me. Since the s, there has been further growth of highly mobile capital flows and a deepening of international capital markets.

In this, he succeeds magnificently. Authorities therefore could face down a challenge from the eichengrsen, when defense of the convertibility of domestic currencies into the weight of gold specified by the fixed exchange rate required raising gglobalizing rates and contracting economic activity. Very recommended if you want to learn about this important topic. That being said, Eichengreen did a masterful job. In Augustat the start of the Great Depression, the U.

They could either let the exchange rate float, and let ‘come what may’, or they could peg their currency to one of the other big currencies.

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. Just as gold losses in to did not force the United States harry devalue, had they occurred in to in response to a hypothetical monetary expansion, they also would not have done so.