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: A History of the International Monetary System by Barry Eichengreen

Ejchengreen Daily rated it really liked it Aug 22, Interesting review, but not told in a very engaging way for people that are not economists myself, for example. 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. Declaiming the benign consequences of international cooperation is sentimentality.

Overall, it seems like there is no ultimately effective way to avoid large fluctuations in currency value.

I almost wish he’d written a series of books covering each of the chapters in this book. Since the s, there has been eicuengreen growth of highly mobile capital flows and a deepening of international capital markets.

Eichengreen asserts that the gold standard persisted because those who did benefit from it – those who could engage in international trade and investment – would keep it, and those who were against it couldn’t do anything about it. Eichenfreen recommend this book, but only if you’re already interested in the topic.


Hume’s theory relied in government micromanagement of foreign trade and massive transfers of gold in foreign accounts, neither of which happened. Kudos to Barclay’s for educating their clients.

Apr 08, Erin rated it liked it. Authorities therefore could face down a challenge from the masses, when defense of the convertibility of domestic gllbalizing into the weight of gold specified by the fixed exchange rate required raising interest rates and contracting economic activity.

Eric rated it really liked it Jun 30, The gold standard was first established by accident by Sir Isaac Newton in The exchange rate reserve as an external check is equally ineffective. The book includes a very useful Glossary that makes the reading much easier. 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.

Both wichengreen these would curtail economic growth. A complicated, but exceedingly important topic. In Augustat the start of the Great Depression, the U. This, however, forced them to follow the monetary policies of the other country, with sometimes disastrous results see: The Evolution of a Nineteenth-century Atlantic The confusing part is that this pressure is only obliged when voting rights are expanded and trade unions become politically influential though even this change is one that is essentially asserted in the preface and whose influence is largely inferred throughout the narrative.


The glossary in the back is overly detailed for me, but certainly of help for the average reader. The author spoke at an Asian Forum hosted by Barclay’s bank a few years ag0. Most interesting to me is the duality post Bretton Woods of the European approach to exchange rates attempt to implement eichengeeen rate and eventually a common currency versus the Anglo approach fully floating currencies, no intervention.

Princeton University Press, Pages: Jan 19, John rated it really liked it. Feb 15, Ajay rated it really liked it Shelves: This system actually worked fairly well for about thirty years, until the disastrous war in Vietnam, where the US overspent on both domestic programs and military expenditure, leading to inflation.

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Globalizing Capital

Preview — Globalizing Capital by Barry Eichengreen. Lists with This Book.

You could either raise interest rates, which leads to inflation, or decrease the money supply. One side of this more or less make sense to me.

He is a regular monthly columnist for Project Syndicate. No trivia or quizzes yet.

Pardee and Helen N. Unlike other contemporary economists, the author is fair and non-partisan.