“Eichengreen’s purpose is to provide a brief history of the international monetary system. In this, he succeeds magnificently. Globalizing Capital will become a. Globalizing Capital: A History of the. International Monetary A major theme of Barry Eichengreen’s accessible history of the internationa etary system since. Economist Barry Eichengreen offers great insights into the workings of the system from in the second edition of Globalizing Cap.

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Most 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.

Start reading Globalizing Capital on your Kindle in under a minute. Apr 08, Erin rated it liked it. 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. Since World War I, however, universal suffrage and the rise of a politically robust labor movement have constrained the globalizo of government authorities to elevate external over internal stability.

Eichengreen’s work demonstrates that insights into the international monetary system and effective principles for governing globapizao can result only 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.

May 21, Paulo O’Brien rated it liked it. 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. It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other.


The book includes a helpful glossary of economic terms and the target audience feels to be undergraduate economics majors. The gold standard as an internal check doesn’t work.

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This book is not that, unfortunately. Fixed exchange rates and unfettered capital mobility, after all, characterized the gold-standard regime.

Globalization with Chinese Characteristics

From the beginning of our history to globzlizao, most of the European world operated on a gold-backed currency. View all 3 comments. That being said, Eichengreen did a masterful job. As Eichengreen concludes, to understand the present diversified international monetary system, one needs to appreciate its history.

Registration is free and requires only your email address. Written by renowned economist Barry Eichengreen, this classic book emphasizes the importance of the international monetary system for understanding the international economy.

Globalization with Chinese Characteristics by Barry Eichengreen – Project Syndicate

Fernando Espinosa rated it liked it Jan 10, We appreciate well-informed comments and welcome your criticism and insight. It’s ingenious and intellectually appealing, but unfortunately it didn’t explain what happened. Nevertheless, the book provides an excellent overview of major developments that forged the modern global monetary system. There’s a problem loading this menu right now. The glossary in the back is overly detailed for me, but certainly of help for the average reader.

Past, Present, and Future. Capital is indeed globalized, as necessitated by the need to support foreign exchange in a sane way. Get fast, free shipping with Amazon Prime. The gold standard was abandoned in all but name, and currency could ‘float’ within a narrow band of values tied to the US dollar. Businesses, due to the higher interest rates, would be unable to earn credit and debtors have to eichentreen more interest on eichegnreen loans.

In this, he succeeds globlizao. Amazon Second Chance Pass it on, trade it in, give it a second life. This Time Is Different: The last section of the book discusses the current, free-floating and uncoordinated system of free trade and fast finance.


The introduction of capital controls and a drastic decline in capital flows after marked the interwar period. Features of the gold standard era were the high level of international capital mobility and the freedom from controls of international financial transactions. First, the domestic macroeconomic impact of monetary and fiscal policy was poorly understood. Zeeshan rated it it was amazing Mar 04, I would love for the author to write something like this and expound on each subject a little bit more.

The bank provided attendees with complimentary copies of books written by conference speakers. The conditions for this gold eichengrden did not exist after Eichengreen rejects the proposition that the demise of the pegged-exchange-rate Bretton Woods system and the subsequent shift to fluctuating exchange rates are wholly attributable to the resurgence of capital mobility.

Its central bank stood ready to take action to ward off any financial threats to the eichegreen standard. Very nice, as described fast delivery.

Please provide more details about your request. This work is extremely well referenced with a truly astounding number of sources, both in the footnotes and in the bibliography at the end. Will demand a second reading shortly, but the first reading nonetheless 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.

This resulted in the monetary system we have today.