This excellent book succeeds admirably in explaining why advanced industrialized nations "have moved so consistently during recent decades to open their traditionally protected national banking markets to foreign institutions." An analytical history of this important process in the United States, Japan, Canada and Australia occupies much of the volume and provides a useful record in itself. But it is as a study of the dynamics of interdependence that the book stands out. In addition, we are shown clearly and quite persuasively how the interplay of domestic and international pressures from government and business-working differently in each country-has moved international banking toward something like common standards. Mr. Pauly, who has been a banker in Canada and taught economics, writes clearly and succinctly, making his book valuable to laymen as well as specialists.