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

Pardee and Helen N. Account Options Sign in. You could either raise interest rates, which leads to inflation, or decrease the money supply. Trade was disrupted, foreign investments were liquidated. In this, he succeeds magnificently.

Now Capitak Eichengreen presents a brief, lucid book that tells the story of the international financial system over the past years.

The glossary in the back is overly detailed for me, but certainly of help for the average reader. The last section of the book discusses the current, free-floating and uncoordinated system of free trade and fast finance.

Starting from the early days of the markets’ globalization in the late 19th century, he traces the transformation and the trial an error of the different international monetary systems. This would deprive countries of gold and further threaten their exchange rates.

The gold standard as an internal check doesn’t work. 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.


Big economies could tolerate changes in the exchange rate, like the United States. 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.

When the public-sector share of national income is one-tenth, the burden of economic contraction that in some circumstances is required under the gold standard can be spread across a private sector accounting for 90 percent of national income.

Just a moment while we sign you in to your Goodreads account. Again, that grounding is something he warns up front I needed to bring to the table and I didn’t, so I have no one to blame but myself.

The answer is no, according to the historical record. So this book was provided free of charge. May 21, Paulo O’Brien rated it liked it. The Euro experiment and how we don’t know yet if it’s going to work is also an interesting case study, but the author also points out the advantages of the European currency and why eichengreeb became an alternative to the Dollar so fast. Brad rated it really liked it Jul 15, The advantages and disadvantages of a pegged currency are very well illustrated for the Argentinian case.

Today pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. Usually, the problem is that I want mechanistic hypotheses that the available data can’t evaluate.


That being said, Eichengreen did a masterful job. The book includes a very useful Glossary that makes the reading much easier. A History of the International Monetary System. If you’re at all interest in the international monetary system I highly recommend this book.

The book traces the evolution of preferences for different kinds of exchange-rate arrangements by countries against the background of swings in the behavior of their exchange rates. Eichengreen’s history is dense, but still fairly accessible. Want to Read Currently Reading Read. Want to Read saving…. I initially shelved this to read on the hoped-for assumption that it was a more ambitious book than it is.

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

Globalizing Capital: A History of the International Monetary System

If not, what would be the broader goal of a coordinated strategy? The Evolution of a Nineteenth-century Atlantic Today glboalizing exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. The confusing part is that this pressure is only obliged when voting rights are expanded and trade unions become politically influential though even this change is one that is essentially asserted in the preface and whose influence is largely inferred throughout the narrative.