The Cost of Free Money: How Unfettered Capital Threatens Our Economic Future

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Yale University Press, Sep 15, 2020 - Business & Economics - 288 pages
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A penetrating account of how unchecked capital mobility is damaging international cooperation, polarizing the economic landscape, and ultimately reshaping the global order
When it comes to the afflictions of the global economy, almost everyone—and especially Donald Trump—is quick to point the finger of blame at the state of international trade. But what about unconstrained capital flows? Unfettered capital has resulted in a string of financial and economic crises that have left our political systems strained and dialogue corroded. The once perceived benefits of openness have been cast to the wayside and the cracks in the global order can no longer be ignored.
Paola Subacchi argues that international cooperation and interdependence have become crippled. Regional restrictions will soon strengthen and a multipolar order will take shape, leading to a distinctly transformed economic landscape in which China challenges the dominance of the US dollar. Combining history, analysis, and prediction, this book provides penetrating insight into the challenges facing the international economic order.
 

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Contents

INTRODUCTION
1
1 WEVE NEVER HAD IT SO GOOD
10
2 EVERYTHING STARTED AT BRETTON WOODS
35
3 A WORLD OF CRISES
60
4 PLAYING THE DOLLAR GAME
81
5 EUROPE STRUGGLES WITH INTEGRATION
106
6 SHOWING THE CRACKS
125
7 BEING CHINA
147
8 BUILDING A RESILIENT FRAMEWORK
176
9 AN ALTERNATIVE SYSTEM?
203
10 POLES APART
225
THE END OF THE STORY
243
NOTES
246
SELECTED BIBLIOGRAPHY
278
INDEX
288
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About the author (2020)

Paola Subacchi is an economist and writer. She is professor of international economics and chair of the advisory board of the Global Policy Institute at Queen Mary University of London. Subacchi is the author of The People’s Money. She lives in London.

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