Globalization remains always controversial, especially during a severe recession. Its philosophical, political and economic history is a complex tangle, but globalism’s current expression is even more complicated, weaving in everything from gold to monetary policy to nationalism. Council on Foreign Relations experts Benn Steil and Manuel Hinds have written a high-level, dense, but ultimately rewarding book for dedicated students of globalization. They contend that the U.S. Federal Reserve Bank faces a tough challenge managing the U.S. dollar as both a national and a global reserve currency. This book outweighs other popular texts on globalism in its scholarship, topic range and intellectual arguments. The authors make such a formidable case that critics will have to ratchet up their rebuttals dramatically. getAbstract highly recommends this work to policy makers and executives involved in globalization, but note: The book presumes more than a passing acquaintance with economic theory.
In this summary, you will learn
- How the origins of trade and money affect contemporary globalization,
- Why globalism and national sovereignty collide and
- How the U.S.’s role as the issuer of the world’s currency must evolve.
About the Authors
Benn Steil is senior fellow and director of international economics at the Council on Foreign Relations. Manuel Hinds, the author of Playing Monopoly with the Devil, served two terms as El Salvador’s minister of finance.