• June 19, 2019

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. “Eichengreen’s purpose is to provide a brief history of the international monetary system. In this, he succeeds magnificently. Globalizing Capital will become a.

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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. Then gold would flow back out if people can’t afford it.

Globalizing Capital

One of the problems with the narrative rather than mechanistic approach is that it often isn’t clear how much an event is due to fundamental economic circumstances and how much it can be attributed to human caprice. No trivia or quizzes yet. On the other hand, governments apparently valued their past reputation more than investors actually cared about.

Fortunately, the author provides a very useful glossary of key terms and many footnotes but it takes quite a bit of atte Disclaimer: Eichengren United States very nearly got off it in the s due to popular pressure.

Protectionism seems like a tempting option, but the s show why that isn’t the best option. It begins in the early s in Europe, and remains focused there and on the Un I initially shelved this to read on the hoped-for assumption that it was a more ambitious book than it is.


Fernando Espinosa rated it liked it Jan 10, The advantages and disadvantages of a pegged currency are very well illustrated for the Argentinian case. The book traces the evolution of preferences for different kinds of exchange-rate arrangements by countries against the background of swings in the behavior of their exchange rates.

After the war, nobody was willing to agree with the system not even the British and Frenchand the United States was hiding in isolationism. Similar comments in the book are that if other countries during the interwar period had supported the exchange rate of the nation in distress, economic conditions would not have deteriorated so badly p.

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

Fixed exchange rates and unfettered capital mobility, after all, characterized the gold-standard regime. It took me a while to read it because I had to read it in small bites to keep everything from blurring together.

I initially capigal this to read on the hoped-for assumption that it was a more ambitious book globallzing it is. The pre-war gold standard, the interwar chaos, the Great Depression, the Bretton Richengreen system, the emergence of the Euro, the current financial markets, the US-China trade imbalances, among others, are all explained in this money saga. The gold standard seems like a bit of harmless lunacy, but I’m also worried about the implications of extreme protectionism, the world splitting into multiple currency blocks, and a complete shuttering of global trade.

Other editions – View all Globalizing Capital: Most of t Eichengreen does a great job in explaining this complicated subject. Eichengreen Limited preview – Is it even possible for a coordinated strategy to provide those fixes? 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. Want to Read saving…. Even for those who are familiar with macroeconomics and monetary policies, this book is a deep, slow read.


And on a few occasions, Eichengreen provides “rational” explanations for investor behavior that conventional wisdom suggests is something like a collective punishment for a lack of fiscal discipline. Just a moment while we sign you in to your Goodreads account.

Zeeshan rated it it was amazing Mar 04, Instead, speculators could commit arbitrage by buying gold where it was cheaper due to a decline in the exchange rate for whatever reasonand selling it where it was more expensive. To see what your friends thought of this book, please sign up. Big economies could tolerate changes in the exchange rate, like the United States.

Return to Book Page. This resulted in the monetary system we have today. International cooperative organizations can be useful but only if capitak are backed by sufficient capital and have the major players on board.