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Contributions from
the Column
Books and Media
The making of Global Finance
HIPC Debt Relief - Myths and Reality
Humankind and sustainable solidarity
Security sector reform
Poverty and human rights abuses
03/2005 |
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How the Global Finance System came into being
Marc Flandreau, Frédéric Zumer:
The Making of Global Finance 1880-1913.
Paris, OECD-Development Centre 2004,
144 pages, Euro 24.00 ISBN 92-64-01534-5.
Available through:
books@extenza-turpin.com
Flandreau and Zumer investigate the early phases of globalisation. Their book traces the roots of the international finance system and analyses the origin and destination of international financial transactions in the decades immediately preceding the First World War. The authors dispel the idea that it were primarily institutional arrangements, such as the gold standard, which attracted foreign investment. The stability and integrity of political systems was much more important, they point out. The book concludes that the successful management of international cash flows relies as much on strong institutional and political factors as on tangible financial policy. (orb)
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