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A pioneering history traces the origins of global economic
governance-and the political conflicts it generates-to the
aftermath of World War I. International economic institutions like
the IMF and World Bank exert incredible influence over the domestic
policies of many states. These institutions date from the end of
World War II and amassed power during the neoliberal era of the
late twentieth century. But as Jamie Martin shows, if we want to
understand their deeper origins and the ideas and dynamics that
shaped their controversial powers, we must turn back to the
explosive political struggles that attended the birth of global
economic governance in the early twentieth century. The Meddlers
tells the story of the first international institutions to govern
the world economy, including the League of Nations and Bank for
International Settlements, created after World War I. These
institutions endowed civil servants, bankers, and colonial
authorities from Europe and the United States with extraordinary
powers: to enforce austerity, coordinate the policies of
independent central banks, oversee development programs, and
regulate commodity prices. In a highly unequal world, they faced a
new political challenge: was it possible to reach into sovereign
states and empires to intervene in domestic economic policies
without generating a backlash? Martin follows the intense political
conflicts provoked by the earliest international efforts to govern
capitalism-from Weimar Germany to the Balkans, Nationalist China to
colonial Malaya, and the Chilean desert to Wall Street. The
Meddlers shows how the fraught problems of sovereignty and
democracy posed by institutions like the IMF are not unique to late
twentieth-century globalization, but instead first emerged during
an earlier period of imperial competition, world war, and economic
crisis.
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