The Evolution of the Global Financial Order

Anthony Elson

Chapter Chapter 3 in Governing Global Finance, 2011, pp 27-48 from Palgrave Macmillan

Abstract: Abstract This chapter provides a brief historical background for the development of financial globalization in the late twentieth and early twenty-first centuries described in the previous chapter. Although financial globalization has taken on many new forms since the 1980s, it is not a new phenomenon. International banking can be traced back to the Middle Ages, but financial globalization on a large scale began to take hold in the period of the international gold standard (1870–1914). This period was followed by a collapse of financial globalization due to the breakdown of the international economic system caused by two world wars and the Great Depression. This chapter traces out the rise, decline, and resurgence of financial globalization in the period since the gold standard and the origins of the present-day IFA in the early post-World War II era.

Keywords: Exchange Rate; Central Bank; Capital Control; International Monetary System; Bretton Wood System (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-11801-0_3

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DOI: 10.1057/9780230118010_3

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