Globalizing Capital: A History of the International Monetary System (Second Edition)

Product Details

First published more than a decade ago, Globalizing Capital remains an indispensable part of the economic literature today. Written by renowned economist Barry Eichengreen, this classic book emphasizes the importance of the international monetary system for understanding the international economy. Brief and lucid, Globalizing Capital is intended not only for economists, but also a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international relations. Eichengreen demonstrates that the international monetary system can be understood and effectively governed only if it is seen as a historical phenomenon extending from the period of the gold standard to today's world of fluctuating prices. This updated edition continues to document the effect of floating exchange rates and contains a new chapter on the Asian financial crisis, the advent of the euro, the future of the dollar, and related topics. Globalizing Capital shows how these and other recent developments can be put in perspective only once their political and historical contexts are understood.

• ISBN13: 9780691139371
• Condition: New
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Customer Reviews ::

Brilliant Study - Rufus Burgess - Upstate, NY
Barry Eichengreen's "Globalizing Capital" (2ed) succinctly fits 140 years worth of history about the international monetary standard in 232 pages. This is a heroic feat to say the least. His analysis covers each monetary system in roughly equal proportions. "Globalizing Capital" is just one of the many outstanding works in Eichengreen's long, and notable, career.

Eichengreen begins by explaining why the gold standard was never a true gold standard and why it institutions prevented chaos rather than 'pure economics.' He then explains why the interwar gold standard caused the Great Depression (Please read "Golden Fetters" for a more in-depth explanation). After that is a detailed examination of why Bretton Woods I never really worked and why it was doomed to fail. He finishes with an examination of what is now considered Bretton Woods II and the changing nature of domestic exchange rate regimes.

Eichengreen comes to the startling conclusion that with increased global capital flows floating exchange rates are (mostly) inevitable. However, this can have extremely dangerous effects on developing markets that are not prepared to liberalize their capital account. This leaves developing countries vulnerable to the inevitable push towards globalization.

Eichengreen ends his tale with a warning about US debt and an examination of the Euro. He views the burgeoning US debt as problematic for Bretton Woods II and the Euro as an unlikely model for other regional blocks to emulate.

Unfortunately, the 2ed came out shortly before the Financial Crisis of 2008. For anyone interested in Eichengreen's views regarding the financial crisis and the international push for stimulus please go to Voxeu and read "A Tale of Two Depressions" (Amazon will not allow me to post the link).

"Globalizing Capital" is a great work for anyone interested in the financial history of the world.

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