International Economic Relations since 1945

Description

This second edition has been updated to include an assessment of economic relations up to the COVID-19 pandemic. It focuses on three main threads that tie national economies together: flows of goods, of people and of finance. Since the end of the Second World War, the international economy transformed from a tightly controlled trading system to the financial globalization of the late 20th century. This book traces the organisation of international economic relations from the 1944 Bretton Woods conference through to the 2008 financial crisis and its aftermath. By outlining the development of economic policy of both national and international institutions like the International Monetary Fund and the European Union, this volume examines how the global system was constructed and explores the sources of inequality and instability. The changing political context is also emphasised, especially the Cold War and its end, the rise of China and other emerging market economies and the prospect of a retreat from globalisation in the wake of the 2008 crisis. Using non-technical language and providing clear examples and evidence, the book is an accessible introduction to international economic relations that will be useful for all students of modern world history since 1945. Cover Half Title Series Page Title Page Copyright Page Table of Contents List of figures List of tables 1. Introduction and overview Defining international economic relations The organisation of the international economy Basic trends in international economic relations Summary 2. Rebuilding the international economic system 1945–50 Wartime cooperation and planning Bretton Woods and the founding of the IMF International Trade Organisation Recovery of the international economy Conclusions and summary 3. Years of growth 1950–70 Changing patterns of growth European integration: from the ECSC to the EEC Trade liberalisation, market integration and economic growth Persistent inequalities Challenges to the pegged exchange rate system Collapse of the international monetary system 1971–73 Conclusions and summary 4. Years of crisis 1970–1985 Introduction OPEC and the oil crisis Operation of floating exchange rates Problems of unequal development Rise of sovereign debt and the Third World Debt Crisis Conclusions and summary 5. The start of the second globalisation Introduction Ideology of globalisation Measuring globalisation China re-enters the international economy Convergence and divergence European monetary integration Conclusions and summary 6. The acceleration of globalisation and renewed crises Introduction Spread of global economic activity International economic cooperation Financial crises in emerging markets Conclusions and summary 7. Lessons not learned: The 2000s Introduction Economic and Monetary Union in Europe The BRIC phenomenon Global imbalances Global recession and global governance Euro area crisis Conclusions and summary 8. Reconstructing international economic relations: 2010–2020 Introduction The global financial safety net Growth and inequality China’s changing international strategy Challenges to globalisation: Brexit and China–US trade friction Conclusions and summary Index