What explains the US dollar's role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin's dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for...

"States versus Markets shows that globalization is not a novel phenomenon but a recurrent process whereby markets have, since the sixteenth century, periodically redistributed economic activity. This revised and updated new edition takes account of the new rise of Asia and the global financial...