The Great Wall of Money

The Great Wall of Money

Power and Politics in China's International Monetary Relations

As an economic superpower, China has become an increasingly important player in the international monetary system. Its foreign exchange reserves are the largest in the world and its exchange rate policy has become a major subject of international economic diplomacy. The internationalization of the renminbi (RMB) raises critical questions in international policy circles: What kinds of power is China acquiring in international monetary relations? What are the priorities of the Chinese government? What explains its preferences?

In The Great Wall of Money, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China's choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of power between the United States and China. By illuminating the politics of China’s international monetary relations, this book provides a timely account of the global economy, the role of the renminbi in international relations, and the trajectory of China’s continuing ascendency in the coming decades.

Contributors: Gregory Chin, York University; Benjamin J. Cohen, University of California, Santa Barbara; Eric Helleiner, University of Waterloo and Balsillie School of International Affairs; Yang Jiang, Danish Institute for International Studies; Jonathan Kirshner, Cornell University; Bessma Momani, University of Waterloo and Balsillie School of International Affairs; David Steinberg, University of Oregon; Andrew Walter, University of Melbourne; Hongying Wang, University of Waterloo and Balsillie School of International Affairs

Eric Helleiner

Eric Helleiner is Professor and Faculty of Arts Chair in International Political Economy, Department of Political Science and Balsillie School of International Affairs, University of Waterloo. He is the author of Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order, States and the Reemergence of Global Finance: From Bretton Woods to the 1990s, and The Making of National Money: Territorial Currencies in Historical Perspective and coeditor of The Great Wall of Money: Power and Politics in China's International Monetary Relations, all from Cornell.



Forgotten Foundations of Bretton Woods
International Development and the Making of the Postwar Order
Eric Helleiner
On the basis of extensive historical research and access to new archival sources, Helleiner provides a major reinterpretation of the negotiations at Bretton Woods, New Hampshire, in 1944.



The Making of National Money
Territorial Currencies in Historical Perspective
Eric Helleiner
Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency...



States and the Reemergence of Global Finance
From Bretton Woods to the 1990s
Eric Helleiner
Drawing on extensive historical research, Eric Helleiner provides the first comprehensive political history of the phenomenon, one that details and explains the central role played by states in permitting and encouraging financial globalization.





Contributions:

The Future of the Dollar
For half a century, the United States has garnered substantial political and economic benefits as a result of the dollar's de facto role as a global currency. In recent years, however, the dollar's preponderant position in world markets has come under...



Economic Nationalism in a Globalizing World
This book demonstrates the enduring, and even heightened, economic significance of national identities and nationalism in the current age.