Money, Markets and Sovereignty
Title: Money, Markets and Sovereignty
Published by: Yale University Press
Release Date: 30 March 2010
In this keenly argued book, Benn Steil and Manuel Hinds offer the most powerful defense of economic liberalism since F. A. Hayek published The Road to Serfdom more than sixty years ago. The authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the greatest threat to globalization.
Steil and Hinds describe the current state of international economic relations as both unusual and precarious. Eras of economic protectionism have historically coincided with monetary nationalism, while eras of liberal trade have been accompanied by a universal monetary standard. But today, the authors show, an unprecedently liberal global trade regime operates side by side with the most extreme doctrine of monetary nationalism ever contrived—a situation bound to trigger periodic crises. Steil and Hinds call for a revival of the political and economic thinking that is increasingly under threat by more recent ideas about wheat sovereignty means.
Winner of the 2010 Hayek Book Prize given by the Manhattan Institute
—Brian Domitrovich, Forbes
“A revelatory historical essay…a timely and original contribution.”
—Nial Ferguson, author of The Ascent of Money
“Money, Markets and Sovereignty is a surprisingly easy read, given the complicated issues covered. In it, Mr. Steil and Mr. Hinds consistently challenge today's statist nostrums.”
—Doug Bandow, The Washington Times