In This Review
World Power And World Money

World Power And World Money

By Andrew Walter

St. Martin's, 1991, 273 pp.

Drawing on both history and economic analysis, this excellent book presents a formidable challenge to the widely held idea that international monetary stability depends on the political hegemony of a country that manages the system. An Oxford don who recently worked for J. P. Morgan, Walker describes a "financial revolution" that has created a degree of international integration not allowed for in the Bretton Woods system but offering future possibilities of improved cooperation among a number of financial centers.