This book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.

Studies the evolution of the international monetary system Provides a theoretical foundation for the analysis of the evolution of the international monetary system Explains how domestic money can turn into international money

Autorentext

Giovanni B. Pittaluga is an Emeritus Professor of Economics at Genoa University (Italy). He has taught Monetary Economics at the Catholic University of Milan (Italy) and the Genoa University. He worked as an economist at the Research Department of Bank of Italy. Pittaluga has published numerous papers and books on monetary economics. Elena Seghezza is an Associate Professor of Macroeconomics at Genoa University (Italy). She previously worked as an economist at the Department of Economic Affairs of the Italian government and at the Organization for Economic Cooperation and Development (OECD). She has published several articles on Political Economy.

Inhalt
Introduction - The Main Features of the International Money's Evolution.- Money and the International Monetary System: Origins and Evolution.- The Classic Gold Standard.- The Gold-Exchange Standard, its Collapse, and the Interwar Lack of an International Money.- The Bretton Woods System.- The Dollar Standard.- Critical Issues in the Current International Monetary System and Future Prospects.- Conclusions.