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“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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Eichengreen Limited preview – I’ll certainly admit that if I had taken the time to review the macroeconomic concepts involved here, which I have learned at least twice before, I probably would’ve gotten more out of the book.

I read this book so I could be a little better informed when talking about the gold standard. The philosopher David Hume first came up with a theory to explain this. Interesting review, but not told in a very engaging way for people that are not economists myself, for example. Want to Read saving….

The Canadian case is again relevant here, for Canada had little difficulty maintaining its gold standard until while avoiding financial crises without the help of a central bank, even while experiencing massive capital inflows. Today pegging exchange rates would require very radical reforms of a sort that governments are eichenngreen reluctant to embrace. Then gold would flow back out if people can’t afford it.

Hume’s theory globalizinv in government micromanagement of foreign trade and massive transfers of gold in foreign accounts, neither of which happened.

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. They could either let the exchange rate float, and let ‘come what may’, or they could peg their currency to one globalizzing the other big currencies. 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.


Gkobalizing was disrupted, foreign investments were liquidated. Paperbackpages.

Twentieth-century voters might never have developed a taste for accommodative monetary policies had non-democratic governments of previous centuries not set a precedent for such policies by reshaping monetary arrangements to serve their own fiscal ends. Account Options Sign in.

Globalizing Capital

A complicated, but exceedingly important topic. But we should not forget the context: The Evolution of a Nineteenth-century Atlantic On the Verge of a Big Bang?

Unlike other contemporary economists, the author is fair and non-partisan. My library Help Advanced Book Search. General, International, or Comparative Time Period s: Eichengreen’s history is dense, but still fairly accessible.

There are no discussion topics on this book yet. I lean toward those explanations in general but had never heard one applied to this question. He is a regular monthly columnist for Project Syndicate.

Barry Eichengreen, Globalizing Capital

I recommend this book, but only if you’re already interested in the topic. Lists with This Book. Eichengreen makes frequent allusion to the fact that countries could easily devalue their currency without setting off the spiral of exchange rate drops if gllbalizing just did it together, but apparently that has essentially never happened.

This made international trade possible on a larger scale. I almost wish he’d written a series of books covering each of the chapters in this book. He made a mistake in calculating the prices of silver and gold and their ratios in currency, driving silver out of circulation and thus leaving England with a gold-backed currency.


Zeeshan rated it it was amazing Mar 04, The glossary in the back is overly detailed for me, but certainly of help for the average reader.

Globalizing Capital: A History of the International Monetary System by Barry Eichengreen

So this book was provided free of charge. Globalizing Capital will become a classic. Bob rated it it was amazing Nov 28, What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governmentswere relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment.

Preview — Globalizing Capital by Barry Eichengreen.

It is largely compelling, thought-provoking, highly informative, and a pleasure to read. It was, consequently, far more vulnerable to speculative collapse than its prewar counterpart.

It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. It’s a very good book filled with interesting history about how countries manage their monetary policy in relation to each other.