A History of International Monetary Diplomacy, 1867 to the Present
The Rise of the Guardian State and Economic Sovereignty in a Globalizing World
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This book is about how the rise of democracy has transformed economics over the past 150 years. As voting was expanded to the masses in the late 19th Century, political leaders faced new pressures to deliver prosperity to their newly enfranchised populations. This led to the rise of the guardian state: a state whose prime directive is to protect economic growth and employment. Domestic economic goals now became the prime directive and if that meant a failure on the international stage to construct solutions to problems in monetary or trade relations, so be it.
The book traces the history of international monetary diplomacy during this period to show how the guardian state has manifested itself, and how it has shaped the course of international monetary relations. Each of the most important international monetary conferences in history are scrutinized with respect to how nations sought to protect the prosperity within their national economies. The historical narratives give a bird’s eye view into how domestic political priorities have intruded on and shaped economic relations among nations.
This book clearly demonstrates the advantages of an interdisciplinary understanding of how politics shapes economics. It will be invaluable reading for students and scholars of international economics, politics and economic history.
Table of Contents
Chapter 1. The Rise of the Guardian State and Structural Change in the Global Political Economy
Chapter 2. The 19th Century Conferences
Chapter 3. The Interwar Conferences: Genoa and London
Chapter 4. Mature Guardianship: Bretton Woods
Chapter 5. Guardianship Under Monetary Imperialism: The Smithsonian Conference
Chapter 6. Guardianship in the Monetary Feudalism of the Non-System: Monetary Imperialism Part Two at Plaza, Louvre, and Beyond
Chapter 7. Reflecting on a Century of Guardianship: Patterns and Implications
Giulio M. Gallarotti is Professor of Government and a Tutor in the College of Social Studies - as well as member of the faculty of the College of the Environment - at Wesleyan University, USA. He is also Adjunct Professor of Political Science at Columbia University, USA (2018-present), and was a Visiting Professor in the Department of Economic Theory at the University of Rome, Italy (1994).