Moving Money: Banking and Finance in the Industrialized
World. By Daniel Verdier. New York: Cambridge University Press,
2003. 326p. $65.00 cloth, $23.99 paper.
Although it may seem arcane or prosaic to some, the literature on the
political economy of money and finance has burgeoned within political
science since the mid-1980s. The two decades after the end of the
Bretton Woods system in the early 1970s was a time of considerable
macroeconomic volatility and cooperative effort to coordinate suitable
policy responses. This stimulated scholarly inquiry. Since then,
financial globalization has drawn in those interested in the challenge
financial markets seem to pose to the official political order centered
on states. This developing political science research tradition has,
however, existed on the periphery of two other longer-standing
literatures. The first is the economic history of monetary and
financial affairs. This tradition has exhaustively investigated the
formation, organization, and implications of the classical gold
standard and the Bretton Woods order. This research stimulated many of
the political science pioneers and remains seminal and vibrant. The
other tradition to mention is that impulse in the social sciences to
identify and characterize different forms, tendencies, or cycles in
capitalism, and link these to distinct political and social orders.
This much more controversial way of thinking has its origins in the
great nineteenth-century systems of ideas. In more recent times, Karl
Polanyi, Joseph A. Schumpeter, Alexander Gerschenkron, John Zysman, and
the many authors associated with core-periphery and world systems
theory have kept the tradition alive. Although many readers will assume
Daniel Verdier's new book is unproblematically part of the
political science tradition, it should be read squarely as a product of
this last tendency, making use of the established historical work to
generate a reinterpretation.