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This book provides the first comprehensive and accessible account
of the evolution of exchange rate regimes in the twentieth century.
It presents a chronological, non-technical history and in doing so
manages to link the past with the present to shed new light on the
merits of different exchange rate systems.Since the golden age
before the First World War, the international monetary system has
experienced several changes in exchange rate regimes, alternating
between fixed and floating rate systems interspersed with managed
or dirty floats. The authors examine and assess the evolution of
exchange rate regimes since the First World War to the present day.
They discuss the forces that have brought about change in order to
determine how different regimes affected the economic environment.
They consider the merits or otherwise of the respective regimes and
assess the evidence and arguments for and against fixed and
floating exchange rate systems. Exchange Rate Regimes in the
Twentieth Century provides a coherent and manageable analysis of a
complex subject. It will prove invaluable to both undergraduates
and postgraduates studying economic history, international
economics and international studies.
First published in 1997, this book analyses some of the key
economic issues facing Europe in the interwar period, against the
uncertain international, political and economic background of the
time. Among the subjects discussed are the legacy of the peace
settlements, inflation, trade and reconstruction, international
lending, depression and recovery, the position of Eastern and
Central Europe, and the progress of the peripheral nations. The
book contends that the peace treaties raised more problems than
they solved, while the policy mistakes of the Allied powers after
the First World War, and their failure to devise an adequate
programme of economic and financial reconstruction, weakened the
already divided continent, contributing to its disintegration.
Economic historians have perennially addressed the intriguing
question of comparative development, asking why some countries
develop much faster and further than others. Focusing primarily on
Europe between 1914 and 1939, this present volume explores the
development of thirteen countries that could be said to be
categorised as economically backward during this period: Albania,
Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Poland,
Portugal, Romania, Spain, Turkey and Yugoslavia. These countries
are linked, not only in being geographically on Europe's periphery,
but all shared high agrarian components and income levels much
lower than those enjoyed in western European countries. The study
shows that by 1918 many of these countries had structural
characteristics which either relegated them to a low level of
development or reflected their economic backwardness,
characteristics that were not helped by the hostile economic
climate of the interwar period. It explores, region by region, how
their progress was checked by war and depression, and how the
effects of political and social factors could also be a major
impediment to sustained progress and modernisation. For example, in
many cases political corruption and instability, deficient
administrations, ethnic and religious diversity, agrarian
structures and backwardness, population pressures, as well as
international friction, were retarding factors. In all this study
offers a fascinating insight into many areas of Europe that are
often ignored by economists and historians. It demonstrates that
these countries were by no means a lost cause, and that their
post-war performances show the latent economic potential that most
harboured. By providing an insight into the development of Europe's
'periphery' a much more rounded and complete picture of the
continent as a whole is achieved.
This thorough and compelling book offers a long-run perspective on
the European economy from 1500 to the present day, and compares
Europe's position of world dominance in the nineteenth century with
its vacillating fortunes in the twentieth century. Europe is set
specifically within an international context to illustrate how it
influenced the rest of the world and how in turn the latter helped
to shape the pattern of European development. The authors explain
why Europe overtook the formerly advanced Eastern civilizations and
how this resulted in the growing inequality among the nations of
the world which is such a marked feature in the present day. They
then trace the development of the European economy within the
context of the international economy and analyse the reasons for
its rise to world dominance in the nineteenth century and then its
collapse and revival in the twentieth century. Europe in the
International Economy 1500 to 2000 will be of interest to students
and scholars of economic history and international economics.
Today the gap between rich and poor nations is larger than it has
ever been in recorded history. Yet the economic hegemony of Europe
was unanticipated in the fifteenth century when Europeans seemed no
more advanced than their eastern counterparts.This distinguished
collection of papers places present development problems in
historical perspective, drawing on European experience to show what
characterized the growth of the world's first industrialized
continent. Topics discussed in this volume include the influence of
late fertility on economic development, the roots of Latin American
backwardness, economic growth in Central and Eastern Europe since
1870, macroeconomic populism and economic failure in Africa since
1960, trade and exchange rate liberalization, and the impact of
technology and capital market development in a divided world. Rich
Nations - Poor Nations offers a broad perspective on the
development process in which authors relate historical work to the
current problems of the Third World. While these papers are not
anchored solely in the European past, they recognize that some
positive things can be gleaned from Europe's historical experience
which will be of value to developing nations.
Economic historians have perennially addressed the intriguing
question of comparative development, asking why some countries
develop much faster and further than others. Focusing primarily on
Europe between 1914 and 1939, this present volume explores the
development of thirteen countries that could be said to be
categorised as economically backward during this period: Albania,
Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Poland,
Portugal, Romania, Spain, Turkey and Yugoslavia. These countries
are linked, not only in being geographically on Europe's periphery,
but all shared high agrarian components and income levels much
lower than those enjoyed in western European countries. The study
shows that by 1918 many of these countries had structural
characteristics which either relegated them to a low level of
development or reflected their economic backwardness,
characteristics that were not helped by the hostile economic
climate of the interwar period. It explores, region by region, how
their progress was checked by war and depression, and how the
effects of political and social factors could also be a major
impediment to sustained progress and modernisation. For example, in
many cases political corruption and instability, deficient
administrations, ethnic and religious diversity, agrarian
structures and backwardness, population pressures, as well as
international friction, were retarding factors. In all this study
offers a fascinating insight into many areas of Europe that are
often ignored by economists and historians. It demonstrates that
these countries were by no means a lost cause, and that their
post-war performances show the latent economic potential that most
harboured. By providing an insight into the development of Europe's
'periphery' a much more rounded and complete picture of the
continent as a whole is achieved.
First published in 1997, this book analyses some of the key
economic issues facing Europe in the interwar period, against the
uncertain international, political and economic background of the
time. Among the subjects discussed are the legacy of the peace
settlements, inflation, trade and reconstruction, international
lending, depression and recovery, the position of Eastern and
Central Europe, and the progress of the peripheral nations. The
book contends that the peace treaties raised more problems than
they solved, while the policy mistakes of the Allied powers after
the First World War, and their failure to devise an adequate
programme of economic and financial reconstruction, weakened the
already divided continent, contributing to its disintegration.
How do we define an economic disaster? A difficult question. Most
centuries would claim that they have had their share of disasters,
but the twentieth century certainly seems to have been more prone
to them than the previous one. A number of leading economists and
economic historians assemble here to examine nine key disasters
with international or global implications. The First and Second
World Wars, the great depression, oil shocks, inflation, financial
crises, stock market crashes, the collapse of the Soviet command
economy and Third World disasters are discussed in this
comprehensive book. The contributors subject these disasters to
in-depth assessment, carefully considering their costs and impact
on specific countries and regions, as well as assessing them in a
global context. The book examines the legacy of economic disasters
and asks whether economic disasters are avoidable or whether
policymakers can learn from their mistakes. The book will appeal to
a wide variety of social scientists, including those working in
economic history, international relations, international political
economy and geopolitics.
This thorough and compelling book offers a long-run perspective on
the European economy from 1500 to the present day, and compares
Europe's position of world dominance in the nineteenth century with
its vacillating fortunes in the twentieth century. Europe is set
specifically within an international context to illustrate how it
influenced the rest of the world and how in turn the latter helped
to shape the pattern of European development. The authors explain
why Europe overtook the formerly advanced Eastern civilizations and
how this resulted in the growing inequality among the nations of
the world which is such a marked feature in the present day. They
then trace the development of the European economy within the
context of the international economy and analyse the reasons for
its rise to world dominance in the nineteenth century and then its
collapse and revival in the twentieth century. Europe in the
International Economy 1500 to 2000 will be of interest to students
and scholars of economic history and international economics.
The themes of this study are the exchange rate regimes chosen by
policy makers in the twentieth century, the means used to maintain
these regimes, and the impact of these decisions on individual
national economies and the world economy in general. The book draws
heavily on new research showing the lessons and the legacy left for
policy makers by the gold standard and the attempt at its
resurrection in the 1920s. In examining issues such as the gold
exchange standard, the gold bullion standard, the experience of
floating exchange rates, the Bretton Woods arrangements, the EMS
and the ERM, and the Currency Board approach, there is a conscious
attempt to draw out the relevance of history for policy makers now.
What do unions do and why do they do it? Do they seek to maximise
profit for their members, or to obtain better working conditions
that benefit society as a whole? Derek H. Aldcroft and Michael J.
Oliver here provide one of the first sustained studies of the
effects of union activities in terms of economic performance and
the impact on the business world. From the rise of the British mass
trade union movement in the 1870s to the present day, the book
examines the main trends in union development and structure, and
the core strategies unions have used to achieve their objectives:
the use of strikes, work rules and restrictive practices; workers'
attitudes to innovation; the wage bargaining process. Important
assessments are made of the influence of these strategies on
investment, innovation, economic growth, and the cost of structure
and competitiveness of the UK economy.
How do we define an economic disaster? A difficult question. Most
centuries would claim that they have had their share of disasters,
but the twentieth century certainly seems to have been more prone
to them than the previous one. A number of leading economists and
economic historians assemble here to examine nine key disasters
with international or global implications. The First and Second
World Wars, the great depression, oil shocks, inflation, financial
crises, stock market crashes, the collapse of the Soviet command
economy and Third World disasters are discussed in this
comprehensive book. The contributors subject these disasters to
in-depth assessment, carefully considering their costs and impact
on specific countries and regions, as well as assessing them in a
global context. The book examines the legacy of economic disasters
and asks whether economic disasters are avoidable or whether
policymakers can learn from their mistakes. The book will appeal to
a wide variety of social scientists, including those working in
economic history, international relations, international political
economy and geopolitics.
This book provides the first comprehensive and accessible account
of the evolution of exchange rate regimes in the twentieth century.
It presents a chronological, non-technical history and in doing so
manages to link the past with the present to shed new light on the
merits of different exchange rate systems.Since the golden age
before the First World War, the international monetary system has
experienced several changes in exchange rate regimes, alternating
between fixed and floating rate systems interspersed with managed
or dirty floats. The authors examine and assess the evolution of
exchange rate regimes since the First World War to the present day.
They discuss the forces that have brought about change in order to
determine how different regimes affected the economic environment.
They consider the merits or otherwise of the respective regimes and
assess the evidence and arguments for and against fixed and
floating exchange rate systems. Exchange Rate Regimes in the
Twentieth Century provides a coherent and manageable analysis of a
complex subject. It will prove invaluable to both undergraduates
and postgraduates studying economic history, international
economics and international studies.
Change in Eastern Europe has too often been seen in narrowly
political terms by historians and commentators. Underlying the
often dramatic political events of the post-1918 period have been
economic and social elements which have both massively influenced
and severely constrained the political options of policymakers.
Economic Change in Eastern Europe since 1918 presents a concise,
authoritative account of the economic history of Yugoslavia,
Romania, Bulgaria, Hungary, Poland and Czechoslovakia in the
twentieth century. Drawing upon a deep knowledge of the primary
literature and the latest research, the authors explain why Eastern
Europe was already underdeveloped by 1914 before assessing the
impact of two world wars, economic recession and socialist economic
planning. The final chapter examines the aftermath of the 1989
revolutions and discusses some scenarios for the future of the
region. This important book offers economists, political scientists
and historians a unique, authoritative overview of the economic
legacy of Eastern Europe's turbulent past and the political and
social factors, including the significant role of agrarian and land
issues, which have helped to shape the region's history.
The themes of this study are the exchange rate regimes chosen by
policy makers in the twentieth century, the means used to maintain
these regimes, and the impact of these decisions on individual
national economies and the world economy in general. The book draws
heavily on new research showing the lessons and the legacy left for
policy makers by the gold standard and the attempt at its
resurrection in the 1920s. In examining issues such as the gold
exchange standard, the gold bullion standard, the experience of
floating exchange rates, the Bretton Woods arrangements, the EMS
and the ERM, and the Currency Board approach, there is a conscious
attempt to draw out the relevance of history for policy makers now.
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