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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Zeeshan rated it it was amazing Mar 04, 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.

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. This, however, had its costs. Mark Pasewark rated it liked it Sep 03, This resulted in the monetary system we have today. One of the capjtal 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 globalixing be attributed to human caprice.

Barry Eichengreen, Globalizing Capital

I totally recommend it for Economy students in the undergraduation. Most of t Eichengreen does a great job in explaining this complicated subject.

There are no discussion topics on this book yet. He is a regular monthly columnist for Project Syndicate. 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.


Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over eichenhreen past years. What isn’t as obvious to me is who the strict sacrifices made to uphold the gold standard are meant to please.

Globalizing Capital will become a classic. Princeton University Press, Pages: He is the recipient of a doctor honoris causa from the American University in Paris, and the recipient of the Schumpeter Prize from the International Schumpeter Society. From the beginning of our history tomost of the European world operated on a gold-backed currency.

This was also concurrent with advances in transportation and communication, like steam power and the telegraph. Thereafter, demand for gold coin and certificates soared, reflecting domestic fear of devaluation and speculative purchases of sterling, as the incoming Roosevelt administration raised doubts about its commitment to the existing gold parity. Then there are cases 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 globaliziny recent factors of a bitter war.

Other editions – View all Globalizing Capital: 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.

Hume’s theory relied in government micromanagement of foreign trade and massive transfers of gold in foreign accounts, neither of which happened. There is clearly a collective action problem at work in the system. If you’re at all interest in the international monetary system I highly recommend this book.


Globalizing Capital

Want to Read Currently Reading Read. MB rated it did not like it Aug 02, The capjtal also convinced me that the arguments of the ‘gold bugs’ — as to why we need to go back t 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.

Thus, the gold standard led to artificially contracting the economy, which harmed many groups in it. Thanks for telling us about the problem. Gglobalizing trivia or quizzes yet. Unlike other contemporary economists, the author is fair and non-partisan. Approximately as dense as the point which expanded into the big bang, but very informative. It isn’t entirely clear to me what the optimal cooperation scenario here with look like or how it would be superior to the absence of a consistent trend; devaluation seems to be a country specific strategy applied to deal with internal problems.

Unimpeded inflows of capital can lead to inflation and outflows to recession. The gold standard as an internal check doesn’t work. When the era ended, the controls had been eroded by the emergence of liquid international financial markets.

It’s ingenious and intellectually appealing, but unfortunately it didn’t explain what happened.

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