The Money Trap: Escaping the Grip of Global Finance

Overview

The world economy is caught in a money trap. Existing monetary arrangements meet the needs neither of the ageing societies of the West nor of younger emerging economies. This in-depth analysis explains how the world got into the grip of global finance - and how it can escape, with a growing demand for reform.

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The Money Trap: Escaping the Grip of Global Finance

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Overview

The world economy is caught in a money trap. Existing monetary arrangements meet the needs neither of the ageing societies of the West nor of younger emerging economies. This in-depth analysis explains how the world got into the grip of global finance - and how it can escape, with a growing demand for reform.

Read More Show Less

Editorial Reviews

From the Publisher
Robert Pringle's The Money Trap looks deeply at the fundamental problems of reforming the international monetary system to expand the politically feasible and economically viable alternatives open to countries. Since the end of Bretton Woods, the world economy has not had rules that guided markets toward an efficient equilibrium that benefitted large and small countries. Pringle shows why current international arrangements repeatedly bring crises.

Allan Meltzer University Professor of Political Economy, Carnegie Mellon University, Pittsburgh

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Product Details

  • ISBN-13: 9780230392748
  • Publisher: Palgrave Macmillan
  • Publication date: 7/17/2012
  • Edition description: New Edition
  • Pages: 328
  • Product dimensions: 5.70 (w) x 8.50 (h) x 1.00 (d)

Meet the Author

ROBERT PRINGLE Editor of The Banker for many years, then the first Executive Director of The Group of 30 (or G30, a well-known think tank), and subsequently a Senior Fellow at the United Nations University and Founder of Central Banking Publications. He has been in touch with the leading economists interested in such issues for many years, has published and edited many articles by them, participated in many seminars, conferences etc. and written many articles and edited volumes of collected papers. He has interviewed most leading central bank governors and knows them well – so draws on all these contacts and experience for this book.

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Table of Contents

Acknowledgements ix

Foreword Lord Skidelsky xii

A Note on Abbreviations xvii

Introduction xix

Part I In the Trap

1 Into the Danger Zone 3

2 Why Players Need a New Rulebook 19

3 How Monetary Systems Are Born 35

4 World Money without an Anchor 50

Part II Searching for Ways Out

5 Improving National Policies 71

6 A Solution for the Eurozone 90

7 Money International 107

Part III Four Key Issues

8 Those Global Imbalances 125

9 The Reserve Currency Overhang 141

10 Can Banks Be Made Safe? 159

11 Markets, States and Bubbles 180

Part IV The Power of Global Finance

12 One Hundred Years of Currency Plans 203

13 The Choice of the Standard 222

14 The Leap to a New Monetary Order 245

15 The Emerging Global Financial System 267

Index 291

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