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Books > History > World history > From 1900
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The Decline of Sterling - Managing the Retreat of an International Currency, 1945-1992 (Hardcover)
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The Decline of Sterling - Managing the Retreat of an International Currency, 1945-1992 (Hardcover)
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The demise of sterling as an international currency was widely
predicted after 1945, but the process took thirty years to
complete. Why was this demise so prolonged? Traditional
explanations emphasize British efforts to prolong sterling's role
because it increased the capacity to borrow, enhanced prestige, or
supported London as a centre for international finance. This book
challenges this view by arguing that sterling's international role
was prolonged by the weakness of the international monetary system
and by collective global interest in its continuation. Using the
archives of Britain's partners in Europe, the USA and the
Commonwealth, Catherine Schenk shows how the UK was able to
convince other governments that sterling's international role was
critical for the stability of the international economy and thereby
attract considerable support to manage its retreat. This revised
view has important implications for current debates over the future
of the US dollar as an international currency.
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