The traditional assumption holds that the territory of money
coincides precisely with the political frontiers of each nation
state: France has the franc, the United Kingdom has the pound, the
United States has the dollar. But the disparity between that simple
mental landscape and the actual organization of currency spaces has
grown in recent years, as territorial boundaries of individual
states limit currency circulation less and less. Many currencies
are used outside their "home" country for transactions either
between nations or within foreign states. In this book, Benjamin J.
Cohen asks what this new geography of money reveals about financial
and political power.
Cohen shows how recent changes in the geography of money
challenge state sovereignty. He examines the role of money and the
scope of cross-border currency competition in today's world.
Drawing on new work in geography and network theory to explain the
new spatial organization of monetary relations, Cohen suggests that
international relations, political as well as economic, are being
dramatically reshaped by the increasing interpenetration of
national monetary spaces. This process, he explains, generates
tensions and insecurities as well as opportunities for
cooperation.
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