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Author: Eric Helleiner Publisher: Cornell University Press ISBN: 1501720724 Category : Political Science Languages : en Pages : 290
Book Description
Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes? Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations—the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.
Author: Eric Helleiner Publisher: Cornell University Press ISBN: 1501720724 Category : Political Science Languages : en Pages : 290
Book Description
Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes? Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations—the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.
Author: James Rickards Publisher: Penguin ISBN: 1591845564 Category : Business & Economics Languages : en Pages : 318
Book Description
In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself. Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.
Author: Yves Dezalay Publisher: University of Chicago Press ISBN: 0226144275 Category : Law Languages : en Pages : 347
Book Description
How does globalization work? Focusing on Latin America, Yves Dezalay and Bryant G. Garth show that exports of expertise and ideals from the United States to Argentina, Brazil, Chile, and Mexico have played a crucial role in transforming their state forms and economies since World War II. Based on more than 300 extensive interviews with major players in governments, foundations, law firms, universities, and think tanks, Dezalay and Garth examine both the production of northern exports such as neoliberal economics and international human rights law and the ways they are received south of the United States. They find that the content of what is exported and how it fares are profoundly shaped by domestic struggles for power and influence—"palace wars"—in the nations involved. For instance, challenges to the eastern intellectual establishment influenced the Reagan-era export of University of Chicago-style neoliberal economics to Chile, where it enjoyed a warm reception from Pinochet and his allies because they could use it to discredit the previous regime. Innovative and sophisticated, The Internationalization of Palace Wars offers much needed concrete information about the transnational processes that shape our world.
Author: Josh Ryan-Collins Publisher: ISBN: 9781908506542 Category : Banks and banking Languages : en Pages : 186
Book Description
Based on detailed research and consultation with experts, including the Bank of England, this book reviews theoretical and historical debates on the nature of money and banking and explains the role of the central bank, the Government and the European Union. Following a sell out first edition and reprint, this second edition includes new sections on Libor and quantitative easing in the UK and the sovereign debt crisis in Europe.
Author: Mehrsa Baradaran Publisher: Harvard University Press ISBN: 0674982304 Category : Business & Economics Languages : en Pages : 360
Book Description
In 1863 black communities owned less than 1 percent of total U.S. wealth. Today that number has barely budged. Mehrsa Baradaran pursues this wealth gap by focusing on black banks. She challenges the myth that black banking is the solution to the racial wealth gap and argues that black communities can never accumulate wealth in a segregated economy.
Author: Eric Helleiner Publisher: Cornell University Press ISBN: 0801470617 Category : History Languages : en Pages : 317
Book Description
Eric Helleiner's new book provides a powerful corrective to conventional accounts of the negotiations at Bretton Woods, New Hampshire, in 1944. These negotiations resulted in the creation of the International Monetary Fund and the World Bank—the key international financial institutions of the postwar global economic order. Critics of Bretton Woods have argued that its architects devoted little attention to international development issues or the concerns of poorer countries. On the basis of extensive historical research and access to new archival sources, Helleiner challenges these assumptions, providing a major reinterpretation that will interest all those concerned with the politics and history of the global economy, North-South relations, and international development. The Bretton Woods architects—who included many officials and analysts from poorer regions of the world—discussed innovative proposals that anticipated more contemporary debates about how to reconcile the existing liberal global economic order with the development aspirations of emerging powers such as India, China, and Brazil. Alongside the much-studied Anglo-American relationship was an overlooked but pioneering North-South dialogue. Helleiner’s unconventional history brings to light not only these forgotten foundations of the Bretton Woods system but also their subsequent neglect after World War II.
Author: Eric Helleiner Publisher: ISBN: Category : Business & Economics Languages : en Pages : 276
Book Description
Explores possible futures of the dollar as an international currency as the dollar becomes more volatile than ever against foreign currencies, and China and the Arab Gulf states hold more United States government obligations.
Author: Glyn Davies Publisher: University of Wales Press ISBN: 1783163119 Category : Business & Economics Languages : en Pages : 1463
Book Description
A History of Money looks at how money as we know it developed through time. Starting with the barter system, the basic function of exchanging goods evolved into a monetary system based on coins made up of precious metals and, from the 1500s onwards, financial systems were established through which money became intertwined with commerce and trade, to settle by the mid-1800s into a stable system based upon Gold. This book presents its closing argument that, since the collapse of the Gold Standard, the global monetary system has undergone constant crisis and evolution continuing into the present day.
Author: Mr.Tobias Adrian Publisher: International Monetary Fund ISBN: 1498324908 Category : Business & Economics Languages : en Pages : 20
Book Description
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Author: Eric Helleiner
Author: Eric Helleiner
Author: James Rickards
Author: Yves Dezalay
Author: Josh Ryan-Collins
Author: Mehrsa Baradaran
Author: Irving Fisher
Author: Eric Helleiner
Author: Eric Helleiner
Author: Glyn Davies
Author: Mr.Tobias Adrian