"First published more than a decade ago, Globalizing Capital has remained an indispensable part of economic literature. This classic book emphasizes the importance of the international monetary system for understanding the international economy. The second edition, published in October 2008, has consistently appeared on syllabuses since its release. The new, third edition of Globalizing Capital will extend the book's account of the development of the international monetary and financial system to cover the most recent eventful decade. The new chapter, to be placed immediately before the conclusion, will be entitled 'Brave New World' and will commence with the eruption of the 2007 Subprime Crisis and 2008 Global Financial Crisis. Subsequent sections will then describe and analyze the Greek debt crisis, the euro crisis, the 'currency wars' problem starting in 2011, and China's efforts to internationalize its currency, the renminbi, and re-make the global monetary and financial system along less dollar-centric lines. It will close with discussion of the implications of the Trump presidency for the future of international financial relations"--.

"Essential reading for understanding the international economy--now thoroughly updated Lucid, accessible, and provocative, and now thoroughly updated to cover recent events that have shaken the global economy, Globalizing Capital is an indispensable account of the past 150 years of international monetary and financial history--from the classical gold standard to today's post-Bretton Woods 'nonsystem.' Bringing the story up to the present, this third edition covers the global financial crisis, the Greek bailout, the Euro crisis, the rise of China as a global monetary power, the renewed controversy over the international role of the U.S. dollar, and the currency war. Concise and nontechnical, and with a proven appeal to general readers, students, and specialists alike, Globalizing Capital is a must-read for anyone who wants to understand where the international economy has been--and where it may be going"--.

• Cover
• Title Page
• Copyright Page
• CONTENTS
• Preface
• 1 Introduction
• 2 The Gold Standard
  • Prehistory
  • The Dilemmas of Bimetallism
  • The Lure of Bimetallism
  • The Advent of the Gold Standard
  • Shades of Gold
  • How the Gold Standard Worked
  • The Gold Standard as a Historically Specific Institution
  • International Solidarity
  • The Gold Standard and the Lender of Last Resort
  • Instability at the Periphery
  • The Stability of the System
• 3 Interwar Instability
  • Chronology
  • Experience with Floating: The Controversial Case of the Franc
  • Reconstructing the Gold Standard
  • The New Gold Standard
  • Problems of the New Gold Standard
  • The Pattern of International Payments
  • Responses to the Great Depression
  • Banking Crises and Their Management
  • Disintegration of the Gold Standard
  • Sterling’s Crisis
  • The Dollar Follows
  • Managed Floating
  • Conclusions
• 4 The Bretton Woods System
  • Wartime Planning and Its Consequences
  • The Sterling Crisis and the Realignment of European Currencies
  • The European Payments Union
  • Payments Problems and Selective Controls
  • Convertibility: Problems and Progress
  • Special Drawing Rights
  • Declining Controls and Rising Rigidity
  • The Battle for Sterling
  • The Crisis of the Dollar
  • The Lessons of Bretton Woods
• 5 After Bretton Woods
  • Floating Exchange Rates in the 1970s
  • Floating Exchange Rates in the 1980s
  • The Snake
  • The European Monetary System
  • Renewed Impetus for Integration
  • Europe’s Crisis
  • Understanding the Crisis
  • The Experience of Developing Countries
  • Conclusions
• 6 A Brave New Monetary World
  • The Asian Crisis
  • Emerging Instability
  • Global Imbalances
  • The Euro
  • International Currency Competition
• 7 A Decade of Crises
  • From Subprime Crisis to Global Financial Crisis
  • Greece’s Crisis
  • The Grexit Option
  • Europe’s Crisis
  • Currency Wars
  • China and the International System
  • Digital Future
• 8 Conclusion
• Glossary
• References
• Index