Currency Statecraft: Monetary Rivalry and Geopolitical Ambition, Benjamin J. Cohen
It is often said of movies that sequels rarely live up to the original film. That supposed truism does not hold with respect to Benjamin J. Cohen’s new book, Currency Statecraft: Monetary Rivalry and Geopolitical Ambition, which deftly picks up where his previous book, 2015’s Currency Power, left off. In Currency Power, Cohen explained how currency internationalization—the process by which a state’s national currency comes to be used by market actors outside the country of issue—enhances the issuing state’s material capabilities. In Currency Statecraft, he turns his attention to what issuing states do with those capabilities once they obtain them.
At the heart of the book is Cohen’s challenge to what he calls the “Immaculate Conception of Power”: the notion that once a state’s capabilities are enhanced through the possession of an international currency (IC), it will necessarily respond by using those capabilities to promote its own interests. This, Cohen argues, is out of step with both theory and practice. States that issue ICs, he rightly contends, have a range of policy options available to them.
These options fit under the broad concept of currency statecraft, defined as “the strategic management of a country’s money to advance po
To continue reading, see options above.
Join the Academy of Political Science and automatically receive Political Science Quarterly.
Voting and the Electorate
Publishing since 1886, PSQ is the most widely read and accessible scholarly journal with distinguished contributors such as: Lisa Anderson, Robert A. Dahl, Samuel P. Huntington, Robert Jervis, Joseph S. Nye, Jr., Theda Skocpol, Woodrow Wilsonview additional issues
Articles | Book reviews
PRESIDENTIAL SELECTION AND DEMOCRACY
The Academy of Political Science, promotes objective, scholarly analyses of political, social, and economic issues. Through its conferences and publications APS provides analysis and insight into both domestic and foreign policy issues.
With neither an ideological nor a partisan bias, PSQ looks at facts and analyzes data objectively to help readers understand what is really going on in national and world affairs.