International Financial History in the Twentieth Century: System and Anarchy

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Professor of Economics Marc Flandreau, Marc Flandreau, Carl-Ludwig Holtfrerich, Harold James, Claude and Lore Kelly Professor in European Studies and Professor of History and International Affairs Harold James
Cambridge University Press, 2003 - Business & Economics - 278 pages
The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions.
 

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Contents

1 Caveat Emptor
17
2 Conduits for LongTerm Foreign Investment in the Gold Standard Era
51
3 The GoldExchange Standard
77
4 The Bank of France and the Gold Standard 19141928
95
5 Keyness Road to Bretton Woods
125
6 Bretton Woods and the European Neutrals 19441973
153
7 The 1948 Monetary Reform in Western Germany
169
8 The Burden of Power
197
9 Denationalizing Money?
213
10 International Financial Institutions and National Economic Governance
239
Index
265
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