Quotes from work
Introduction

Barry Eichengreen
Barry Eichengreen photo

“Given the network-externality characteristic of international monetary arrangements, reforming them is necessarily a collective endeavor. But the multiplicity of countries creates negotiating costs.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

Barry Eichengreen photo

“Any account of the development of the international monetary system is also necessarily an account of the development of international capital markets.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

Barry Eichengreen photo

“The international monetary system is the glue that binds national economies together.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

Barry Eichengreen photo

“Writing in 1944, the year of the Bretton Woods Conference, Polanyi suggested that the extension of the institutions of the market over the course of the nineteenth century aroused a political reaction in the form of associations and lobbies that ultimately undermined the stability of the market system. He gave the gold standard a place of prominence among the institutions of laissez faire in response to which this reaction had taken place. And he suggested that the opening of national economic decision making to parties representing working-class interests had contributed to the downfall of that international monetary system. In a sense, this book asks whether Polanyi’s thesis stands the test of time. Can the international monetary history of the second half of the twentieth century be understood as the further unfolding of Polanyian dynamics, in which democratization again came into conflict with economic liberalization in the form of free capital mobility and fixed exchange rates? Or do recent trends toward floating rates and monetary unification point to ways of reconciling freedom and stability in the two domains?”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

Barry Eichengreen photo

“Neither the current state nor the future prospects of this evolving order can be understood without an appreciation of its history.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

Barry Eichengreen photo

“What was critical for the maintenance of pegged exchange rates, I argue in this book, was protection for governments from pressure to trade exchange rate stability for other goals.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

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