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By Benjamin J. Cohen

Benjamin J. Cohen has been essentially the most unique and influential writers on foreign political economic system. This e-book presents an summary of his contribution to the sector, grouped round the vital subject of worldwide financial governance.

The ebook is split into 3 sections:

  • challenges to systemic governance - examines the problem of governance of the overseas financial procedure taking a look at such the most important concerns as financial reform, the expansion of capital markets and fiscal globalization
  • dealing with monetary challenge – appears to be like at efforts to deal successfully with monetary crises, reading the relationships among governments and banks within the administration of overseas debt difficulties and the case for capital controls. There are case stories of the Asian monetary quandary and a number of other key situations of instability in international markets
  • the new geography of cash – analyzes the trouble of legitimacy created by way of an international method the place governing authority is exercised now extra via marketplace forces than by way of sovereign states. It explores the geopolitical implications of the contest among the 2 most generally used currencies on the earth this present day, the U.S. greenback and the Euro and spells out the most implications for coverage makers.

The concluding chapters assessment the advantages and clients for the 2 most generally mentioned coverage possible choices to be had to governments liable for the world’s many much less aggressive currencies – dollarization or financial union.

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Today, it is difficult to imagine being able to reconstruct anything like America’s postwar hegemony in international monetary arrangements. Circumstances have changed too much. Western Europe and Japan both have long since emerged from under the American shadow, and, more recently, the energy crisis has promoted the countries of OPEC to a new position of prominence as 26 The political economy of monetary reform today well. No longer are these nations content to play the world money game strictly by American rules.

Heath, 1975), ch. 23. 27 International Monetary Fund, Annual Report 1975, pp. 12–16. , Morgan Guaranty Trust Company, World Financial Markets, 21 January 1975; First National City Bank, Monthly Economic Letter, June 1975; Thomas The political economy of monetary reform today 35 D. Willett, “The Oil Transfer Problem,” Department of the Treasury News, 30 January 1975; Hollis B. Chenery, “Restructuring the World Economy,” Foreign Affairs, Vol. 53, No. 242–263; and W. J. Levy Consultants, Future OPEC Accumulation of Oil Money: A New Look at a Critical Problem (New York: June 1975).

The genuine danger goes much deeper – to the absence of some agreed mechanism to ensure compatibility among the external policy objectives of separate national governments. ” Essentially political in nature, it underlies and conditions all of the traditional economic issues of reform. No economic problem can be solved until the political consistency problem is satisfactorily dealt with. Yet negotiators in the Committee of 20 and Interim Committee have never explicitly confronted this problem. Little wonder, then, that monetary reform has remained an elusive goal.

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