Author:
Pauly, Louis W.
Imprint:Ithaca : Cornell University Press, 1997.
Descriptionxiv, 184 p. ; 24 cm.
Bibliography Note:Includes bibliographical references (p. 173-177) and index.
Note:"Increasing integration of international capital markets diminishes the ability of citizens in democracies to hold their elected officials responsible for domestic economic conditions. This tension point concerns Pauly (political science, Univ. of Toronto), a former banker and staff member of the International Monetary Fund. He observes that development of global capital markets and the international institutions that nurture them does not arise by accident but reflects the interests of sovereign nations, especially the economically powerful advanced industrial states. To illuminate the forces behind current international monetary institutions, the author focuses on the International Monetary Fund and seeks out its origins. He finds them in events between the two world wars, when aspirations to restore global capital markets existing before 1914 were paramount. His analysis includes an exploration of the connections among the league of Nations, the concept of multilateral surveillance that arose from its attempts to restore international monetary stability, the Bretton Woods Conference, and its outcome, the International Monetary Fund. More recent international institutions, e.g., the European Union and the Group of Seven, also are examined." -- Choice review
Note:Recommended in Best Books for Academic Libraries
