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Currency Power

Understanding Monetary Rivalry
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( 30 ratings, 3 reviews)
Book Hero Magic crafted this summary to help describe this book. While it's new and still learning, it may not be perfect - your feedback is welcome! Summary
Currency Power explores the geopolitical importance of international currencies, focusing on why the US dollar continues to dominate the global economy despite challenges from the euro and the Chinese yuan. Benjamin J. Cohen analyses the intricate links between currency and state power, demonstrating that while the euro and yuan face significant economic and political limitations, the dollar remains the "indispensable currency" backed by unparalleled resources. The book argues convincingly that, contrary to popular belief, the dollar's supremacy is set to endure.
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Format: Paperback / softback
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Book Hero Magic created this recommendation. While it's new and still learning, it may not be perfect - your feedback is welcome! IS THIS YOUR NEXT READ?

Ideal for students and scholars of economics, international relations, and political economy, as well as policymakers and anyone interested in global finance and geopolitical strategy.

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Why the dollar will remain the world's most powerful currencyMonetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship betwee

Book Hero Magic formatted this description to make it easier to read. While it's new and still learning, it may not be perfect - your feedback is welcome! Description

Why the dollar will remain the world's most powerful currency.

Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China?

Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favours America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy.

Cohen presents an innovative analysis of currency power and emphasises the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalisation and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the "indispensable currency"β€”the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics.

Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.

Book Hero Magic summarised reviews for this book. While it's new and still learning, it may not be perfect - your feedback is welcome! HOW HAS THIS BEEN REVIEWED?

Praised for its clarity and comprehensive approach, Currency Power addresses key debates in international political economy. Choice highlights its broad relevance, while Thomas Oatley in the Cambridge Review of International Affairs calls it an essential and lasting contribution to understanding financial statecraft and the global currency hierarchy.

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Book Details

INFORMATION

ISBN: 9780691181066

Publisher: Princeton University Press

Format: Paperback / softback

Date Published: 24 April 2018

Country: United States

Imprint: Princeton University Press

Illustration: 8 line illus. 9 tables.

Audience: Tertiary education, Professional and scholarly

DIMENSIONS

Width: 155.0mm

Height: 235.0mm

Weight: 250g

Pages: 302

About the Author

Benjamin J. Cohen is the Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara.

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