OPE-L The Future of Money by Benjamin J. Cohen

From: Rakesh Bhandari (rakeshb@STANFORD.EDU)
Date: Thu Dec 18 2003 - 14:15:41 EST

I'm pretty sure OPE-L'ers working on the Marxian theory of money will
have a critical interest in this.

The Future of Money
by Benjamin J. Cohen (Author)

Product Details

*       Hardcover: 312 pages ; Dimensions (in inches): 1.19 x 9.16 x 6.46
*       Publisher: Princeton Univ Pr; (February 2004)
*       ISBN: 0691116652

Editorial Reviews
 From the Inside Flap
"Jerry Cohen is without peer as a scholar working at the crossroads
of international economics and international relations. Here is the
definitive book on the contemporary and likely future politics of
global money. Well researched and well written, it provides a
comprehensive overview of the theory and practice of international
monetary relations. Specialists will discover original and
iconoclastic insights. Undergraduate and graduate students will find
an exceptionally clear and accessible presentation of an important
and multifaceted subject. Practitioners will benefit from provocative
and convincing forecasts. Highly recommended." (Louis W. Pauly,
Canada Research Chair and Director, Centre for International Studies,
University of Toronto)

"Cohen knows both economics and political science intimately and
fuses them skillfully. "The Future of Money" is both a definitive
analytical survey of the money question today and a judicious
synthesis of the increasingly complex challenges facing policymakers
in a globalizing world. Whether dealing with the fashion for
dollarization, real world examples of how governments-from the
leading currency countries to the most powerless-have tried to cope,
or the growing impact of private market actors, electronic
currencies, and the like, Cohen demonstrates a mastery of both
empirical detail and theoretical analysis. And the book is full of
common sense, too." (Philip Cerny, University of Manchester)

"Benjamin J. Cohen's third major work on the political economy of
international monetary affairs addresses another major issue
confronting the international community: how to stabilize and govern
an international monetary system composed of several competing
national currencies. Professor Cohen presents and analyzes a number
of mechanisms available to the international community to prevent
monetary collapse and anarchy. However, as he emphasizes, the choice
of a stabilizing mechanism rests on the political as well as economic
interests of the major economic powers. Cohen's knowledge, insights,
and wisdom will be of immense value to the creators of a more stable
and efficient international monetary system. This book should also be
of interest to scholars, government officials, and others interested
in the future of international monetary affairs." (Robert Gilpin,
Princeton University)

"This book is an outstanding addition to the literature. It uses a
neat analytical framework to synthesize and analyze a vast, disparate
body of research, including work in both economics and political
science, and raises important questions about the evolution of money
and monetary arrangements." (Peter B. Kenen, Princeton University,
author of The International Financial Architecture)

"Benjamin Cohen has written an important book about a compelling
question of modern political economics: how many currencies will
there be, and what arrangement will govern them? Unusually well
written, this is a book I will assign to my students." (Dennis Quinn,
Georgetown University)

Book Description
Is globalization leading us toward a world of fewer and fewer
currencies and, consequently, simplified monetary management? Many
specialists believe this is the case, as the territorial monopolies
national governments have long claimed over money appears to be
eroding. In The Future of Money, Benjamin Cohen argues that this
view--which he calls the "Contraction Contention"--is wrong.
Rigorously argued, written with extraordinary clarity, and thoroughly
up-to-date, this book demonstrates that the global population of
currencies is set to expand greatly, not contract, making monetary
governance more difficult, not less.

At the book's core is an innovative theoretical model for
understanding the strategic preferences of states in monetary
management. Should governments defend their traditional monetary
sovereignty, or should they seek some kind of regional consolidation
of currencies? The model offers two broad advances. First, whereas
most scholarly work evaluates strategic options individually or in
comparison to just one other alternative, this model emphasizes the
three-dimensional nature of the decisions involved. Second, the model
emphasizes degrees of currency regionalization as a central
determinant of state preferences. Cohen also systematically explores
the role of the private sector as an alternative source of money.

The book concludes with two key policy proposals. First, fiscal
policy should be resurrected as a tool of macroeconomic management,
to offset the present-day erosion in the effectiveness of monetary
policy. Second, the International Monetary Fund should more actively
help coordinate the decentralized strategic decision-making of
governments. The future of money will be perilous. But, by mapping
out the alternative policies countries can follow, The Future of
Money shows it need not be chaotic.

This archive was generated by hypermail 2.1.5 : Fri Dec 19 2003 - 00:00:01 EST