International Financial History in the Twentieth Century: System and Anarchy

290 Pages·2003·3.01 MB·English

by  Marc Flandreau

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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.
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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
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Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo
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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
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viii Contents
10 InternationalFinancialInstitutionsandNationalEconomic
Governance:AspectsoftheNewAdjustmentAgendain
HistoricalPerspective LouisW.Pauly 239
Index 265