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First published more than a decade ago, Globalizing Capital remains an indispensable Written by renowned economist Barry Eichengreen, this classic book. Globalizing Capital has ratings and 18 reviews. Barry Eichengreen hace uno de los recuentos más completos sobre la evolución del sistema monetaria. Globalizing Capital: A History of the. International Monetary A major theme of Barry Eichengreen’s accessible history of the internationa etary system since.

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Capital controls freed the authorities from these unwanted consequences, but because controls are never watertight, and eventually became unenforceable, they were no answer to the weakened commitment in modern societies to pegged exchange rates. Prices of currencies were influenced by the principles of supply and demand of the usage of those currencies.

How much more so, it follows, will lack of consensus exist at the international level.

Globalizing Capital: A History of the International Monetary System

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. I read this book so I could be a globaliaing better informed when talking about the gold standard.

If you’re at all interest in the international monetary system I highly recommend this book.

The exchange rate reserve as an external check is equally ineffective. This time, I think a big part of it was just that the subject matter is relatively narrow, and much of the mechanistic content is implicit in related issues that Eichengreen doesn’t see fit to explain. I totally recommend it for Economy students in the undergraduation. The last section of the book discusses the current, free-floating and uncoordinated system of free trade and fast finance.


Globalizing Capital globalizin become a classic. Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace.

My best guess is that the gold standard prevents speculation, a mechanism for financial markets to cause otherwise-unnecessary panics and crises in the market. Books by Barry Eichengreen.

Zeeshan rated it it was amazing Mar 04, 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 cpaital discipline. The Great Depression put a stake in its heart, dichengreen Hoover-style policies to maintain it by raising interest rates only worsened economic conditions. This view finds no support in the case of the Federal Reserve system.

SchwartzNational Bureau of Economic Research.

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

I recommend this book, but only if you’re already interested in the topic. Most of the book is centered in the developed countries, but the last chapter also covers the crisis in Argentina, Turkey, and other globalizihg markets.

The study traces the changing face of international monetary regimes: The fear that speculation could overwhelm real value in the economy seems to have been misguided.


No wonder economics is called the “dead science”. Would a hypothetical expansionary monetary policy in to have driven the United States off gold? I’m rather distressed about the implications.

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. Trade was disrupted, foreign investments were liquidated. It has become increasingly cspital that one cannot understand the international economy without knowing how its monetary system operates. Paperbackpages. Mark Pasewark rated it liked it Sep 03, The answer is no, according to the historical record.

A History of the International Monetary System. This, however, forced glibalizing to follow the monetary policies of the other country, with sometimes disastrous results see: Unimpeded inflows of capital can lead to inflation and outflows to recession. For the United States and Japan the shift toward flexible exchange rates since appears sustainable, and it will likely lead smaller countries in the Western Hemisphere and Asia to tie their currencies to that of their larger neighbor.

Not only the U.