The Future of Money by Benjamin J. CohenThe Future of Money by Benjamin J. Cohen

The Future of Money

byBenjamin J. Cohen

Paperback | January 22, 2006

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Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less.


At the book's core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved. Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money.


The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.

Benjamin J. Cohen is Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara. He is the author of nine previous books, including Organizing the World's Money, In Whose Interest?, and The Geography of Money.
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Title:The Future of MoneyFormat:PaperbackDimensions:320 pagesPublished:January 22, 2006Publisher:Princeton University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0691116660

ISBN - 13:9780691116662

Reviews

Table of Contents

List of Illustrations ix

Acknowledgments xi

Introduction xiii

Abbreviations xxi

One: The Changing Geography of Money 1

Two: Four Directions 33

Appendix: Tables 62

Three: Life at the Peak 67

Four: The Art of Surviva l99

Five: Follow the Leader 123

Six: Hanging Together 153

Seven: New Frontiers 179

Eight: Governing the New Geography 203

Notes 223

References 247

Index 285

Editorial Reviews

"Benjamin Cohen has written an important book about a compelling question of modern political economics: how many currencies will there be, and what arrangement will govern them? Unusually well written, this is a book I will assign to my students."-Dennis Quinn, Georgetown University