- Gebundene Ausgabe: 288 Seiten
- Verlag: Yale University Press (1. April 2009)
- Sprache: Englisch
- ISBN-10: 0300149247
- ISBN-13: 978-0300149241
- Größe und/oder Gewicht: 15,9 x 2,5 x 24,1 cm
- Durchschnittliche Kundenbewertung: Schreiben Sie die erste Bewertung
- Amazon Bestseller-Rang: Nr. 1.687.262 in Fremdsprachige Bücher (Siehe Top 100 in Fremdsprachige Bücher)
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Money, Markets, and Sovereignty (A Council on Foreign Relations Book) (Englisch) Gebundene Ausgabe – 1. April 2009
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[I]mpossibly good. Brian Domitrovich, "Forbes"--Brian Domitrovich "Forbes ""
In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defence of economic liberalism since F. A. Hayek published "The Road to Serfdom" more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedentedly liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived - a situation bound to trigger periodic crises.Steil and Hinds call for a revival of the political and economic thinking that underlay earlier great periods of globalization, and which is increasingly under threat by more recent ideas about what sovereignty means.Alle Produktbeschreibungen
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I was hoping that the book would give more space to issues beyond currencies that reflect the tension between state sovereignty and international commerce such as sovereign debt issuance, "hot money" flows, and the growth of sovereign wealth funds. And even though the book focuses almost exclusively on currencies, little mention is made of IMF Special Drawing Rights which the Chinese government has publicly supported as a potential alternative to the U.S. dollar. These minor complaints notwithstanding, "Money, Markets & Sovereignty" is one of the most informative and compelling books I have read in a while. The book is not too highly technical and I would highly recommend it to anyone interested in international economics.
The book is mostly descriptive rather than prescriptive, hence the 4 stars (rather than 5). But know that going in and you won't be disappointed.
Our national, economic and business leaders should all read this book because current trends with the dollar cannot be sustained. The only thing saving the dollar's status as the world's reserve currency today is the lack of an alternative. However statist politicians and economists have an amazing ability to not let reality interfere with their theories. If medical research was run on the same 'scientific' principles as economics, eye of newt and salamander tail would still be major drugs, bleeding would be the major surgical procedure, and medical students would be studying the four humors, much as all economics PhD candidates and MBA's today learn about perfectly efficient markets and completely rational investors (which means, as noted by Jeremy Grantham at GMO, the Federal Reserve and most economists could not see the housing bubble as bubbles are by definition impossible).
The authors' discussion of the Great Depression is terrifying (world trade dropped 70 % from January 1929 to March 1933, kicked off by the Smoot-Hawley tariff in the US) as the Obama administration is committed to a new round of protectionism, since it is unable to resist the protectionist demands of the labor unions or its own craze for carbon caps (which Energy Secretary Chu says will require a new set of tariffs against countries without adequate caps-contrary to current trade agreements, which are evidently of no concern whatever to the new administration even dedicated as it says it is to multilateralism).
Those who are ignorant of history....