Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958-1971 / Edition 1

Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958-1971 / Edition 1

by Francis J. Gavin
     
 

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ISBN-10: 0807828238

ISBN-13: 9780807828236

Pub. Date: 01/26/2004

Publisher: The University of North Carolina Press

How are we to understand the politics of international monetary relations since the end of World War II? Exploiting recently declassified documents from both the United States and Europe and employing economic analysis and international relations theory, Francis Gavin offers a compelling reassessment of the Bretton Woods system of fixed exchange rates and

Overview

How are we to understand the politics of international monetary relations since the end of World War II? Exploiting recently declassified documents from both the United States and Europe and employing economic analysis and international relations theory, Francis Gavin offers a compelling reassessment of the Bretton Woods system of fixed exchange rates and dollar-gold convertibility.
Gavin demonstrates that, contrary to the conventional wisdom, Bretton Woods was a highly politicized system that was prone to crisis and required constant intervention and controls to continue functioning. More important, postwar monetary relations were not a salve to political tensions, as is often contended. In fact, the politicization of the global payments system allowed nations to use monetary coercion to achieve political and security ends, causing deep conflicts within the Western Alliance. For the first time, Gavin reveals how these rifts dramatically affected U.S. political and military strategy during a dangerous period of the Cold War.

Product Details

ISBN-13:
9780807828236
Publisher:
The University of North Carolina Press
Publication date:
01/26/2004
Series:
New Cold War History Series
Edition description:
1
Pages:
328
Product dimensions:
6.12(w) x 9.25(h) x 0.89(d)

Table of Contents

Acknowledgmentsxi
Abbreviationsxiii
Introduction. Gold, Dollars, and Power: Money, Security, and the Politics of the U.S. Balance of Payments, 1958-19711
1.Bretton Woods and Postwar International Monetary Relations17
2.The Costs of Commitment: Eisenhower, Europe, and the American Balance-of-Payments Crisis33
3.The Gold Battles within the Cold War: Kennedy's International Monetary Policy59
4.Reform, Restrictions, or Redeployments?: The Balance of Payments and the Franco-German Revolt, 196389
5.LBJ Takes Over: Battles with de Gaulle and Proposals for Reform, 1964-1966117
6.Defend Europe or the Dollar?: Money and Security, 1964-1967135
7.The End of Bretton Woods: The Devaluation of Sterling and the 1968 Gold Crisis165
8.Nixon and the New Era in Global Monetary Relations187
Conclusion. No Way to Build an Empire197
Appendix A.Analyzing the Numbers: Breaking Down the U.S. Balance of Payments for 1960-1961203
Appendix B.Charts and Graphs209
Notes215
Bibliography247
Index259

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