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This second edition has been updated to include an assessment of economic relations up to the COVID-19 pandemic. It focuses on three main threads that tie national economies together: flows of goods, of people and of finance. Since the end of the Second World War, the international economy transformed from a tightly controlled trading system to the financial globalization of the late 20th century. This book traces the organisation of international economic relations from the 1944 Bretton Woods conference through to the 2008 financial crisis and its aftermath. By outlining the development of economic policy of both national and international institutions like the International Monetary Fund a...
Essays examine the relationship between Hong Kong and China.
The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.
To complement current work on the British domestic economy in the post-war period it is necessary to examine external economic policy. Whilst considerable work has been done on Britain's relations with Europe and with America, the complexities of the sterling area have remained obscure. This volume makes a significant contribution to unravelling the strands of British external economic policy in the post-war period.
Goodstadt brilliantly weaves a tapestry that resolves major puzzles about Hong Kong's growth as an international financial centre during this pivotal fifty-year period. This is a devastating expose of the consequences of the British colonial government's failure to effectively regulate banking and manage monetary policy."--David Meyer, Washington University. St. LouisLeo F. Goodstadt is adjunct professor in the School of Business Studies at Trinity Colletge, University of Dublin. He was formerly deputy editor of the Far Eastern Economic Review.
The international economy since 1945 has endured dramatic changes in its balance of power. This volume outlines these changes and examines how the world's economic leaders have tried to organise and influence the international economy.
In a turbulent world, Keynes's warnings of a century ago are no less relevant - and some even more so.
Hong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. This volume explores the origins and persistence of this system, presenting the viewpoint of several of the main protagonists in the operation of the currency board since 1983 as well as new research by academics.
Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.