National Currencies and Globalization

Paul Bowles is Professor of Economics and International Studies at the University of Northern British Columbia, Canada.

'In this very readable and clearly argued book, Bowles convincingly challenges the view that globalization necessarily threatens the ability of middle-sized states to maintain national currencies. He does so through a careful study of four countries - Canada, Norway, Australia and Mexico - which have each recently experienced a domestic debate about the future of their respective national currencies. None of these countries has chosen to abandon their national currencies, and none seems likely to do so soon. As Bowles shows, the cases highlight not just the enduring power of distinctive domestic politics in an age of globalization but also the contingent nature of neoliberalism. This book makes an important contribution to debates both about globalization and monetary politics, and it deserves a wide interdisciplinary audience.'Eric Helleiner, CIGI Chair in International Governance, University of Waterloo, Canada'In debates over the future of national currencies in an increasingly globalized world economy, most analysts look at either the top or the bottom of the international currency hierarchy. They either focus on rivalry among leading currencies like the US dollar and Euro, or else address the fate of the smallest and weakest currencies at the periphery of the monetary system. Paul Bowles makes and important and original contribution by concentrating on "systemically significant currencies" in the middle of the pack, where much of the monetary world is to be found. His admirably detailed research clearly demonstrates the considerable staying power of most national monies, contrary to predictions of their imminent demise. The book is must reading for any serious student of the political economy of international monetary relations.’Benjamin Jerry Cohen, Louis G. Lancaster Professor of International Political Economy, University of California, USA‘National Currencies and Globalization: Endangered Specie is the first book to assess whether four mid-sized currencies (those of Australia, Canada, Mexico and Norway) are at risk of becoming extinct. Paul Bowles provides a careful analysis of the domestic, regional and global circumstances that influence each four selected currencies, and concludes that for now they are here to stay. National Currencies is an excellent book; not to be missed by anyone who has an interest in globalization, regionalism and the future of national currencies.’Amy Verdun, Jean Monnet Chair in European integration Studies, University of Victoria, Canada

• 1. Introduction Part 1: Globalization and National Currencies 2. The Economic and Political Dynamics of Globalization: Four Interpretations 3. The Implications of the Four Interpretations of Globalization for National Currencies Part 2: Case Studies of Four Systemically Significant Currencies 4. Australia 5. Canada 6. Mexico (with Juan Carlos Moreno-Brid) 7. Norway (with Ådne Cappelen) Part 3: Conclusion 8. Comparative Conclusions: ‘Contingent Neoliberalism’ and the Limits of Globalism