Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable. In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods System of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant to revalue their currencies for fear of seeing their export-led growth slow and suffering capital losses on their foreign reserves. Eichengreen argues in response that the power of historical analogy lies not just in finding parallels but in highlighting differences, and he finds important differences in the structure of the world economy today. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. Two of the most salient differences are the twin deficits and low savings rate of the United States, which do not augur well for the sustainability of the country's international position. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. After identifying these differences, Eichengreen looks in detail at the Gold Pool, the mechanism through which European central banks sought to support the dollar in the 1960s. He shows that the Pool was fragile and short lived, which does not bode well for collective efforts on the part of Asian central banks to restrain reserve diversification and support the dollar today. He studies Japan's exit from its dollar peg in 1971, drawing lessons for China's transition to greater exchange rate flexibility. And he considers the history of reserve currency competition, asking if it has lessons for whether the dollar is destined to lose its standing as preeminent international currency to the euro or even the Chinese renminbi.

Focusing on the day-to-day operations of the U.S. armory at Harpers Ferry, Virginia, from 1798 to 1861, this book shows what the "new technology" of mechanized production meant in terms of organization, management, and worker morale. A local study of much more than local significance, it highlights the major problems of technical innovation and social adaptation in antebellum America. Merritt Roe Smith describes how positions of authority at the armory were tied to a larger network of political and economic influence in the community; how these relationships, in turn, affected managerial behavior; and how local social conditions reinforced the reactions of decision makers. He also demonstrates how craft traditions and variant attitudes toward work vis-a-vis New England created an atmosphere in which the machine was held suspect and inventive activity was hampered.Of central importance is the author's analysis of the drastic differences between Harpers Ferry and its counterpart, the national armory at Springfield, Massachusetts, which played a pivotal role in the emergence of the new technology. The flow of technical information between the two armories, he shows, moved in one direction only- north to south. "In the end," Smith concludes, "the stamina of local culture is paramount in explaining why the Harpers Ferry armory never really flourished as a center of technological innovation."Pointing up the complexities of industrial change, this account of the Harpers Ferry experience challenges the commonly held view that Americans have always been eagerly receptive to new technological advances.

Closely linked essays examine distinctive national patterns of industrialization. This collection of essays offers new perspectives on the Industrial Revolution as a global phenomenon. The fifteen contributors go beyond the longstanding view of industrialization as a linear process marked by discrete stages. Instead, they examine a lengthy and creative period in the history of industrialization, 1750 to 1914, reassessing the nature of and explanations for England's industrial primacy, and comparing significant industrial developments in countries ranging from China to Brazil. Each chapter explores a distinctive national production ecology, a complex blend of natural resources, demographic pressures, cultural impulses, technological assets, and commercial practices. At the same time, the chapters also reveal the portability of skilled workers and the permeability of political borders. The Industrial Revolution comes to life in discussions of British eagerness for stylish, middle-class products; the Enlightenment's contribution to European industrial growth; early America's incremental (rather than revolutionary) industrialization; the complex connections between Czarist and Stalinist periods of industrial change in Russia; Japan's late and rapid turn to mechanized production; and Brazil's industrial-financial boom. By exploring unique national patterns of industrialization as well as reciprocal exchanges and furtive borrowing among these states, the book refreshes the discussion of early industrial transformations and raises issues still relevant in today's era of globalization.

These thirteen essays explore a crucial historical question that has been notoriously hard to pin down: To what extent, and by what means, does a society's technology determine its political, social, economic, and cultural forms?Karl Marx launched the modern debate on determinism with his provocative remark that "the hand-mill gives you society with the feudal lord; the steam-mill, society with the industrial capitalist," and a classic article by Robert Heilbroner (reprinted here) renewed the debate within the context of the history of technology. This book clarifies the debate and carries it forward.Marx's position has become embedded in our culture, in the form of constant reminders as to how our fast-changing technologies will alter our lives. Yet historians who have looked closely at where technologies really come from generally support the proposition that technologies are not autonomous but are social products, susceptible to democratic controls. The issue is crucial for democratic theory. These essays tackle it head-on, offering a deep look at all the shadings of determinism and assessing determinist models in a wide variety of historical contexts.Contributors: Bruce Bimber. Richard W. Bulliet. Robert L. Heilbroner. Thomas P. Hughes. Leo Marx. Thomas J. Misa. Peter C. Perdue. Philip Scranton. Merritt Roe Smith. Michael L. Smith. John M. Staudenmaier. Rosalind Williams.