International Economic Relations since 1945

by Catherine R. Schenk

The international economy since 1945 has endured dramatic changes in its balance of power, from the early period of prosperity for industrialised nations, to the 2008/9 global crisis. In this volume Catherine Schenk outlines these huge changes, examines how the world’s economic leaders have tried to organise and influence the international economy and presents the key frameworks in which international economic relations have developed. Focusing on the pattern of international trade, international investment and the changing organisation of the international monetary system, this volume takes a chronological approach of key time-frames, and shows how policy has impacted the balance of the international economy. Major events such as European integration in the 1960’s, the collapse of the international monetary system and oil crisis in the 1970’s the return of China to the international economy in the 1980’s and emerging market crises in the 1990s are discussed within the context of key themes including global economic and regulatory co-ordination, the role of American economic hegemony, the evolution of exchange rate policy and unequal development. International Economic Relations since 1945 is the perfect guide for all students of economic history and international history, and for those seeking to understand recent economic trends in a longer term perspective.

Genres: History, Economics, International Relations

192 pages, Paperback

First published February 25, 2011

About the author

Catherine Schenk is professor of economic and social history at Oxford University.

Reviews

[Jacob]

(Quick edited disclaimer: This is primarily an academic work but I do not necessarily rate and thing of it as such).

I do not really know how to rate this one. It is a comprehensive and very numbers heavy history on economic globalization. It's not a casual read if not already in your street. It does not present a single comprehensive narrative, but it presents you with the figures and iterates the accepted interpretations of these figures. It does what it sets out to do very well.

It definitely gave me some new insights on how globalization is not solely a current events item, but flows forth based past decision made based on past decisions. How things we tend to take for granted now (post-WW financial recovery, European economic integration, Global North-South relations and dynamics) are heavily formed by economic processes and -thinking.

Economics is a highly marketable and important way to categorize and understand current forms of socio-political order. But in my opinion also very limited - and devoid of certain things that I hold important in looking at our history and society. To be honest this book made me sad at times because of the cool calculatedness with which ideology and values were diminished to numbers in an accountant's logbook. The importance of economic logic in our system cannot be overstated but I am not sure if I am better having been (once again) made aware of this.

[xiaobao]

Fake Post-War Promises
1 Poor countries joined western post-war institutions because of the promise of stability and fairness, but it benefited the west unevenly.
2 Peace brought more trade, then opaque cross-border capital flows, wealth disparity made such flows more private-dominated, so the pegged system collapsed, finance frenzies soared.
3 Economic orthodoxy shifted by west’s needs. West states emphasized capital control initially, but once their regimes decayed toward private/rich oriented, they boasted float and free flow.
4 Human beings always swing from one extreme to another. Our grandparents clung to stability after speculation and war catastrophe, we now discuss ‘investment’ everyday.
5 Low rating mainly because I expect deeper analysis of China from a post Great Britain author who should have seen circles.