GLOBALIZING CAPITAL

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1、GLOBALIZINGCAPITAL—ThispageintentionallyleftblankBARRYEICHENGREEN—-—GLOBALIZINGCAPITALAHISTORYOFTHEINTERNATIONALMONETARYSYSTEMSecondEdition—-—PRINCETONUNIVERSITYPRESSPRINCETONANDOXFORDCopyright©2008byPrincetonUniversityPressPublishedbyPrincetonUniversityP

2、ress,41WilliamStreet,Princeton,NewJersey08540IntheUnitedKingdom:PrincetonUniversityPress,6OxfordStreet,Woodstock,OxfordshireOX201TWAllRightsReservedLibraryofCongressCataloging-in-PublicationDataEichengreen,BarryJ.Globalizingcapital:ahistoryoftheinternatio

3、nalmonetarysystem/BarryEichengreen.—2nded.p.cm.Includesbibliographicalreferencesandindex.ISBN978-0-691-13937-1(pbk.:alk.paper)1.Internationalfinance—History.2.Goldstandard—History.I.Title.HG3881.E3472008332/.042222008018813BritishLibraryCataloging-in-Publi

4、cationDataisavailableThisbookhasbeencomposedinTimesPrintedonacid-freepaper.∞press.princeton.eduPrintedintheUnitedStatesofAmerica13579108642—CONTENTS—PrefaceviiChapterOneIntroduction1ChapterTwoTheGoldStandard6Prehistory7TheDilemmasofBimetallism8TheLureofBi

5、metallism12TheAdventoftheGoldStandard15ShadesofGold19HowtheGoldStandardWorked24TheGoldStandardasaHistoricallySpecificInstitution29InternationalSolidarity32TheGoldStandardandtheLenderofLastResort34InstabilityatthePeriphery37TheStabilityoftheSystem41ChapterT

6、hreeInterwarInstability43Chronology44ExperiencewithFloating:TheControversialCaseoftheFranc49ReconstructingtheGoldStandard55TheNewGoldStandard59ProblemsoftheNewGoldStandard61ThePatternofInternationalPayments66ResponsestotheGreatDepression70BankingCrisesand

7、TheirManagement73DisintegrationoftheGoldStandard75Sterling’sCrisis78TheDollarFollows83ManagedFloating86Conclusions89CONTENTSChapterFourTheBrettonWoodsSystem91WartimePlanningandItsConsequences94TheSterlingCrisisandtheRealignmentofEuropeanCurrencies100TheEu

8、ropeanPaymentsUnion104PaymentsProblemsandSelectiveControls107Convertibility:ProblemsandProgress111SpecialDrawingRights115DecliningControlsandRisingRigidity118TheBattleforSterling123TheCrisisoftheDollar126TheLessonso