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基本説明
New in paperback. Hardcover was published in 2003. A YBP Library Services Bestselling Professional Titles, October-December 2003. This book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less.
Full Description
Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less. At the book's core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved.
Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money. The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.
Contents
List of Illustrations ix Acknowledgments xi Introduction xiii Abbreviations xxi One: The Changing Geography of Money 1 Two: Four Directions 33 Appendix: Tables 62 Three: Life at the Peak 67 Four: The Art of Surviva l99 Five: Follow the Leader 123 Six: Hanging Together 153 Seven: New Frontiers 179 Eight: Governing the New Geography 203 Notes 223 References 247 Index 285
