National Currencies and Globalization
Endangered Specie?
By Paul Bowles
Globalization and money – two concepts inextricably linked. In many ways the speed
with which financial resources traverse the globe, the opportunities which this provides
for the efficient allocation of resources, the possibilities which this creates for
financial crises and traders who act as agents removed from the concerns of national
citizens have come to symbolize the phenomenon, hopes and fears of ‘globalization’.
However, inextricably linked they may be, but well understood they are not. In the case of
national currencies, a wide variety of predictions and analyses can be found. For some,
national currencies represent barriers to a seamless global economy. Others argue that
national currencies will disappear due to the power of international financial markets
which will force national governments to adopt more credible currencies and abandon their
own. In contrast, others see imperialism or regionalism as the main challenges.
Paul Bowles provides an innovative and systematic analysis of the implications of theories
of globalization for national currencies. He critically examines whether, as a result, the
world is heading for fewer currencies. He argues that the main ‘force of
globalization’ which is endangering national currencies is that of globalization as
‘neoliberal globalism’. However there is no single neoliberal position on money and so
the ‘contingent’ nature of neoliberalism explains why this particular force of
globalization operates more strongly in some countries than others. This is demonstrated
in case studies of four systemically significant currencies, namely, those of Australia,
Canada, Mexico and Norway.
National Currencies and Globalization will be of interest to researchers and students of
International Political Economy, Politics, Economics and Finance.
1. Introduction Part
1: Globalization and National Currencies
2. The Economic and Political Dynamics of Globalization: Four Interpretations
3. The Implications of the Four Interpretations of Globalization for National
Currencies
Part 2: Case Studies of Four Systemically Significant Currencies
4. Australia
5. Canada
6. Mexico (with Juan Carlos Moreno-Brid)
7. Norway (with Adne Cappelen)
Part 3: Conclusion
8. Comparative Conclusions: ‘Contingent Neoliberalism’ and the Limits of Globalism
224 pages, Paperback
