In This Review

Elusive Stability: Essays In The History Of International Finance, 1919-1939
Elusive Stability: Essays In The History Of International Finance, 1919-1939
By Barry Eichengreen
Cambridge University Press, 1990, 335 pp

These interesting studies of international monetary experience between the wars often challenge received views that have influenced postwar policymaking and current thought. The essay with the broadest scope shows that the currently fashionable view that past monetary stability depended on a hegemonic power is seriously oversimplified when it does not allow for the importance of the cooperation or independent action of other countries.