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Cornell University Press
Monetary Orders: Ambiguous Economics, Ubiquitous Politics

Monetary Orders: Ambiguous Economics, Ubiquitous Politics

by Jonathan Kirshner


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Wherever there is money, there is money politics-a subject demanding ever greater attention at a time when monetary policies lead and the real economy follows. A principal defining characteristic of the contemporary global economy, Jonathan Kirshner contends, is the rise and preeminence of monetary phenomena-international financial crises, Central Bank Independence and inflation fighting, the creation of the euro, and monetary reform in emerging economies, to name only a few. Moreover, unlike most debates in political economy (such as those regarding trade policy), which are generally recognized as political, monetary phenomena and macroeconomic policies are typically represented as expressly apolitical. In Monetary Orders, a distinguished group of scholars explores the inescapable political origins of choices about money.

The essays in Monetary Orders each address a specific issue or puzzle relating to money and its management. Their authors focus on markedly disparate cases but share a common observation: for most policy choices about money, market forces and economic logic can rule out certain options, but are indeterminate in explaining why one policy rather than another will be chosen. Ultimately, political factors are essential to explain fundamental and consequential choices about money.

Product Details

ISBN-13: 9780801440601
Publisher: Cornell University Press
Publication date: 03/15/2003
Series: Cornell Studies in Political Economy Series
Pages: 336
Product dimensions: 6.13(w) x 9.25(h) x (d)

About the Author

Jonathan Kirshner is Professor in the Department of Political Science at Boston College and the author of numerous books, including Hollywood's Last Golden Age.

Table of Contents

Part 1Money Rules: Follow the Politics
1.The Inescapable Politics of Money3
2.Ideology, Power, and the Rise of Independent Monetary Institutions in Emerging Economies25
Part 2Small States in World Markets
3.The Southern Side of Embedded Liberalism The Politics of Postwar Monetary Policy in the Third World55
4.When Do States Abandon Monetary Discretion? Lessons from the Evolution of the CFA Franc Zone78
5.National Strategy and National Money Politics and the End of the Ruble Zone, 1991-9498
6.The Political Economy of Currency Boards Argentina in Historical and Comparative Perspective125
Part 3Great Powers and Money Politics
7.China's Exchange Rate Policy in the Aftermath of the Asian Financial Crisis153
8.Internationalization of the Yen and the New Politics of Monetary Insulation172
9.Ideas, Power, and the Politics of U.S. International Monetary Policy during the 1960s195
10.Franco-German Interests in European Monetary Integration The Search for Autonomy and Acceptance218
Part 4The Politics of Ungoverned Capital
11.The Political Power of Financial Ideas Transparency, Risk, and Distribution in Global Finance239
12.Explaining Choices about Money Disentangling Power, Ideas, and Conflict260

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