International Financial History in the Twentieth Century: System and Anarchy PDF
Preview International Financial History in the Twentieth Century: System and Anarchy
P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 This page intentionally left blank ii P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 International Financial History in the Twentieth Century system and anarchy Theessaysinthisbook,writtenbysomeoftheleadingexpertsinthefield,examine the long-run history of the international financial system in terms of the current 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 example, through the establishment of central banks). In the interwar years, therewere(largelyunsuccessful)attemptsatdesigningagenuineinternationaltrade 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- centurydiscussions. Marc Flandreau is Professor of International Economic Relations at the Institut d’EtudesPolitiquesdeParis. Carl-LudwigHoltfrerichisProfessorofEconomicsattheJohnF.KennedyInstitut fu¨rNordamerikaStudienattheFreieUniversita¨tBerlin. HaroldJamesisProfessorofHistoryatPrincetonUniversity. i P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 ii P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 publications of the german historical institute, washington, d.c. EditedbyChristofMauch withtheassistanceofDavidLazar TheGermanHistoricalInstituteisacenterforadvancedstudyandresearchwhose purposeistoprovideapermanentbasisforscholarlycooperationamonghistorians fromtheFederalRepublicofGermanyandtheUnitedStates.TheInstitutecon- ducts,promotes,andsupportsresearchintobothAmericanandGermanpolitical, social,economic,andculturalhistory;intotransatlanticmigration,especiallyinthe nineteenthandtwentiethcenturies;andintothehistoryofinternationalrelations, withspecialemphasisontherolesplayedbytheUnitedStatesandGermany. Recentbooksintheseries NorbertFinzschandDietmarSchirmer,editors,IdentityandIntolerance:Nationalism, Racism,andXenophobiainGermanyandtheUnitedStates SusanStrasser,CharlesMcGovern,andMatthiasJudt,editors,GettingandSpending: EuropeanandAmericanConsumerSocietiesintheTwentiethCentury Carole Fink, Philipp Gassert, and Detlef Junker, editors, 1968: The World Transformed Roger Chickering and Stig Fo¨rster, editors, Great War, Total War: Combat and MobilizationontheWesternFront ManfredF.Boemeke,GeraldD.Feldman,andElisabethGlaser,eds.,TheTreatyof Versailles:AReassessmentAfter75Years Manfred Berg and Martin H. Geyer, eds., Two Cultures of Rights: The Quest for InclusionandParticipationinModernAmericaandGermany Manfred F. Boemeke, Roger Chickering, and Stig Fo¨rster, eds., Anticipating Total War:TheGermanandAmericanExperiences,1871–1914 Roger Chickering and Stig Fo¨rster, eds., The Shadows of Total War: Europe, East Asia,andtheUnitedStates,1919–1939 Elisabeth Glaser and Hermann Wellenreuther, eds., Bridging the Atlantic: The QuestionofAmericanExceptionalisminPerspective iii P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 iv P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 International Financial History in the Twentieth Century system and anarchy Editedby marc flandreau Institutd’EtudesPolitiquesdeParis carl-ludwig holtfrerich FreieUniversita¨tBerlin harold james PrincetonUniversity GERMAN HISTORICAL INSTITUTE Washington,D.C. and v Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo Cambridge University Press The Edinburgh Building, Cambridge , United Kingdom Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521819954 © German Historical Institute 2003 This book is in copyright. Subject to statutory exception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published in print format 2003 - isbn-13 978-0-511-06165-3 eBook (NetLibrary) - isbn-10 0-511-06165-X eBook (NetLibrary) - isbn-13 978-0-521-81995-4 hardback - isbn-10 0-521-81995-4 hardback Cambridge University Press has no responsibility for the persistence or accuracy of s for external or third-party internet websites referred to in this book, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate. P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 Contents Contributors pageix Preface x Introduction MarcFlandreauandHaroldJames 1 1 CaveatEmptor:CopingwithSovereignRiskUnderthe InternationalGoldStandard,1871–1913 MarcFlandreau 17 2 ConduitsforLong-TermForeignInvestmentintheGold StandardEra MiraWilkins 51 3 TheGold-ExchangeStandard:AReinterpretation StephenA.Schuker 77 4 TheBankofFranceandtheGoldStandard,1914–1928 KennethMoure´ 95 5 Keynes’sRoadtoBrettonWoods:AnEssayinInterpretation RobertSkidelsky 125 6 BrettonWoodsandtheEuropeanNeutrals,1944–1973 JakobTanner 153 7 The1948MonetaryReforminWesternGermany CharlesP.KindlebergerandF.TaylorOstrander 169 8 TheBurdenofPower:MilitaryAspectsofInternational FinancialRelationsDuringtheLong1950s WernerAbelshauser 197 9 DenationalizingMoney?EconomicLiberalismandthe “NationalQuestion”inCurrencyAffairs EricHelleiner 213 vii P1:FJT/ CY144-FM 0521819954 December13,2002 9:2 CharCount=0 viii Contents 10 InternationalFinancialInstitutionsandNationalEconomic Governance:AspectsoftheNewAdjustmentAgendain HistoricalPerspective LouisW.Pauly 239 Index 265
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