When money is out of control, exchange rates and interest rates fluctuate widely and wildly and "sheer luck begins to take over and to determine more and more of what happens to people." The strength of this book by a London School of Economics professor of international relations is the vigorous demonstration of this thesis. As much of the blame for these developments is assigned to decisions and non-decisions in American policy, a deeper analysis of the forces shaping that policy would have been welcome. To set matters right, Strange argues, "the United States has to recognize its own true long-term national interest in exercising a wise hegemony over the world market economy." A possible bargain with Europe is spelled out, but little is said about Japan.
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