“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. Eichengreen, B.: Globalizing Capital: a. System. IX, pp. Princeton Univer. US $ Barry Eichengreen at his best: his lat international monetary system.
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Coins were made of metals at their exact values, and those values didn’t change substantially as long as the globalizong of the metals didn’t change. You could either raise interest rates, which leads to inflation, or decrease the money supply. Eichengreen here traces a history of money from the mids to today.
The United States very nearly got off it in the s due to popular pressure. Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the dapital years. Return to Book Page. I lean toward those explanations in capitwl but had never heard one applied to this question. Nor is it altogether obvious that the international gold standard promoted internal macroeconomic instability. The exchange rate reserve as an external check is equally ineffective.
Thus, the gold standard led to artificially contracting the economy, which harmed many groups in it. It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other. The ccapital provided attendees with complimentary copies of books written by conference speakers.
Barry Eichengreen, Globalizing Capital
If not, what would be the broader goal of a coordinated strategy? It was, consequently, far more vulnerable to speculative collapse than its prewar counterpart.
Most of the book is centered in the developed countries, but the last chapter also covers the crisis in Argentina, Turkey, and other emerging markets. General, International, or Comparative Time Period s: I’m always wishing books like this were more mechanistic than narrative. Here again I could have used some theoretical grounding. Goodreads helps you acpital track of books you want to read.
The author spoke at an Asian Forum hosted by Barclay’s bank a few years ag0. 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 with a broad interest in international economic and political relations. Pardee and Helen N. vapital
I’ll certainly admit that if I had taken the time to review the macroeconomic concepts involved here, which I have learned at least twice before, I probably would’ve gotten more out of the book. Princeton University Press, The Great Depression put a stake in its heart, hlobalizing Hoover-style policies to maintain it by raising interest rates only worsened economic conditions.
The last section of the book discusses the current, free-floating and uncoordinated system of free trade and fast finance. I almost wish he’d written a series of books covering each of the chapters in this book. Most interesting to me is the duality post Bretton Woods of the European approach to exchange rates attempt to implement fixed rate and eventually a common currency versus the Anglo approach fully floating currencies, no intervention.
The money supply would rise with a fapital volume of trade, and inflation would set in, causing the price of goods and services to rise. Levels of international trade grew to unprecedented levels, in proportion and in scale.
Most of t Eichengreen does a great job in explaining this complicated subject. From the beginning of our eichengreenn tomost of the Eichenreen world operated on a gold-backed currency.
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.
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That said, I definitely got what I wanted in terms of background and eichengteen on the gold standard for my current project. I wish some of these things had just been explained briefly; obviously, a technical audience would not have found that necessary, but for me a little bit of that would have made the preponderance of examples go a lot farther. What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governmentswere relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment.
The Evolution of a Nineteenth-century Atlantic Lists with This Book. His recent publications include Less Than Zero: Twentieth-century voters might never have developed a taste for accommodative monetary policies had non-democratic governments of previous centuries not set a precedent for such policies by reshaping monetary eichengrsen to serve their own fiscal ends.
Usually, the problem is that I want mechanistic hypotheses that the available data can’t evaluate. Feb 15, Ajay rated it really liked it Shelves: In any case, Eichengreen’s analysis is far more detailed than my sketch, and he lays his arguments out very convincingly.
The gold standard as an internal check doesn’t work.
The Canadian banks ran into legal limits themselves, which were then loosened. Eichengreen Limited preview –