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Author: Alan Wheatley
Publisher: Routledge
ISBN: 1351223887
Category : History
Languages : en
Pages : 99
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Book Description
Today, a Great Powers arsenal extends well beyond the military, embracing soft power and also currency power. The dollar dominates the global economy, used in settling trade and investment deals but also held in reserve in vast quantities by central banks in case of a payments crisis. This demand for dollars keeps US borrowing costs lower than they otherwise would be, reinforcing the countrys economic power and helping to pay for the worlds strongest armed forces. This Adelphi sets out how the US has regularly deployed the power of the dollar to put pressure on foes such as Iran, as well as allies including the United Kingdom and Germany. Contributors, including Robert Zoellick, the former head of the World Bank, and John Williamson, a leading expert on currencies, assess how long the US will be able to maintain this exorbitant privilege in tandem with a rising China. Beijing, sensing that the global crisis might herald the end of the dollars supremacy, is eager to gain monetary power by carving out an international role for its own currency, the renminbi. The book examines the obstacles China must first overcome in its quest and the strategic consequences if it succeeds.
Author: Alan Wheatley
Publisher: Routledge
ISBN: 1351223887
Category : History
Languages : en
Pages : 99
Get Book Here
Book Description
Today, a Great Powers arsenal extends well beyond the military, embracing soft power and also currency power. The dollar dominates the global economy, used in settling trade and investment deals but also held in reserve in vast quantities by central banks in case of a payments crisis. This demand for dollars keeps US borrowing costs lower than they otherwise would be, reinforcing the countrys economic power and helping to pay for the worlds strongest armed forces. This Adelphi sets out how the US has regularly deployed the power of the dollar to put pressure on foes such as Iran, as well as allies including the United Kingdom and Germany. Contributors, including Robert Zoellick, the former head of the World Bank, and John Williamson, a leading expert on currencies, assess how long the US will be able to maintain this exorbitant privilege in tandem with a rising China. Beijing, sensing that the global crisis might herald the end of the dollars supremacy, is eager to gain monetary power by carving out an international role for its own currency, the renminbi. The book examines the obstacles China must first overcome in its quest and the strategic consequences if it succeeds.
Author: Benjamin J. Cohen
Publisher: Princeton University Press
ISBN: 0691181063
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
Why the dollar will remain the world's most powerful currency Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world’s dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America’s greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy. Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today’s top currencies. The greenback, he contends, is the "indispensable currency"—the one that the world can’t do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics. Contrary to today’s growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.
Author: Devin Singh
Publisher: Stanford University Press
ISBN: 1503605671
Category : Religion
Languages : en
Pages : 350
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Book Description
This book shows how early economic ideas structured Christian thought and society, giving crucial insight into why money holds such power in the West. Examining the religious and theological sources of money's power, it shows how early Christian thinkers borrowed ancient notions of money and economic exchange from the Roman Empire as a basis for their new theological arguments. Monetary metaphors and images, including the minting of coins and debt slavery, provided frameworks for theologians to explain what happens in salvation. God became an economic administrator, for instance, and Christ functioned as a currency to purchase humanity's freedom. Such ideas, in turn, provided models for pastors and Christian emperors as they oversaw both resources and people, which led to new economic conceptions of state administration of populations and conferred a godly aura on the use of money. Divine Currency argues that this longstanding association of money with divine activity has contributed over the centuries to money's ever increasing significance, justifying various forms of politics that manage citizens along the way. Devin Singh's account sheds unexpected light on why we live in a world where nothing seems immune from the price mechanism.
Author: Irving Fisher
Publisher:
ISBN:
Category : Money
Languages : en
Pages : 558
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Book Description
Author: Jonathan Barth
Publisher: Cornell University Press
ISBN: 150175579X
Category : History
Languages : en
Pages : 248
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Book Description
In The Currency of Empire, Jonathan Barth explores the intersection of money and power in the early years of North American history, and he shows how the control of money informed English imperial action overseas. The export-oriented mercantile economy promoted by the English Crown, Barth argues, directed the plan for colonization, the regulation of colonial commerce, and the politics of empire. The imperial project required an orderly flow of gold and silver, and thus England's colonial regime required stringent monetary regulation. As Barth shows, money was also a flash point for resistance; many colonists acutely resented their subordinate economic station, desiring for their local economies a robust, secure, and uniform money supply. This placed them immediately at odds with the mercantilist laws of the empire and precipitated an imperial crisis in the 1670s, a full century before the Declaration of Independence. The Currency of Empire examines what were a series of explosive political conflicts in the seventeenth century and demonstrates how the struggle over monetary policy prefigured the patriot reaction to the Stamp Act and so-called Intolerable Acts on the eve of American independence. Thanks to generous funding from the Arizona State University and George Mason University, the ebook editions of this book are available as Open Access (OA) volumes from Cornell Open (cornellpress.cornell.edu/cornell-open) and other Open Access repositories.
Author: Barry Eichengreen
Publisher: Princeton University Press
ISBN: 0691191867
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world’s leading power invariably dominates international trade and finance. But in How Global Currencies Work, three noted economists overturn this conventional wisdom. Offering a new history of global finance over the past two centuries and marshaling extensive new data to test current theories of how global currencies work, the authors show that several national monies can share international currency status—and that their importance can change rapidly. They demonstrate how changes in technology and international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. In fact, they show that multiple international and reserve currencies have coexisted in the past—upending the traditional view of the British pound’s dominance before 1945 and the U.S. dollar’s postwar dominance. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, including how increased currency competition might affect global financial stability.
Author: Anthony Elson
Publisher: Springer Nature
ISBN: 3030835197
Category : Business & Economics
Languages : en
Pages : 205
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Book Description
This book explains how the US dollar serves as the primary reserve currency for the international financial system and assesses its prospects for the future. The book provides an analysis of the main factors that have given rise to the global currency power of the dollar and the key benefits that have accrued to both the United States and other countries from this arrangement. It then considers the growing costs that can be associated with the dollar-centered reserve system and the prospects for the medium-term in terms of its potential threats to global financial stability. In the light of these considerations, the book examines three alternative currency arrangements that could address some or all of the defects associated with the global currency power of the dollar. These include a shift to a multi-reserve currency system, an enhancement of the IMF’s role as an international lender of last resort and provider of global “safe” assets, and the introduction of central bank digital currencies. "A cogent, persuasive and timely look at the dollar's power." Kirkus Reviews
Author: Robert Bracey
Publisher: British museum Press
ISBN: 9780714118086
Category : Coins
Languages : en
Pages : 0
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Book Description
Money has always been a subject of interest, today more so than ever. For centuries it has performed a key role around the globe most obviously in trade and the economy, but also in the development of national identities, religions and the spread of empire.
Author: Bernard Lietaer
Publisher: Berrett-Koehler Publishers
ISBN: 1609942981
Category : Business & Economics
Languages : en
Pages : 337
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Book Description
This study reveals how our monetary system reinforces scarcity, and how communities are already using new paradigms to foster sustainable prosperity. In the United States and across Europe, our economies are stuck in an agonizing cycle of repeated financial meltdowns. Yet solutions already exist, not only our recurring fiscal crises but our ongoing social and ecological debacles as well. These changes came about not through increased conventional taxation, enlightened self-interest, or government programs, but by people simply rethinking the concept of money. In Rethinking Money, Bernard Lietaer and Jacqui Dunne explore the origins of our current monetary system—built on bank debt and scarcity—revealing how its limitations give rise to so many serious problems. The authors then present stories of ordinary people and communities using new money, working in cooperation with national currencies, to strengthen local economies, create work, beautify cities, provide education, and more. These real-world examples are just the tip of the iceberg—over four thousand cooperative currencies are already in existence. The book provides remedies for challenges faced by governments, businesses, nonprofits, local communities, and even banks. It demystifies a complex and critically important topic and offers meaningful solutions that will do far more than restore prosperity—it will provide the framework for an era of sustainable abundance.
Author: Benjamin J. Cohen
Publisher: Cornell University Press
ISBN: 150172259X
Category : Political Science
Languages : en
Pages : 248
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Book Description
The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power. Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.
