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Globalizing Capital: A History of the International Monetary System

3.77 of 5 stars 3.77  ·  rating details  ·  157 ratings  ·  12 reviews

First published more than a decade ago, "Globalizing Capital" remains an indispensable part of the economic literature today. Written by renowned economist Barry Eichengreen, this classic book emphasizes the importance of the international monetary system for understanding the international economy. Brief and lucid, "Globalizing Capital" is intended not only for economists
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Paperback, 265 pages
Published November 1st 2008 by Princeton University Press (first published September 30th 1996)
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Hadrian
Eichengreen here traces a history of money from the mid-1800s to today. A complicated, but exceedingly important topic.

From the beginning of our history to 1914, most of the European world operated on a gold-backed currency. The gold standard was first established by accident by Sir Isaac Newton in 1717. 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. By the mid-1
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Juan-Pablo
Eichengreen does a great job in explaining this complicated subject. 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. 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.

Most of t
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Scott
Brilliant, accessible review of global monetary history since the late 19th century. Will demand a second reading shortly, but the first reading nonetheless added greatly to my understanding of the tides of global finance throughout the 20th century and to the ways in which international economic and monetary trends impacted the politics of the 20th century.
Ajay Menon
There's just so much to unpack in this book. I almost wish he'd written a series of books covering each of the chapters in this book. That being said, Eichengreen did a masterful job. If you're at all interest in the international monetary system I highly recommend this book.
Paulo O'Brien
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. Capital is indeed globalized, as necessitated by the need to support foreign exchange in a sane way. (Can you imagine the days when the Bank of England sent clipper ships full of bullion to pay its debts to the Dutch? Feast for pirates!) The book also convinced me that the arguments of the 'gold bugs' -- as to why we need to go back t ...more
Ben Newton
I read this book so I could be a little better informed when talking about the gold standard. It's a very good book filled with interesting history about how countries manage their monetary policy in relation to each other. That being said... it is an economics textbook. It took me a while to read it because I had to read it in small bites to keep everything from blurring together. I recommend this book, but only if you're already interested in the topic.
Avmacdoug
Excellent book on the history of international monetary systems with a detailed, educated-layman-level, exploration of the Gold Standard, Bretton Woods and current exchange rate systems and the impact that political/economic choices have on them. Very US/Euro centric, with only a bit of background on Asia.
Bryce
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). The lesson: there is no one size fits all solution to exchange rates.
Noelle
Interesting review, but not told in a very engaging way for people that are not economists (myself, for example). A lot of details, very thorough.
Erin
doesn't rise above the dryness of its subject material (a currency history), but certainly succeeds as an otherwise lucid and accurate account
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Barry Eichengreen* is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic Policy Research (London, England). In 1997-98 he was Senior ...more
More about Barry Eichengreen...
Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System Golden Fetters: The Gold Standard and the Great Depression, 1919-1939: Gold Standard and the Great Depression, 1919-39 (NBER Series on Long-Term Factors in Economic Development) Hall of Mirrors: The Great Depression, the Great Recession, and the Uses-And Misuses-Of History The European Economy Since 1945: Coordinated Capitalism and Beyond Global Imbalances and the Lessons of Bretton Woods

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