Who Elected the Bankers : Surveillance and Control in World Economy (Cornell Studies in Political Economy)

by Louis W. Pauly

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A former banker and staff member of the International Monetary Fund, Louis W. Pauly explains why people are deeply concerned about the emergence of a global economy and the increasingly integrated capital markets at its heart. In nations as diverse as France, Canada, Russia, and Mexico, the lives of citizens are disrupted when national policy falls out of line with the expectations of international financiers. Such dilemmas, ever more conspicuous around the world, arise from the disjuncture between a rapidly changing international economic system and a political order still constituted by sovereign states. The evolution of global capital markets inspires an understandable fear among people that the governing authorities accountable to them are losing the power to make substantive decisions affecting their own material prospects and those of their children. Pauly points out that today's capital markets resulted from decisions taken over many years by sovereign states, and particularly by the leading industrial democracies, who simultaneously crafted the instrument of multilateral economic surveillance. The effort to build adequate political foundations for global capital markets spans the twentieth century and links the histories of such institutions as the League of Nations, the International Monetary Fund, the European Union, and the Group of Seven.

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Average Customer Review: 4.5 out of 5 stars

1 of 1 people found the following review helpful:

5 out of 5 stars

Pauly's book., 2000-05-06
A great book. Anyone interested in a well written history of the Fund would do well by buying this book. Pauly's work combines a historical overview (as far back as the Genoa Conference of 1922) with an analysis of modern problems in this book. After having bought numerous books on international economics, Political science and economic history, I find Pauly's book to be very good value for money.

Readers should be aware that this book is a perfect example of writing in International Political Economy. It combines economic data with political analysis. For readers that want the economic theory as well as the political reality of the Fund's work, this book will be of benefit.

0 of 0 people found the following review helpful:

4 out of 5 stars New Ideas in International Political Economy, 1999-10-16
Pauly is to congratulated on this book. Returning to a period of international monetary history that is often neglected or singularly explored only for its failings, the author quite precisely re-examines the Interwar monetary system and the role of the League of Nations in the "management" and "surveillance" of global financial relations. In identifying the roots of the Bretton Woods System and the IMF's eventual surveillance role in the League's operations, Pauly gives continuity and a measure of depth to our own understandings of today's financial systems. In addition, he explores the difficult question of the legitimacy of the state in an era when financial modernization and integration has humbled policymakers and ruined economies. Who Elected the Bankers? is an important book as we debate the future of our contemporary monetary system by calling our attention to the lessons of the League.

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