Most economists and political scientists assume that efficiency, the invisible hand, is the preeminent factor in monetary decisions; questions of power and the role it plays in monetary policy are largely neglected. This pathbreaking book redirects attention to monetary power and provides an original framework for assessing its role in relations between sovereign states.
At present, states are the critical players in monetary relations; they control the production and distribution of the money supply, including the provision of international liquidity and the availability of payments financing. David M. Andrews and the contributors to this volume understand power as the capacity to alter the behavior of other actors, including the policies of other states. International Monetary Power provides a thorough overview of how money is used as a tool to achieve international political aims.