000			03509cam a2200325 i 4500
999			_c4552 _d4552
001			1633416
005			20210816112758.0
008			960403s1996 njua b 001 0 eng c
010			_a 96008084
020			_a069102880X (alk. paper)
040			_aFUE _erda _cDLC _dDLC _beng
050	0	0	_aHG3881 _b.E347 1996
082	0	0	_a332.042 _220 _bE.B.G
100	1		_aEichengreen, Barry J., _918041 _eauthor.
245	1	0	_aGlobalizing Capital : _ba history of the international monetary system / _cBarry Eichengreen.
246	3	0	_aHistory of the international monetary system
264		1	_aPrinceton, N.J. : _bPrinceton University Press, _c[1996]
264		4	_c©1996
300			_aviii, 223 pages : _billustrations ; _c24 cm.
336			_atext _btxt _2rdacontent
337			_aunmediated _bn _2rdamedia
338			_avolume _bnc _2rdacarrier
504			_aIncludes bibliographical references (pages [201]-216) and index.
505		0	_a1. Introduction -- 2. The gold standard -- 3. Interwar instability -- 4. The Bretton Woods System -- 5. After Bretton Woods -- 6. A brave new monetary world -- 7. A decade of crises -- 8. Conclusion.
520			_aThe importance of the International Monetary System is evident in the daily news stories about fluctuating currencies and in dramatic events, such as the recent reversals in the Mexican economy. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. The importance of the international monetary system is clearly evident in daily news stories about fluctuating currencies and in dramatic events such as the recent reversals in the Mexican economy. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. Now Barry Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past 150 years. "Globalizing Capital" is intended not only for economists but also for a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international economic and political relations. 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-1973 period of fluctuating currencies.Eichengreen analyzes the shift from pegged to floating exchange rates in the 1970s and ascribes that change to the growing capital mobility that has made pegged rates difficult to maintain. However, he shows that capital mobility was also high prior to World War I, yet this did not prevent the maintenance of fixed exchange rates. What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governments were relatively insulated from democratic politics and thus from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment. Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. The implication seems undeniable: floating rates are here to stay.
650		0	_aInternational finance _xHistory. _918042
650		0	_aGold standard _xHistory. _918043
942			_cBK _2ddc