MONEY AND EMPIRE CharlesKindlebergerranksasoneofthetwentiethcentury’sbestknownand mostinfluentialinternationaleconomists.Thisbooktracestheevolutionof histhinkinginthecontextofa“key-currency”approachtotheriseofthe dollar system, here revealed as the indispensable framework for global economicdevelopmentsinceWorldWarII.Unlikemostofhiscolleagues, Kindlebergerwasdeeplyinterestedinhistory,andhiseconomicsbrimmed withrealpeopleandinstitutionaldetails.HisresearchattheNewYorkFed andBISduringtheGreatDepression,hiswartimeintelligencework,andhis roleinadministeringtheMarshallPlangavehimdeepinsightintohowthe internationalfinancialsystemreallyoperated.Abiographyofboththedollar andaman,thisbookisalsothestoryofthedevelopmentofideasabouthow moneyworks.Itthrowsrevealinglightontheunderlyingeconomicforces andpoliticalobstaclesshapingourglobalizedworld. PerryMehrlingisProfessorofInternationalPoliticalEconomyatBoston University. Published online by Cambridge University Press STUDIES IN NEW ECONOMIC THINKING The2008financialcrisispointedtoproblemsineconomictheorythatrequire morethanjustbigdatatosolve.INET’sseriesinNewEconomicThinkingexists toensurethatinnovativeworkthatadvanceseconomicsandbetterintegratesit with other social sciences and the study of history and institutions can reach abroadaudienceinatimelyway. Published online by Cambridge University Press MONEY AND EMPIRE Charles P. Kindleberger and the Dollar System Perry Mehrling BostonUniversity Published online by Cambridge University Press UniversityPrintingHouse,CambridgeCB28BS,UnitedKingdom OneLibertyPlaza,20thFloor,NewYork,NY10006,USA 477WilliamstownRoad,PortMelbourne,VIC3207,Australia 314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre, NewDelhi–110025,India 103PenangRoad,#05–06/07,VisioncrestCommercial,Singapore238467 CambridgeUniversityPressispartoftheUniversityofCambridge. ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof education,learning,andresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781009158572 DOI:10.1017/9781009158589 ©PerryMehrling2022 Thispublicationisincopyright.Subjecttostatutoryexception andtotheprovisionsofrelevantcollectivelicensingagreements, noreproductionofanypartmaytakeplacewithoutthewritten permissionofCambridgeUniversityPress. Firstpublished2022 PrintedintheUnitedKingdombyTJBooksLTD AcataloguerecordforthispublicationisavailablefromtheBritishLibrary. LibraryofCongressCataloging-in-PublicationData Names:Mehrling,Perry,author. Title:Moneyandempire:CharlesP.Kindlebergerandthedollarsystem/Perry Mehrling,BostonUniversity. Description:Cambridge,UnitedKingdom;NewYork,NY:CambridgeUniversity Press,2021.|Series:Studiesinneweconomicthinking|Includesbibliographical referencesandindex. Identifiers:LCCN2021056132(print)|LCCN2021056133(ebook)|ISBN 9781009158572(hardback)|ISBN9781009158589(ebook) Subjects:LCSH:Kindleberger,CharlesP.,1910–2003.|Monetarypolicy–United States.|UnitedStates.FederalReserveBoard.|Dollar. Classification:LCCHG501.M572021(print)|LCCHG501(ebook)|DDC332.4/ 973–dc23/eng/20211203 LCrecordavailableathttps://lccn.loc.gov/2021056132 LCebookrecordavailableathttps://lccn.loc.gov/2021056133 ISBN978-1-009-15857-2Hardback CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracyof URLsforexternalorthird-partyinternetwebsitesreferredtointhispublication anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain, accurateorappropriate. Published online by Cambridge University Press MONEY AND EMPIRE CharlesKindlebergerranksasoneofthetwentiethcentury’sbestknownand mostinfluentialinternationaleconomists.Thisbooktracestheevolutionof histhinkinginthecontextofa“key-currency”approachtotheriseofthe dollar system, here revealed as the indispensable framework for global economicdevelopmentsinceWorldWarII.Unlikemostofhiscolleagues, Kindlebergerwasdeeplyinterestedinhistory,andhiseconomicsbrimmed withrealpeopleandinstitutionaldetails.HisresearchattheNewYorkFed andBISduringtheGreatDepression,hiswartimeintelligencework,andhis roleinadministeringtheMarshallPlangavehimdeepinsightintohowthe internationalfinancialsystemreallyoperated.Abiographyofboththedollar andaman,thisbookisalsothestoryofthedevelopmentofideasabouthow moneyworks.Itthrowsrevealinglightontheunderlyingeconomicforces andpoliticalobstaclesshapingourglobalizedworld. PerryMehrlingisProfessorofInternationalPoliticalEconomyatBoston University. Published online by Cambridge University Press STUDIES IN NEW ECONOMIC THINKING The2008financialcrisispointedtoproblemsineconomictheorythatrequire morethanjustbigdatatosolve.INET’sseriesinNewEconomicThinkingexists toensurethatinnovativeworkthatadvanceseconomicsandbetterintegratesit with other social sciences and the study of history and institutions can reach abroadaudienceinatimelyway. Published online by Cambridge University Press MONEY AND EMPIRE Charles P. Kindleberger and the Dollar System Perry Mehrling BostonUniversity Published online by Cambridge University Press UniversityPrintingHouse,CambridgeCB28BS,UnitedKingdom OneLibertyPlaza,20thFloor,NewYork,NY10006,USA 477WilliamstownRoad,PortMelbourne,VIC3207,Australia 314–321,3rdFloor,Plot3,SplendorForum,JasolaDistrictCentre, NewDelhi–110025,India 103PenangRoad,#05–06/07,VisioncrestCommercial,Singapore238467 CambridgeUniversityPressispartoftheUniversityofCambridge. ItfurtherstheUniversity’smissionbydisseminatingknowledgeinthepursuitof education,learning,andresearchatthehighestinternationallevelsofexcellence. www.cambridge.org Informationonthistitle:www.cambridge.org/9781009158572 DOI:10.1017/9781009158589 ©PerryMehrling2022 Thispublicationisincopyright.Subjecttostatutoryexception andtotheprovisionsofrelevantcollectivelicensingagreements, noreproductionofanypartmaytakeplacewithoutthewritten permissionofCambridgeUniversityPress. Firstpublished2022 PrintedintheUnitedKingdombyTJBooksLTD AcataloguerecordforthispublicationisavailablefromtheBritishLibrary. LibraryofCongressCataloging-in-PublicationData Names:Mehrling,Perry,author. Title:Moneyandempire:CharlesP.Kindlebergerandthedollarsystem/Perry Mehrling,BostonUniversity. Description:Cambridge,UnitedKingdom;NewYork,NY:CambridgeUniversity Press,2021.|Series:Studiesinneweconomicthinking|Includesbibliographical referencesandindex. Identifiers:LCCN2021056132(print)|LCCN2021056133(ebook)|ISBN 9781009158572(hardback)|ISBN9781009158589(ebook) Subjects:LCSH:Kindleberger,CharlesP.,1910–2003.|Monetarypolicy–United States.|UnitedStates.FederalReserveBoard.|Dollar. Classification:LCCHG501.M572021(print)|LCCHG501(ebook)|DDC332.4/ 973–dc23/eng/20211203 LCrecordavailableathttps://lccn.loc.gov/2021056132 LCebookrecordavailableathttps://lccn.loc.gov/2021056133 ISBN978-1-009-15857-2Hardback CambridgeUniversityPresshasnoresponsibilityforthepersistenceoraccuracyof URLsforexternalorthird-partyinternetwebsitesreferredtointhispublication anddoesnotguaranteethatanycontentonsuchwebsitesis,orwillremain, accurateorappropriate. Published online by Cambridge University Press MONEY AND EMPIRE CharlesKindlebergerranksasoneofthetwentiethcentury’sbestknownand mostinfluentialinternationaleconomists.Thisbooktracestheevolutionof histhinkinginthecontextofa“key-currency”approachtotheriseofthe dollar system, here revealed as the indispensable framework for global economicdevelopmentsinceWorldWarII.Unlikemostofhiscolleagues, Kindlebergerwasdeeplyinterestedinhistory,andhiseconomicsbrimmed withrealpeopleandinstitutionaldetails.HisresearchattheNewYorkFed andBISduringtheGreatDepression,hiswartimeintelligencework,andhis roleinadministeringtheMarshallPlangavehimdeepinsightintohowthe internationalfinancialsystemreallyoperated.Abiographyofboththedollar andaman,thisbookisalsothestoryofthedevelopmentofideasabouthow moneyworks.Itthrowsrevealinglightontheunderlyingeconomicforces andpoliticalobstaclesshapingourglobalizedworld. PerryMehrlingisProfessorofInternationalPoliticalEconomyatBoston University. Published online by Cambridge University Press STUDIES IN NEW ECONOMIC THINKING The2008financialcrisispointedtoproblemsineconomictheorythatrequire morethanjustbigdatatosolve.INET’sseriesinNewEconomicThinkingexists toensurethatinnovativeworkthatadvanceseconomicsandbetterintegratesit with other social sciences and the study of history and institutions can reach abroadaudienceinatimelyway. Published online by Cambridge University Press