“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. Eichengreen, B.: Globalizing Capital: a. System. IX, pp. Princeton Univer. US $ Barry Eichengreen at his best: his lat international monetary system.

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Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. Globalization glutted Europe with metals and increased the scale of international financial trading and investment along with the rest of trade. Although the standard proved deflationary until the mids, this deflation does not seem to have stifled economic growth.

To ask other readers questions about Globalizing Capitalplease sign up. Businesses, due to the higher interest rates, would be unable to earn credit and debtors have to pay more interest on their loans. Unlike other contemporary economists, the author is fair and non-partisan.

The book includes a very useful Glossary that makes the reading much easier. The author spoke at an Asian Forum hosted by Barclay’s bank a few years ag0. One side of this more or less make sense to me. The bank provided attendees with complimentary copies of books written by conference speakers.

Barry Eichengreen, Globalizing Capital

A History of the International Monetary Systemsupplies a negative answer. Overall, it seems like there is no ultimately effective way to avoid large fluctuations in currency value.

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. The gold standard as an internal check doesn’t work. Books by Barry Eichengreen. Nov 05, Nick Geiser rated it it was amazing Shelves: His book, Globalizing Capital: Capiral of currencies were influenced by the principles of supply and demand of the usage of those currencies.


And on a few occasions, Eichengreen provides “rational” explanations for investor behavior that conventional wisdom suggests is something like a collective punishment for a lack of fiscal discipline.

Globalizing Capital: A History of the International Monetary System

Kudos to Barclay’s for educating their clients. Preview — Globalizing Capital eichebgreen Barry Eichengreen. Then gold would flow back out if people can’t afford it. Apr 08, Erin rated it liked it. Bob rated it it was amazing Nov 28, So this is a narrative history walking through the steps and crises not of the international finance system in general, but of the gold standard or lack thereof.

An excellent, clearly-written history of 20th century international finance and introduction to international finance for the novice reader. Trade was disrupted, foreign investments globalizzing liquidated. It begins in the early s in Europe, and remains focused there and on the United States until more or less the s, at which point it finally expands to discuss Asia and the largest South American economies.

Zeeshan rated it it was amazing Mar 04, Second, I got a much clearer idea of what preceded the gold standard and how that transition occurred.

It’s a very good book filled with interesting history about how globalizlng manage their monetary policy in relation to each other. Selgin, George Capitwl by EH.

His most recent books are Exorbitant Privilege: It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates.

What could a country do to prevent this? No wonder economics is called the “dead science”.

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 golbalizing partners. 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.


Eichengreen’s work demonstrates that insights into the international monetary system and effective principles for governing it 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.

Globalizing Capital: A History of the International Monetary System

Want to Read saving…. It’s ingenious and intellectually appealing, but unfortunately it didn’t explain what happened. I’m always wishing books like this were more mechanistic than narrative. You could either raise interest rates, which leads to inflation, or decrease the money supply. This was also concurrent with advances in transportation and communication, like steam power and the telegraph.

The voters may well favor demand-management approaches to structural alternatives for avoiding financial instability; but this preference has globbalizing to do with special-interest politics standing in the way of desirable structural reforms than with sound economic theory.

My library Help Advanced Book Search. The pre-war gold standard, the interwar chaos, the Great Depression, the Bretton Woods system, the emergence of the Euro, the current financial markets, the US-China trade imbalances, among others, are all explained in this money saga. This, however, had its costs. None of capittal original solutions, raising interest rates or unemployment, were politically acceptable, and so the exchange rate limitations were abandoned in Jun 07, Ben Newton rated it really liked it.

That said, I definitely got what I wanted in terms of background and examples on the gold standard for my current project. Nor is it altogether obvious that the international gold standard promoted internal macroeconomic instability.