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The Limits of Transparency - Ambiguity and the History of International Finance (Paperback, Annotated edition)
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The Limits of Transparency - Ambiguity and the History of International Finance (Paperback, Annotated edition)
Series: Cornell Studies in Money
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A decade of crises has reminded us of the fragility of the
international financial system. Conventional wisdom holds that
uncertainty is the basic problem of financial governance, and
attempts to contain ambiguity have dominated recent financial
reform efforts. Jacqueline Best, however, contends that ambiguity
can play a valuable role in international political and economic
stability. The stability of the postwar era depended, Best
suggests, on a carefully maintained balance between coherence and
ambiguity. In her view, the collapse of the Bretton Woods
exchange-rate regime was caused in large part by the increasing
rigidity of the system and its corresponding inability to
accommodate ambiguity.This is a novel argument in an area much
discussed by economists and political scientists. Their debate has
focused on uncertainty as a technical problem and transparency as
the solution. Although such policies are presented as technical,
Best demonstrates that they are also political, have cultural
consequences, and may prove counterproductive. Rather than assume
that transparency is the ultimate goal, Best argues, we must
recognize that ambiguity is pervasive, substantive, and potentially
constructive. To read this book is to comprehend more deeply the
ways in which politics is fundamental to economic theory and
practice and to understand why the economy requires political
leadership in order to flourish.
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