Who Elected the Bankers?

A great book. Anyone interested in a well written history of the Fund would do well by buying this book. Pauly's work combines a historical overview (as far back as the Genoa Conference of 1922) with an analysis of modern problems in this book. After having bought numerous books on international economics, Political science and economic history, I find Pauly's book to be very good value for money. Readers should be aware that this book is a perfect example of writing in International Political Economy. It combines economic data with political analysis. For readers that want the economic theory as well as the political reality of the Fund's work, this book will be of benefit.

Pauly is to congratulated on this book. Returning to a period of international monetary history that is often neglected or singularly explored only for its failings, the author quite precisely re-examines the Interwar monetary system and the role of the League of Nations in the "management" and "surveillance" of global financial relations. In identifying the roots of the Bretton Woods System and the IMF's eventual surveillance role in the League's operations, Pauly gives continuity and a measure of depth to our own understandings of today's financial systems. In addition, he explores the difficult question of the legitimacy of the state in an era when financial modernization and integration has humbled policymakers and ruined economies. Who Elected the Bankers? is an important book as we debate the future of our contemporary monetary system by calling our attention to the lessons of the League.