Exorbitant Privilege: The Rise and Fall of the Dollar

Since the Second World War, the US dollar has been the world's sole international reserve currency, giving it, in the words of one famous critic of US policies, an 'exorbitant privilege'. But in the wake of the worldwide financial crisis, will other currencies overtake it? And what impact would that have? Barry Eichengreen explains the history and assesses what may come.

Table of Contents:
1: Introduction 2: Debut 3: Dominance 4: Rivalry 5: Crisis 6: Monopoly No More 7: Dollar Crash Notes References Index

About the Author :
Barry Eichengreen is Professor of Political Science and Economics at the University of California, Berkeley. His previous books include The European Economy Since 1945, Global Imbalances and the Lessons of Bretton Woods, Capital Flows and Crises, and Financial Crises and What to Do About Them. He has written for the Financial Times, Wall Street Journal, Foreign Affairs, and other publications.

Review :
`A tour de force, by the outstanding contemporary scholar of the 20th century history of the international monetary system. ' John Williamson, Senior Fellow, Institute for International Economics `The great strength of Eichengreen's historical analysis is his enormously wide knowledge of, and sympathy for, economic and political conditions in all the major countries concerned. The work of a master economic historian.' International Journal of Finance and Economics, `Eichengreen shows an unerring ability to get right to the heart of the matter....He summarises the current debate on financial crises, and then takes it one stage further ... neatly and sensibly argued ... an insightful insider's analysis ... It will bring the reader up to speed on the topic in record time: everything you need to know is tidily and concisely expressed in this refreshingly accessible book, which caters for the practitioner and the novice alike.' Central Banking Journal `Incredibly relevant work' Business Destinations `Short and eminently readable...In just 177 pages of text, [Eichengreen] provides a wealth of material for both the lay reader and the scholar...You can't do better than Eichengreen for a solid read on the dollar's wild ride.' American Prospect `A truly superb book on the role and global standing of the dollar--past, present and future. Those exposed to the evolution of the global economy, and that's virtually all of us, will find his book extremely thoughtful and a great read.' Mohamed El-Erian, CEO and co-CIO of PIMCO `A fascinating and readable account of the dollar's rise and potential fall,' The Economist `A rare combination of macroeconomic mastery, historical erudition, good political instincts and the sort of stubborn common sense that is constantly placing familiar problems in a new light.' Christopher Caldwell, Financial Times `Timely.. elegant and pithy.' Harold James, Finance and Development,