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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...
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.
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.
This book explores the limits of the idea of 'neo-colonialism' - the idea that in the period immediately after independence Malaya/Malaysia enjoyed only pseudo-independence, because of the dominant position of British business interests.
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.
In Breaking into the Monopoly, Yukihisa Kumagai examines how the commercial pressure groups of Glasgow, Liverpool, and Manchester organised campaigns to end the British East India Company’s monopoly from 1812-1813 and 1829-1833.
Covering the period 1943-45, these diaries cover issues such as the Bretton Woods UN Monetary Conference in 1944 and loan negotiations and the ITO, as recorded by Meade and Robbins.
Western Capitalism in China explores the fluctuations in the fortunes of the Shanghai Stock Exchange and points to favourable future potential, with the possibility of a major market consolidation in the future.