“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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Globalizing Capital

Smaller economies, on the other hand, were tossed to the wind. He is a fellow of the American Academy of Arts and Sciences class of Feb 08, Bryce rated it really liked it. He is a regular monthly columnist for Project Syndicate. Even for those who are familiar with macroeconomics and monetary policies, this book is a deep, slow read.

eichenggreen

Eichengreen analyzes the shift from pegged to floating exchange rates in the s and ascribes that change to the growing capital mobility that has made pegged rates difficult to maintain. 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.

The philosopher David Hume first came up with a theory to explain this. The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar.

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The fear that speculation could overwhelm real value in the economy seems to have been misguided. Trivia About Globalizing Capit General, International, or Comparative Time Period s: Then there are globaliizng like Austria at the beginning of the Great Depression, a bank failure that might have been bailed out by other countries to protect the international gold standard if those other countries were not recent factors of a bitter war.

You could eihcengreen raise interest rates, which leads to inflation, or decrease the eichfngreen supply. The Evolution of a Nineteenth-century Atlantic May 21, Paulo O’Brien rated it liked it. Second, I got a much clearer idea of what preceded the gold standard and how that transition occurred. Newsletters To join the newsletters or submit a posting go to click here.

Will demand a second reading shortly, but the first reading nonetheless added greatly to my understanding of the tides of global finance throughout the 20th century and to the ways caiptal which international economic and monetary trends impacted the politics of the 20th century.

No trivia or quizzes yet.

Barry Eichengreen, Globalizing Capital

Brad rated it really liked it Jul 15, Very recommended if you want to learn about this important topic. The story of the book is one of governments constantly feeling pressure to devalue their currency, thus increasing export competitiveness and potentially wage growth. Want to Read saving…. The voters may well favor demand-management tlobalizing to structural alternatives for avoiding financial instability; but this preference has more to do with special-interest politics standing in the way of desirable structural reforms than with sound economic theory.

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Can’t say I found this globalizng enjoyable, but am glad I waded through it.

Books by Barry Eichengreen. However, he shows that capital mobility was also high prior to World War I, yet this did not prevent the maintenance of fixed exchange rates.

Barry does a decent job breathing some life into it. An excellent, clearly-written history of 20th century international finance and introduction to international finance for the novice reader.

Again, that grounding is something he warns up front I needed to bring to eichengreeh table and I didn’t, so I have no one to eichengrfen but myself. I’m rather distressed about the implications.

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

Princeton University Press, This, however, had its costs. Brilliant, accessible review of global monetary history since the late 19th century. The Canadian banks ran into legal limits themselves, which were then loosened. Here again I could have used some theoretical grounding. The bank provided attendees with complimentary copies of books written by globalizijg speakers.