Currency and Coercion
Political Economy of International Monetary Power
This text examines how states can, and have, used international currency relationships and arrangements as instruments of coercive power for the advancement of state security. The book lays the groundwork for what the author calls monetary power by providing a taxonomy of the possible forms that such power can take in principle and of the conditions under which it can have effect. It then establishes the actual existence of monetary power by showing how the taxonomy is supported by the historical record, including cases from nations from all over the globe and through-out the 20th century. Finally, it shows how the monetary power is affected by different monetary regimes, the sources of its success and failure, and the factors that lead states to turn to its use.
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What Reviewers Are Saying
"It is the rich cornucopia of historical studies that will make Currency and Coercion of enduring value....These studies are well documented, clearly written, and serve to highlight the important role of "monetary power" in world politics."--David M. Andrews, "Mershon International Studies Review"