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"An authoritative, insightful, and highly readable history of the twentieth-century global economy, updated with a new chapter on the early decades of the new century. Global Capitalism guides the reader from the globalization of the early twentieth century and its swift collapse in the crises of 1914–45, to the return to global integration at the end of the century, and the subsequent retreat in the wake of the financial crisis of 2008"--Publisher's website

Cover -- Title Page -- Copyright Page -- Contents -- List of Tables and Figure -- Preface -- Abbreviations -- Introduction -- PART I: THE ARGUMENT -- 1. Modern Political Economy and Latin American Borrowing -- 2. The Setting: Latin American Political Economies and International Financial Trends -- 3. The Response: Economic Policies and Politics in Borrowing and Financial Crisis -- PART II: FIVE CASE STUDIES -- 4. Debt, Economic Policy, and Politics in Brazil -- Appendix -- 5. Debt, Economic Policy, and Politics in Chile -- 6. Debt, Economic Policy, and Politics in Mexico, Venezuela, and Argentina -- PART III: IMPLICATIONS -- 7. Observations and Implications -- 8. Conclusions -- Select Bibliography -- Index

PrefaceAcknowledgments -- Introduction the political economy of currency choice -- A theory of currency policy preferences -- The United States : from greenbacks to gold, 1862-79 -- The United States : silver threats among the gold, 1880-96 -- European monetary integration : from bretton woods to the euro and beyond -- Latin American currency policy, 1970-2010 -- The political economy of Latin American currency crises -- The politics of exchange rates : implications and extensions -- Conclusions -- References -- Index.

Contemporary international finance raises important questions about whether, and how, it might be overseen by national governments and international institutions. Inasmuch as global financial stability is a global public good, there is a normative case for governance structures to try to achieve this goal—whether they take the form of interstate cooperation or international institutions. This, however, does not mean that national states will necessarily be willing or able to work together to provide this global public good, as the incentives to free-ride are enormous. Nonetheless, the past 25 years do indicate that there has been some movement toward the provision of such global public goods as financial harmonization and a semblance of global lender-of-last-resort facilities. The record is spotty, but the trend appears to be in the direction of more global governance of global finance.

La reprise au sortir de la Grande Récession a été semée d'embûches. Cette reprise économique diffère des reprises cycliques précédentes. La raison en est simple : nous sommes en pleine crise de la dette. Ces crises présentent des particularités économiques et politiques. Sur le plan politique, elles entraînent des conflits sur la répartition du fardeau de l'ajustement, qui peuvent retarder sensiblement l'adoption des mesures nécessaires pour atténuer leurs effets – ce qui aggrave les problèmes de tout le monde. La théorie et l'histoire mettent en évidence divers facteurs qui favorisent ce type de conflit contre-productif et ces retards ; elles proposent également des moyens pour limiter ces conflits et leurs coûts sociaux.