In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defence of economic liberalism since F. A. Hayek published "The Road to Serfdom" more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedentedly liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived - a situation bound to trigger periodic crises.Steil and Hinds call for a revival of the political and economic thinking that underlay earlier great periods of globalization, and which is increasingly under threat by more recent ideas about what sovereignty means.
- ISBN10 0300156146
- ISBN13 9780300156140
- Publish Date 1 April 2009 (first published 1 January 2009)
- Publish Status Active
- Publish Country US
- Imprint Yale University Press
- Format eBook
- Pages 301
- Language English