Who Elected the Bankers : Surveillance and Control in World Economy (Cornell Studies in Political Economy) [Paperback]

Louis W. Pauly (Author)

Book Description

Series: Cornell Studies in Political Economy | Publication Date: October 1998

A former banker and staff member of the International Monetary Fund, Louis W. Pauly explains why people are deeply concerned about the emergence of a global economy and the increasingly integrated capital markets at its heart. In nations as diverse as France, Canada, Russia, and Mexico, the lives of citizens are disrupted when national policy falls out of line with the expectations of international financiers. Such dilemmas, ever more conspicuous around the world, arise from the disjuncture between a rapidly changing international economic system and a political order still constituted by sovereign states. The evolution of global capital markets inspires an understandable fear among people that the governing authorities accountable to them are losing the power to make substantive decisions affecting their own material prospects and those of their children. Pauly points out that today's capital markets resulted from decisions taken over many years by sovereign states, and particularly by the leading industrial democracies, who simultaneously crafted the instrument of multilateral economic surveillance. The effort to build adequate political foundations for global capital markets spans the twentieth century and links the histories of such institutions as the League of Nations, the International Monetary Fund, the European Union, and the Group of Seven.

Editorial Reviews

From Library Journal

In today's global economy, events throughout the world can have an almost instantaneous and profound impact on the financial markets. In his new book, Pauly (Opening Financial Markets, Cornell Univ., 1988) discusses this concept of globalization. He looks at how today's capital markets have evolved in this century and how multilateral organizations, e.g., the League of Nations, the International Monetary Fund (IMF), have contributed to their growth. While Pauly obviously knows his subject well, his book is somewhat confusing. Who exactly does he mean by the bankers in the title? While he does seem interested in how the IMF emerged after World War II, he doesn't really address the World Bank or the United Nations, and his discussion of multilateral organizations seems one-sided. Those interested in a more comprehensive examination of globalization are encouraged to look at Robert Kuttner's The End of Laissez-Faire (Random, 1991) and Michael E. Porter's The Competitive Advantage of Nations and Their Firms (Free Pr., 1990). Not recommended.?Richard Drezen, Washington Post News Research Ctr., Washington, D.C.
Copyright 1997 Reed Business Information, Inc. --This text refers to the Hardcover edition.

From Booklist

The recent attention focused on William Greider's One World, Ready or Not (1997) confirms a popular interest in the global economy and its effects. While Greider's journalistic style appeals to a general readership, Pauly's scholarly survey of the integration of world capital markets is esoteric, more designed for academics and political economists. A University of Toronto political science professor and former International Monetary Fund staffer, Pauly argues that globally integrated capital markets threaten national "political legitimacy" and analyzes how this circumstance evolved. He focuses on the IMF and its mandate to provide oversight (less ominous sounding than "surveillance," the officially sanctioned terminology) of exchange rates and other international financial transactions, but he also traces and parallels the IMF's antecedents at the League of Nations. This volume is part of the Cornell Studies in Political Science series. David Rouse --This text refers to the Hardcover edition.

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Product Details

• Paperback: 200 pages
• Publisher: Cornell Univ Pr (October 1998)
• Language: English
• ISBN-10: 0801483751
• ISBN-13: 978-0801483752
• Product Dimensions: 9 x 6 x 0.5 inches
• Shipping Weight: 10.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #1,196,197 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

3 of 3 people found the following review helpful:

4.0 out of 5 stars New Ideas in International Political Economy, October 16, 1999

By A Customer

This review is from: Who Elected the Bankers : Surveillance and Control in World Economy (Cornell Studies in Political Economy) (Paperback)

Pauly is to congratulated on this book. Returning to a period of international monetary history that is often neglected or singularly explored only for its failings, the author quite precisely re-examines the Interwar monetary system and the role of the League of Nations in the "management" and "surveillance" of global financial relations. In identifying the roots of the Bretton Woods System and the IMF's eventual surveillance role in the League's operations, Pauly gives continuity and a measure of depth to our own understandings of today's financial systems. In addition, he explores the difficult question of the legitimacy of the state in an era when financial modernization and integration has humbled policymakers and ruined economies. Who Elected the Bankers? is an important book as we debate the future of our contemporary monetary system by calling our attention to the lessons of the League.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Pauly's book., May 6, 2000

By 

Harry Dexter White (London, England) - See all my reviews

This review is from: Who Elected the Bankers?: Surveillance and Control in the World Economy (Cornell Studies in Political Economy) (Hardcover)

A great book. Anyone interested in a well written history of the Fund would do well by buying this book. Pauly's work combines a historical overview (as far back as the Genoa Conference of 1922) with an analysis of modern problems in this book. After having bought numerous books on international economics, Political science and economic history, I find Pauly's book to be very good value for money.

Readers should be aware that this book is a perfect example of writing in International Political Economy. It combines economic data with political analysis. For readers that want the economic theory as well as the political reality of the Fund's work, this book will be of benefit.