The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.
A comprehensive history of one of the major players in the world of international finance. Over the course of its 150-year history, Deutsche Bank has established itself as a major player in the world of international finance, but has also been confronted by numerous challenges that have changed the face of Europe – from two world wars, to the rise and subsequent fall of communism. In this major work on the bank's history, Werner Plumpe, Alexander Nützenadel and Catherine R. Schenk deliver a vibrant account of the measures the bank undertook in order to address the profound upheavals of the period, as well as the diverse and unusual demands it had to face. These included the First World War, which brought the world's first period of globalization to a sudden and dramatic end, but also the development of the predominantly national framework within which the bank had to operate from 1914 until the fall of the Berlin Wall in 1989. More recently, the focus has shifted back to European and global activities, with Deutsche Bank forging new paths into the Anglo-American capital markets business – so opening another extraordinary chapter for the bank.
This second edition has been updated to include an assessment of economic relations up to the COVID-19 pandemic. It focuses on three main threads that tie national economies together: flows of goods, of people and of finance. Since the end of the Second World War, the international economy transformed from a tightly controlled trading system to the financial globalization of the late 20th century. This book traces the organisation of international economic relations from the 1944 Bretton Woods conference through to the 2008 financial crisis and its aftermath. By outlining the development of economic policy of both national and international institutions like the International Monetary Fund and the European Union, this volume examines how the global system was constructed and explores the sources of inequality and instability. The changing political context is also emphasised, especially the Cold War and its end, the rise of China and other emerging market economies and the prospect of a retreat from globalisation in the wake of the 2008 crisis. Using non-technical language and providing clear examples and evidence, the book is an accessible introduction to international economic relations that will be useful for all students of modern world history since 1945.
Based on previously unpublished archival records, this book makes a significant contribution to our understanding of the development of Hong Kong as one of the worlds premier international financial centres.
To complement current work on the British domestic economy in the post-war period it is necessary to examine external economic policy. Whilst considerable work has been done on Britain's relations with Europe and with America, the complexities of the sterling area have remained obscure. This volume makes a significant contribution to unravelling the strands of British external economic policy in the post-war period.
The demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling's role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling's international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain's partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling's international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the US dollar as an international currency.
The international economy since 1945 has endured dramatic changes in its balance of power, from the early period of prosperity for industrialised nations, to the 2008/9 global crisis. In this volume Catherine Schenk outlines these huge changes, examines how the world’s economic leaders have tried to organise and influence the international economy and presents the key frameworks in which international economic relations have developed. Focusing on the pattern of international trade, international investment and the changing organisation of the international monetary system, this volume takes a chronological approach of key time-frames, and shows how policy has impacted the balance of the international economy. Major events such as European integration in the 1960’s, the collapse of the international monetary system and oil crisis in the 1970’s the return of China to the international economy in the 1980’s and emerging market crises in the 1990s are discussed within the context of key themes including global economic and regulatory co-ordination, the role of American economic hegemony, the evolution of exchange rate policy and unequal development. International Economic Relations since 1945 is the perfect guide for all students of economic history and international history, and for those seeking to understand recent economic trends in a longer term perspective.
To complement current work on the British domestic economy in the post-war period it is necessary to examine external economic policy. Whilst considerable work has been done on Britain's relations with Europe and with America, the complexities of the sterling area have remained obscure. This volume makes a significant contribution to unravelling the strands of British external economic policy in the post-war period.
A comprehensive history of one of the major players in the world of international finance. Over the course of its 150-year history, Deutsche Bank has established itself as a major player in the world of international finance, but has also been confronted by numerous challenges that have changed the face of Europe – from two world wars, to the rise and subsequent fall of communism. In this major work on the bank's history, Werner Plumpe, Alexander Nützenadel and Catherine R. Schenk deliver a vibrant account of the measures the bank undertook in order to address the profound upheavals of the period, as well as the diverse and unusual demands it had to face. These included the First World War, which brought the world's first period of globalization to a sudden and dramatic end, but also the development of the predominantly national framework within which the bank had to operate from 1914 until the fall of the Berlin Wall in 1989. More recently, the focus has shifted back to European and global activities, with Deutsche Bank forging new paths into the Anglo-American capital markets business – so opening another extraordinary chapter for the bank.
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