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The Economic Government of the World - 1933-2023 (Hardcover)
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The Economic Government of the World - 1933-2023 (Hardcover)
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Total price: R1,057
Discovery Miles: 10 570
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An epic history of money, trade and development since 1933 In 1933,
Keynes reflected on the crisis of the Great Depression that arose
from individualistic capitalism: 'It is not intelligent, it is not
beautiful, it is not just, it is not virtuous - and it doesn't
deliver the goods ... But when we wonder what to put in its place,
we are extremely perplexed.' We are now in a similar state of
perplexity, wondering how to respond to the economic problems of
the world. Martin Daunton examines the changing balance over ninety
years between economic nationalism and globalization, explaining
why one economic order breaks down and how another one is built, in
a wide-ranging history of the institutions and individuals who have
managed the global economy. In 1933, the World Monetary and
Economic Conference brought together the nations of the world: it
failed. Trade and currency warfare led to economic nationalism and
a turn from globalization that culminated in war. During the Second
World War, a new economic order emerged - the embedded liberalism
of Bretton Woods, the International Monetary Fund and the
International Bank for Reconstruction and Development - and the
post-war General Agreement on Tariffs and Trade. These institutions
and their rules created a balance between domestic welfare and
globalization, complemented by a social contract between labour,
capital and the state to share the benefits of economic growth. Yet
this embedded liberalism reflected the interests of the 'west' in
the Cold War: in the 1970s, it faced collapse, caused by its
internal weaknesses and the breakdown of the social contract, and
was challenged by the Third World as a form of neo-colonialism. It
was succeeded by neoliberalism, financialisation and
hyper-globalization. In 2008, the global financial crash exposed
the flaws of neoliberalism without leading to a fundamental change.
Now, as leading nations are tackling the fall-out from Covid-19 and
the threats of inflation, food security and the existential risk of
climate change, Martin Daunton calls for a return to a
globalization that benefits many of the world's poor and a fairer
capitalism that delivers domestic welfare and equality. The
Economic Government of the World is the first history to show how
trade, international monetary relations, capital mobility and
development impacted on and influenced each other. Martin Daunton
places these economic relations in the geo-political context of the
twentieth century, and considers the importance of economic ideas
and of political ideology, of electoral calculations and
institutional design. The book rests on extensive archival research
to provide a powerful analysis of the origins of our current global
crisis, and suggests how we might build a fairer international
order.
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