Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958-1971 (The New Cold War History) - Hardcover

Francis J. Gavin

4.12

17 ratings by Goodreads

9780807828236: Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958-1971 (The New Cold War History)

Hardcover

ISBN 10: 0807828238 ISBN 13: 9780807828236

Publisher: University of North Carolina Press, 2004

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How are we to understand the politics of international monetary relations since the end of World War II? Exploiting declassified documents from both the United States and Europe and employing economic analysis and international relations theory, Francis Gavin offers a reassessment of the Bretton Woods system of fixed exchange rates and dollar-gold convertibility. Gavin demonstrates that, contrary to the conventional wisdom, Bretton Woods was a highly politicized system that was prone to crisis and required constant intervention and controls to continue functioning. More importantly, post-war monetary relations were not a salve to political tensions, as is often contended. In fact, the politicization of the global payments system allowed nations to use monetary coercion to achieve political and security ends, causing deep conflicts within the Western Alliance. Gavin reveals how these rifts dramatically affected US political and military strategy during a dangerous period of the Cold War.

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Review:

"Gavin has produced an excellent study of the relationship between international finance and national security policy during the first half of the Cold War. It is the history of political economy at its best." Gavin has produced an excellent study of the relationship between international finance and national security policy during the first half of the Cold War. It is the history of political economy at its best.(Randall Bennett Woods, University of Arkansas) "Policymakers and academics can learn important lessons from "Gold, Dollars, and Power"about the possibilities and limits of international monetary diplomacy in a global economy." -- "International Journal"

About the Author:

Francis J. Gavin is Tom Slick Professor of International Affairs and director of studies for the Robert S. Strauss Center for International Security and Law at the University of Texas at Austin. He is editor of The New York Times Twentieth Century in Review: The Cold War and coeditor of The Presidential Recordings: John F. Kennedy: The Great Crises, volumes 1-2.

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