The Geography of Money
The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power. Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.
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The Meaning of Monetary Geography
Subordinating Monetary Sovereignty
Sharing Monetary Sovereignty
Currency Competition and Hierarchy
A New Structure of Power
Can Public Policy Cope?
autarky authoritative domain Belgium-Luxembourg Economic Union bloc central bank century CFA Franc Zone chap Chapter circulation Cohen coins Common Monetary Area countries cross-border currency currency board currency competition Currency Pyramid currency relations currency space currency substitution currency's deterritorialized Deutschemark domestic economic economist effect Euro Europe European exchange rate exchange-rate financial markets foreign currency foreign money formal Frankel French franc functional geography of money global governments greenback inflation influence issue Japanese yen Latin Monetary Union legal tender less macroeconomic ments monetary alliance monetary geography monetary relations monetary sovereignty monetary space monetary union money's monopoly Nation/One Money national currency national money network externalities political Pound sterling privilege recent role ruble zone seigniorage social societal actors sovereign Soviet stability state-centric sterling Swiss franc Tavlas territorial currencies territorial money tion tional trade traditional transactional networks U.S. dollar United Westphalian model
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