Harry White and the American Creed


Book Description

The life of a major figure in twentieth‑century economic history whose impact has long been clouded by dubious allegations "Harry Dexter White has always been the mystery man at the center of America's international economic policy in the 1930s and 1940s. James Boughton helps demystify him in this rich, enlightening, and most interesting volume."--Douglas Irwin, author of Clashing over Commerce: A History of U.S. Trade Policy Although Harry Dexter White (1892-1948) was arguably the most important U.S. government economist of the twentieth century, he is remembered more for having been accused of being a Soviet agent. During the Second World War, he became chief advisor on international financial policy to Secretary of the Treasury Henry Morgenthau, a role that would take him to Bretton Woods, where he would make a lasting impact on the architecture of postwar international finance. However, charges of espionage, followed by his dramatic testimony before the House Un-American Activities Committee and death from a heart attack a few days later, obscured his importance in setting the terms for the modern global economy. In this book, James Boughton rehabilitates White, delving into his life and work and returning him to a central role as the architect of the world's financial system.




Harry White and the American Creed


Book Description

The life of a major figure in twentieth‑century economic history whose impact has long been clouded by dubious allegations Although Harry Dexter White (1892–1948) was arguably the most important U.S. government economist of the twentieth century, he is remembered more for having been accused of being a Soviet agent. During the Second World War, he became chief advisor on international financial policy to Secretary of the Treasury Henry Morgenthau, a role that would take him to Bretton Woods, where he would make a lasting impact on the architecture of postwar international finance. However, charges of espionage, followed by his dramatic testimony before the House Un‑American Activities Committee and death from a heart attack a few days later, obscured his importance in setting the terms for the modern global economy. In this book, James Boughton rehabilitates White, delving into his life and work and returning him to a central role as the architect of the world’s financial system.




Oxford Handbook of the International Monetary Fund


Book Description

The International Monetary Fund (IMF) is a pivotal institution in global economic governance tasked with ensuring monetary stability and preventing financial crises through promoting balanced trade, economic growth, and poverty reduction. It also plays a powerful normative role by shaping economic policies worldwide through its research and expertise. The IMF played a crucial role in managing crises like the 2008 financial crisis and the COVID-19 pandemic, providing significant financial aid and advocating for stimulus measures. However, the IMF faces both internal and external challenges from reforming its governance structure to better represent emerging economies to finding its place in a world increasingly defying liberal internationalism and multilateralism. Despite reforms, power remains concentrated among advanced economies, hindering inclusivity and trust, particularly in regions like sub-Saharan Africa. Geopolitical tensions, populist nationalism, and economic imbalances further strain the IMF's effectiveness. This handbook aims to uncover these challenges by providing diverse perspectives and proposing policy recommendations that the Fund could undertake to better navigate the complex landscape of 21st-century global governance. Part I delves into its historical origins and key debates of the IMF. Part II focuses on formal operations such as lending, surveillance, and capacity development. Part III explores the involvement of different actors including states, markets, and civil society. Part IV discusses partnerships with other international organizations and collaboration in financial regulation. Part V analyzes shifts in policy instruments and ideological frameworks. Part VI broadens concerns to include gender mainstreaming, labor markets, climate policy, and inclusive growth. Part VII addresses internal challenges including cultural diversity concerns and uniformity of treatment. Part VIII evaluates external challenges such as populist movements, China's influence, global inequality and unresolved issues in Europe. Part IX explores how the IMF can meet the multiple challenges identified in this volume and positively impact 21st century global governance.




Finance & Development, March 2022


Book Description

Finance and Development, March 2022




The Law of International Financial Institutions


Book Description

In this new volume in the Elements series, Daniel D. Bradlow traces the history and development of international law and international financial institutions from 1918 to today, providing a detailed overview of the legal frameworks within which such institutions were established and operate, and which structure their relationships with their member states and their citizens. The book opens with the inter-war years, the Bretton Woods Conference, and background on the treaties establishing the IMF and the World Bank. It then discusses the Articles of Agreement of the IMF and the IBRD, providing information on their governance arrangements, mandates, and operating principles. The international legal status of these two international financial institutions, their international legal rights, responsibilities and obligations, and their privileges and immunities are also examined. In later chapters, the book explores how the structure, functions, and operations of the World Bank and IMF have evolved since their establishment and examines the regional development banks and the regional financial arrangements that were created after them. The book concludes by exploring the challenges that international financial institutions are currently facing, and the contributions that international law can make to help them successfully meet these challenges.




Economists in the Cold War


Book Description

Economists in the Cold War is an account of the economic drivers and outcomes of the Cold War, told through the stories of seven international economists, who were all closely involved in theory and policy in the period 1945-73. For them, the Cold War was a battle of economic ideas, a fight between central planning and market allocation, exploring economic thinking derived from the battle between Marxist and Capitalist ideologies, a fundamental difference but with many intricacies. The book recounts how economic theory advanced, how new economic tools were developed, and how policies were tested. Each chapter is based on the involvement of one of the selected economists. It was a challenging but dangerous time in economics: a time of economic recovery post-war, with industrial rebuilding, economic growth, and rising incomes. But it was also a time of ideological warfare, nuclear rivalry, military expansion, and personal conflict. The narrative is approximately chronological, ranging from the Potsdam Conference in Germany to the Pinochet Coup in Chile. The selected economists include an American, a Pole, a Hungarian, a German, a British, a Japanese, and an Argentinian, all very different economists, but with interconnections among them. Each chapter also features a dissenting economist who held a contrasting view, and recounts the subsequent economic arguments that played out.




The Elgar Companion to the World Bank


Book Description

The Elgar Companion to The World Bank provides a comprehensive review of the past 80 years for this powerful development institution. Using different theoretical approaches from an expert group of scholars as well as practitioners, it presents an interdisciplinary exploration of the World Bank and the wider field of International Relations.




Seven Crashes


Book Description

A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart "[A] fascinating book."--Martin Wolf, Financial Times, "Best Books of 2023--Economics" The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into "good" crises, which ultimately expand markets and globalization, and "bad" crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history--from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis--James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand--such as the Global Financial Crisis of 2007-2008--result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows. By considering not only the times but also the observers who shaped our understanding of each crisis--from Karl Marx to John Maynard Keynes to Larry Summers--James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.




No Matter What-- They'll Call this Book Racist


Book Description

Stein attacks the rigid prohibitions that have long governed the conversation about race, not to offend or shock but to provoke the serious thinking that liberal enforcers have until now rendered impossible. Stein examines the ways in which the regime of racial preferences has sown division, corruption, and resentment in this country.




Morgenthau


Book Description

A “magisterial” (The Wall Street Journal) portrait of four generations of the Morgenthau family, a dynasty of power brokers and public officials with an outsize—and previously unmapped—influence extending from daily life in New York City to the shaping of the American Century A New York Times Book Review Editor’s Choice • A New Yorker Book of the Year “Exhaustively researched, vividly written, and a welcome reminder that even the most noxious evils can be vanquished when capable and committed citizens do their best.”—David M. Kennedy, Pulitzer Prize–winning author of Freedom from Fear After coming to America from Germany in 1866, the Morgenthaus made history in international diplomacy, in domestic politics, and in America’s criminal justice system. With unprecedented, exclusive access to family archives, award-winning journalist and biographer Andrew Meier vividly chronicles how the Morgenthaus amassed a fortune in Manhattan real estate, advised presidents, advanced the New Deal, exposed the Armenian genocide, rescued victims of the Holocaust, waged war in the Mediterranean and Pacific, and, from a foundation of private wealth, built a dynasty of public service. In the words of former mayor Ed Koch, they were “the closest we’ve got to royalty in New York City.” Lazarus Morgenthau arrived in America dreaming of rebuilding the fortune he had lost in his homeland. He ultimately died destitute, but the family would rise again with the ascendance of Henry, who became a wealthy and powerful real estate baron. From there, the Morgenthaus went on to influence the most consequential presidency of the twentieth century, as Henry’s son Henry Jr. became FDR’s longest-serving aide, his Treasury secretary during the war, and his confidant of thirty years. Finally, there was Robert Morgenthau, a decorated World War II hero who would become the longest-tenured district attorney in the history of New York City. Known as the “DA for life,” he oversaw the most consequential and controversial prosecutions in New York of the last fifty years, from the war on the Mafia to the infamous Central Park Jogger case. The saga of the Morgenthaus has lain half hidden in the shadows for too long. At heart a family history, Morgenthau is also an American epic, as sprawling and surprising as the country itself.