Book Reviews : International Economic Relations of the Western World, 1959-71. Vol. I, Politics and Trade: Andrew Shonfield, G. and V. Curzon, T. K. Warley, George Ray. Vol. II International Monetary Relations: Susan Strange, with an Essay on Finance for Developing Countries by Christopher Prout, Edited by Andrew Shonfield assisted by Hermia Oliver. Published for Chatham House by the Oxford University Press, £11.50 each. The Demand for Money by Firms, C. Robert Coates. Money and Finance in Economic Growth and Development: Essays in Honour of Edward S. Shaw, Edited by Ronald McKinnon. Vols. 7 & 8 in Business Economics and Finance. Published by Marcel Dekker Inc., New York. Strengthening the World Bank, Escott Reid. Introduction by Maurice Strong. Published by the Adlai Stevenson Institute, Chicago, $7.50, £3
| DOI | 10.1177/004711787600500407 |
| Date | 01 October 1976 |
| Published date | 01 October 1976 |
| Subject Matter | Articles |
1152
BOOK
REVIEWS
International
Economic
Relations
of
the
Western
World,
1959-71.
Vol.
I,
Politics
and
Trade:
Andrew
Shonfield,
G.
and
V.
Curzon,
T.
K.
Warley,
George
Ray.
Vol.
II
International
Monetary
Relations:
Susan
Strange,
with
an
Essay
on
Finance
for
Developing
Countries
by
Christopher
Prout,
Edited
by
Andrew
Shonfield
assisted
by
Hermia
Oliver.
Published
for
Chatham
House
by
the
Oxford
University
Press,
£11.50
each.
The
Demand
for
Money
by
Firms,
C.
Robert
Coates.
Money
and
Finance
in
Economic
Growth
and
Development:
Essays
in
Honour
of
Edward
S.
Shaw,
Edited
by
Ronald
McKinnon.
Vols.
7
&
8
in
Business
Economics
and
Finance.
Published
by
Marcel
Dekker
Inc.,
New
York.
Strengthening
the
World
Bank,
Escott
Reid.
Introduction
by
Maurice
Strong.
Published
by
the
Adlai
Stevenson
Institute,
Chicago,
$7.50,
£3.
The
first
two
volumes
reviewed
here
deal
with
the
developments
which
took
place
immediately
following
the
end
of
the
era
of
post
reconstruction
in
1958.
This
period
has
been
characterized
by
the
rapid
growth
of
economic
interdependence
between
the
nations
of
Europe,
America
and
Japan
an
interdependence
however
which
was
until
quite
recently
dominated
by
the
vast
economic
power
of
the
United
States.
This
was
a
new
experience
and
one
which
was
not
entirely
equally
welcome
to
all
the
participants.
France
objected
and
made
her
objections
felt,
thought
still
benefiting
from
the
system,
on
grounds
of
national
sovereignty
and
resentment
of
American
economic
&dquo;dikta~t&dquo;.
America
finally
rebelled
because
she
felt
that
she
was
being
made
the
mulch
cow
of
ungrateful
partners.
The
accords
and
conflicts
generated
by
the
situation
finally
led
tao
the
great
crisis
of
1971
when
the
American
government
declared
she
dollar
inconvertible.
What
the
authors seek
to
establish
is
how
far
the
rules
and
conventions
of
the
new
economic
system
which
had
evolved
following
World
War
II,
and
which
would
have been
unthinkable
before
it,
have
established
themselves
on
a
durable
basis
and
what
chance
they
have
of
persisting
into
the
next
decades.
Part
I
of
the
work,
by
Andrew
Shonfield,
is
devoted
tao
a
fascinating
overall
view
of
the
subject
giving
due
weight
to
the
play
of
political
forces;
Part
II
deals
wi,th
The
Management
of
Trade
Relations
in
the
GATT
by
Gerald
and
Victoria
Curzon;
Part
III
by
T.
K.
Warley
wi,th
Western Trade
in
Agricultural
Products,
where
so
far
no
acceptable
solutions
are
yet
in
sight
for
an
industry
which
constantly
produces
&dquo;mountains&dquo;
of
unwanted
goods,
and
Part
IV
consists
of
a
Note
on
the
Internationaliza~tion
of
Economic
Analysis
by
George
Ray.
In
Vol.
II
Susan
Strange
gives
an
acccunt
of
she
development
of
international
monetary
relations
over
the
same
period,
again
taking
into
account
the
political
and
nationalist
factors
which
played
such
a
large
part
in
the
process.
Again
the
scene
was
inevi,tably
dominated
by
the
wealthy
nations
in
whose
hands
lay
the
power
to
assume
&dquo;responsi-
bility
for
managing
the
monetary
system
on
which
the
world
market
economy
depended&dquo;.
The
book
opsns
with
an
Introduction:
Past
Trends
and
New
Factors,
by
Andrew
Shonfield,
followed
by
an
explanatory
section,
International
Monetary
Relations
by
the
author.
Eleven
Chapters
cover
Rationale;
The
Historical
Perspective;
The
Organisation
of
the
Gold
Pool
and
the
1961
Basle
Agreement;
the
International
Monetary
Fund:
New
Responses;
Multilateral
Surveillance;
The
Eurocurrency
Market;
The
Liquidity
Debate
1960 - 65;
The
Liquidity
Negotiations
1965 - 69;
Bolstering
the
Dollar
1965 - 69;
South
Africa
Against
the
Oligarchy;
The
Unsettled
System:
Stockholm
to
the
Smithsonian
1968 - 71.
Finally,
in
Conclusions,
the
author
draws
together
the
main
threads.
She
empha-
sises
four
key
developments
which
stand
out
from
the
mass
of
detail:
1)
the
&dquo;politicisation&dquo;
of
money
in
international
relations;
2)
accelerating
economic
interdependence,
especially
between
developed
countries;
3)
the
gradual
erosion
and
abandonment
of
the
monetary
arrangements
agreed
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