Synopses & Reviews
This is a new edition of
Sterling in Decline with a new introduction by Barry Eichengreen. The book traces the decline of sterling from the world's pre-eminent currency alongside the dollar's rise to prominence. There are parallels to be drawn with the euro's emergence as a full-fledged competitor to the dollar for international currency status. The new introduction will bring sterling's story up to date and draw out the implications for the dollar and the euro.
Synopsis
Sterling in Decline takes the devaluations of 1931, 1949 and 1967 as a metaphor for Britain's changing position in the world economy. It traces the decline of the pound sterling from the world's pre-eminent currency, together with the dollar's rise to prominence. It also challenges the conventional wisdom regarding the implications of events in foreign exchange markets, and of British foreign economic policy generally, for the macroeconomic performance of the British economy. This second edition features a new introduction that frames the analysis in light of subsequent contributions and brings the story up to date. It draws out the implications of sterling's troubled 20th century history for the country's decision of whether to adopt the euro.
About the Author
Alec Cairncross is formerly St. Peter's College, Oxford.
Barry Eichengreen is at the University of California, Berkeley.
Table of Contents
Introduction to New Edition * Introduction to First edition * Britain's Exchange and Trade Relations * The 1931 Devaluation of Sterling * The 1949 Devaluation of Sterling * The 1967 Devaluation of Sterling * Concluding Reflections