&lt;sc&gt;fred l. block&lt;/sc&gt;. &lt;italic&gt;The Origins of International Economic Disorder: A Study of United States International Monetary Policy from World War II to the Present&lt;/italic&gt;. Berkeley and Los Angeles: University of California Press. 1977. Pp. xii, 282. $14.00

Eckes, Alfred E.

doi:10.1086/ahr/82.5.1352-a

Cited by 2 publications

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“…IPE scholars have criticized this economic explanation and stressed the active role of states and of monetary power (Andrews, 2006). According to this literature governments made active decisions, on the basis of both domestic and international considerations, to liberalize domestic financial markets and eliminate capital controls (Block, 1977;Cohen, 1978;Helleiner, 1994;Kirshner, 1997;Strange, 1986;Underhill, 1991). Scholars have debated whether the US acted defensively (Frieden, 1987;Krampf, 2019) or whether, operating from a position of strength, it sought to project monetary and financial power (Gowan, 1999;Konings, 2011;Strange, 1987).…”

Section: Toward a Positive Integration Theory Of Financial Globalizationmentioning

confidence: 99%

“…An important scope condition for central bankers' international agency is the organization of international monetary cooperation (Block, 1977;Cohen, 1978;Fioretos, 2019). The Great Depression and World War II reduced the world to a "financially underdeveloped state" (Mehrling, 2015, p. 313) and decimated the international network of monetary technocrats (Ikenberry, 1992, p. 293).…”

Section: Monetary Technocrats: Public Servants In Private Marketsmentioning

confidence: 99%

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Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Braun

Krampf

Murau

2020

Review of International Political Economy

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International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this 'negative integration' view, we present a theory of financial globalization during the 1970s that emphasizes the importance of 'positive integration.' Credit money systems are characterized by public-private infrastructural entanglements, the management of which require substantial institutional work by monetary technocrats, both at the domestic and at the international level. To illustrate our theory, we trace the expansion of the Eurodollar market during the 1970s. Drawing on archival records from the 'Standing Committee on the Euro-currency Market' at the Bank for International Settlements, we show how this group of G-10 central bankers sought to elevate the management of infrastructural entanglements from the domestic to the international level. By ensuring that the Eurodollar market did not interfere with domestic monetary governability, while seeking to provide protection for issuers of Eurodollars, monetary technocrats helped establish the institutional infrastructure for the expansion and globalization of the offshore US dollar system.

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Section: Toward a Positive Integration Theory Of Financial Globalizationmentioning

confidence: 99%

Section: Monetary Technocrats: Public Servants In Private Marketsmentioning

confidence: 99%

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Braun

Krampf

Murau

2020

Review of International Political Economy

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Europe 1957 to 1979: From the Common Market to the European Monetary System

Halévi

2019

INET Working Paper Series

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This essay deals with the contradictory dynamics that engulfed Europe from 1959 to 1979, the year of the launching of the European Monetary System. It focuses on how the macroeconomic framework of stop-go policies in the 1960s ended up privileging external – intra-European - exports at the expense of domestic demand. The paper offers a very tentative explanation as to why stop-go policies, by weakening domestic demand, did not put an end to the to the ‘long boom’ earlier as they should have. The French crisis of 1968-69 leading to the demise of De Gaulle is discussed at length, as is the renewal of the German export drive in the wake of a nominal revaluation of the D-Mark in 1969. Finally, the revival of labor struggles in Italy in the same year is put in the context of the structural weaknesses of the Italian economy as analyzed by the late Marcello de Cecco. The conclusion is that European countries had neither the political culture nor the institutional mechanisms to coordinate mutually advantageous policies. Their so-called cooperation was an exercise in establishing hegemony while defending the interests specific to the dominant economic groups of each country. The essay then deals with the formation of the EMS as an expression of efforts to establish and enforce economic dominance.

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<sc>fred l. block</sc>. <italic>The Origins of International Economic Disorder: A Study of United States International Monetary Policy from World War II to the Present</italic>. Berkeley and Los Angeles: University of California Press. 1977. Pp. xii, 282. $14.00

Cited by 2 publications

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Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Financial globalization as positive integration: monetary technocrats and the Eurodollar market in the 1970s

Europe 1957 to 1979: From the Common Market to the European Monetary System

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