International Monetary Power

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Most economists and political scientists assume that efficiency, the invisible hand, is the preeminent factor in monetary decisions; questions of power and the role it plays in monetary policy are largely neglected. This pathbreaking book redirects attention to monetary power and provides an original framework for assessing its role in relations between sovereign states.

At present, states are the critical players in monetary relations; they control the production and distribution of the money supply, including the provision of international liquidity and the availability of payments financing. David M. Andrews and the contributors to this volume understand "power" as the capacity to alter the behavior of other actors, including the policies of other states. International Monetary Power provides a thorough overview of how money is used as a tool to achieve international political aims.

Contributors: David M. Andrews, Scripps College; Benjamin J. Cohen, University of California, Santa Barbara; Scott Cooper, Brigham Young University; Eric Helleiner, University of Waterloo; C. Randall Henning, American University and the Institute for International Economics; Jonathan Kirshner, Cornell University; Louis W. Pauly, University of Toronto; Andrew Walter, London School of Economics and Political Science

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Editorial Reviews

From the Publisher

"The political dimension of international monetary affairs is an important, but generally neglected, component of world politics. The authors of this excellent volume have elucidated the micro and macro aspects of this complex subject. Their book adds greatly to the understanding of the theory, conduct, and political consequences of international monetary affairs. Particularly notable features of this volume are the clarity of the writing and the theoretical foundations of this complex subject. The volume is intellectually accessible both to novices in the field and to established scholars in political economy."—Robert Gilpin, author of Global Political Economy

"International Monetary Power is an ambitious book that addresses one of the most central aspects of international relations-power-and applies insights about the nature of power to monetary policy and international monetary relations. This well-written book will be influential because of its unique mission, its accessibility, and its sophistication."—George Shambaugh, Georgetown University

"Money and power have been objects of scholarly concern for more than 2000 years. Plato, Thucydides, Machiavelli, Adam Smith, John Maynard Keynes, and Jacob Viner all grappled with this topic. The essays in this volume will set the standard for scholarship on international monetary power in contemporary statecraft for years to come."—David Baldwin, Princeton University

"This book makes an important contribution to our understanding of international monetary relations by illuminating both the role of power in international monetary relations and the role of money in international power relations. Scholars, students, and policy makers will all benefit greatly from reading this book."—Helen V. Milner, B. C. Forbes Professor of Public and International Affairs, Chair, Department of Politics, and Director, Center for Globalization and Governance, Woodrow Wilson School, Princeton University

"This thoughtful, well-researched collection makes a substantial contribution to the understanding of important phenomena in international relations."—Timothy J. Sinclair, University of Warwick, author of The New Masters of Capital

"Globalization is partly about nations working together to satisfy their common interests, but it is also—for better or worse—about nations butting heads, seeking advantage, and exercising (or fending off) power. The cutting-edge studies collected here show how this second dynamic plays out in the monetary sphere. Part of a new wave of sophisticated power-oriented research, they tell a fascinating story. While the authors believe outright coercion has been getting harder, they see the delicate dance between monetary leaders and monetary followers continuing apace. The dance may not be pretty, but understanding the footwork is essential for any serious student of international relations—and this volume traces the steps with the sensitivity and skill of a seasoned choreographer."—Lloyd Gruber, The University of Chicago

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Product Details

  • ISBN-13: 9780801444562
  • Publisher: Cornell University Press
  • Publication date: 6/28/2006
  • Series: Cornell Studies in Money Series
  • Edition description: New Edition
  • Pages: 224
  • Sales rank: 1,155,843
  • Product dimensions: 6.00 (w) x 9.30 (h) x 0.80 (d)

Meet the Author

David M. Andrews is Professor of Politics and International Relations and Director of the European Union Center of California at Scripps College. He is coeditor of Governing the World's Money, also from Cornell, and editor of The Atlantic Alliance under Stress: US-European Relations after Iraq.

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Table of Contents


Part One. Power, Statecraft, and International Monetary Relations

Chapter 1. Monetary Power and Monetary Statecraft
by David M. Andrews

Part Two. Monetary Power

Chapter 2. The Macrofoundations of Monetary Power
by Benjamin J. Cohen

Chapter 3. Domestic Sources of International Monetary Leadership
by Andrew Walter

Chapter 4. Below the State: Micro-Level Monetary Power
by Eric Helleiner

Chapter 5. Monetary Policy Coordination and Hierarchy
by David M. Andrews

Part Three. Monetary Statecraft

Chapter 6. The Exchange-Rate Weapon and Macroeconomic Conflict
by C. Randall Henning

Chapter 7. Currency and Coercion in the Twenty-First Century
by Jonathan Kirshner

Chapter 8. The Limits of Monetary Power: Statecraft within Currency Areas
by Scott Cooper

Chapter 9. Monetary Statecraft in Follower States
by Louis W. Pauly


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