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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Bob rated it it was amazing Nov 28, Smaller economies, on gglobalizing other hand, were tossed to the wind. The bank provided attendees with complimentary copies of books written by conference speakers.

Barry Eichengreen, Globalizing Capital

Eichengreen’s history is dense, but still fairly accessible. Globalizin has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates.

Open Preview See a Problem? Globalizing Capital will become a classic. Would a hypothetical expansionary monetary policy in to have driven the United States off gold? Gold would flow into a country when the volume of exports exceeds the volume of imports.

Some small open economies have tried a currency-board arrangement as an alternative. Lists with This Book.

Globalizing Capital

The money supply would rise with a high volume of trade, and inflation would set in, causing the price of goods and services to rise. It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other.

Acpital 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.


Coins were made of metals at their exact values, and those values didn’t change substantially as long as eichengrwen value of the metals didn’t change. The story of the book eichengrern one of governments constantly feeling pressure to devalue their currency, thus increasing export competitiveness and potentially wage growth.

I lean toward those explanations in general but had never heard one applied to this question.

Hume’s theory relied in government micromanagement of foreign trade and massive transfers of gold in foreign accounts, neither of which happened. On the other hand, governments apparently valued their past reputation more than investors actually cared about.

Just as gold losses in to did not force the United States to devalue, had they occurred in to in response to a hypothetical monetary expansion, they also would not have done so. Kudos to Barclay’s for educating their clients. Other books include Globalizing Capital: The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar.

Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years. In addition to the internal forces pushing for a consistent currency value, the big problem today is that extreme currency fluctuations are thought to create exchange rate wars, in which countries try to stay competitive by devaluing to counter devaluations of their trading partners.

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

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

Globalizihg has become eichegnreen apparent that one cannot understand the international economy without knowing how its monetary system operates. My library Help Advanced Book Search. His is a political economy view, but I believe the argument also holds true on economic grounds.

Its writting is clear, precise and consider the historical aspects of the Monetary Economy pretty well. Even for those who are familiar with macroeconomics and monetary policies, this book is a deep, slow read. Eichengreen recognizes that at the domestic level, no policy consensus may exist. Gonnamakeit rated it really liked it Nov 27, Big economies could tolerate changes in the exchange rate, like the United States.

The gold standard limited the growth of the money supply and thus prevented both some amount of secular growth in the economy and monetary policy to address recessions. A History of the Eicengreen Monetary System. After the war, nobody was willing to agree with the system not even the British and Frenchand the United States was hiding in isolationism.

This, however, had its costs.

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