Global Financial System 1750-2000

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Reaktion Books, 2001 - Business & Economics - 256 pages
2 Reviews
This book traces the evolution of the highly integrated global financial system from 1750 to the present. It examines the corporate form of business organization in the 18th century that saw an explosion of growth in the 19th, which facilitated the international movement of capital. The author also deals with the parallel growth of financial markets and explains how the need to finance public debts paved the way for stock markets as well as outlining the role of private merchant bankers, who originated as international bankers with family-run offices across Europe. He charts the development of banks into public corporations and follows the evolution of modern paper money, explaining the emergence of institutions such as the International Monetary Fund and the World Bank. While tracing the development of foreign-exchange markets and the history of trading blocs, the book also examines how economic powers such as Britain and France used access to capital to wield power in less-developed parts of the world. Finally, a history of financial crises is presented, revealing how economic shocks reverberate from one country to another today through the global financial network.
  

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User Review  - davekong - LibraryThing

This book is a fairly detailed account of the developmental history of our world's financial system. Contrary to the title, the author starts some discussions as far back as the Renaissance (banking ... Read full review

Contents

PREFACE
7
The Making of Financial Markets
40
Aristocrats of Monetary Standards
72
The Triumph of Paper Money
88
The Birth of World Currencies
126
The Road to Flexible Exchange Rates
142
The Evolution of International Banking
155
The Paths of Foreign Investment
173
The Vicissitudes of Capitalism
210
The Age of Financial Integration Begins
223
REFERENCES
237
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Page 239 - Ottoman financial difficulties see Donald C. Blaisdell, European Financial Control in the Ottoman Empire (New York, 1929). 7 Cf. Gertrude Elliot, " Turkey in 1876. A Retrospect," The Nineteenth Century and After LXIV (October, 1908), pp.

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About the author (2001)

Larry Allen is Professor of Economics at Lamar University, Beaumont, Texas. He is the author of the ABC-CLIO World History Companion to Capitalism(1998), Encyclopedia of Money, and The Global Economic System since 1945(Reaktion, 2002).

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