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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Authorities therefore could face down a challenge from the masses, when defense of the convertibility of domestic currencies into the weight of gold specified by the fixed exchange rate required raising interest rates and contracting economic batry. Williamson Limited preview – Capital controls freed the authorities from these unwanted consequences, but because controls are never watertight, and eventually became unenforceable, they were no answer to the weakened commitment in modern societies to pegged exchange rates.


Globalizing Capital: A History of the International Monetary System

Since World War I, however, universal suffrage and the rise of a politically robust labor movement have constrained the ability of government authorities to elevate external over internal stability.

Eichengreen here traces a history of money from tlobalizing mids to today. Excellent book for Monetary Economy fans. Will demand a second reading shortly, but the first reading nonetheless added greatly to my understanding of the tides of global finance capitla the 20th century and to the ways in which international economic and monetary trends impacted the politics of the 20th century.

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Eichengreen’s work demonstrates that insights into the international monetary system and effective principles for governing it can result eichhengreen if it is seen a historical phenomenon extending from the gold standard period to interwar instability, then to Bretton Woods, and finally to the post period of fluctuating currencies.

Feb 15, Ajay rated it really liked it Shelves: 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.

The period of American predominance led to the rise of the so-called ‘Bretton Woods’ system, named after the hotel in which it was planned in New Hampshire. For instance, the IMF does not seem to have made a big difference in coordinating currency stability, but the US was able to achieve it in Europe through large and sustained loans.

Unlike other contemporary economists, the author is fair and non-partisan. Apr 08, Erin rated it liked it. 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. Refresh and try again. Then gold would flow back out if people can’t afford it.

Globalizing Capital: A History of the International Monetary System 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. Is that all there is to it? View all 3 comments. In any event, if the condition existed, it did so only during the five months from October through February Taylor Daily rated it really liked it Aug 22, His is a political economy view, but I believe the argument also holds true on economic grounds.


It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other.

On the other hand, governments apparently valued their past reputation more than investors actually cared about. Trade was disrupted, foreign investments were liquidated. What are the pros and cons of a shared global eichengreeen analogous to the Euro?

Approximately as dense as the point which expanded into the big bang, but very informative.

A lot of details, very thorough. References to this book Globalization and History: When the public-sector share of national income is one-tenth, the burden of economic contraction that in some circumstances is required under the gold standard can be spread across a private sector globalkzing for 90 percent of national income.

The fear that speculation could overwhelm real value in the economy seems to have been misguided. Globaizing most recent books are Exorbitant Privilege: The gold standard as an internal check doesn’t work.

This, however, forced them to follow the monetary policies of the other country, with sometimes disastrous results see: