The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.

1. Introduction -- 2. Mississippi -- 3. Michigan -- 4. Idaho -- 5. New Mexico -- 6. Exchange politics and the future of health reform

Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers’ purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country’s domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country’s domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.

The Affordable Care Act (ACA) contained a threat that any state refusing to set up a health insurance exchange would lose control to the federal government. Republicans had supported the concept before it became part of Obamacare, and so virtually every state was expected to cooperate and implement this core part of the law through which millions would receive financial assistance to buy health insurance. However, 34 states refused to participate, using their flexibility as an opportunity to try to bring down the entire law. This is a stunning miscalculation by the Obama administration. This book tells the story of what happened in the final two states to choose state control (Idaho and New Mexico) and the two that came the closest but did not (Michigan and Mississippi). Contrary to how it is typically described in the media, the most intense split was not between Republicans and Democrats, but within the Republican Party. Governors were the most important people in the fight over exchanges, but did not always get their way. The Tea Party was amazingly successful at defeating the most powerful interest groups. State-level and national conservative think tanks were important allies to the Tea Party. The relative power of these groups was shaped by differences in institutional design and procedures, such as whether a state has term limits and the length of legislative sessions. Opposition was more easily overcome in states whose conditions facilitated the development of legislative "pockets of expertise." This is a dramatic example of opponents using federalism to block national reform and serves as a warning of the challenge of inducing state cooperation in other policy domains such as the environment and education.

Examines the domestic politics of European monetary integration

By re-examining the archaeological evidence from salvage campaigns in Egypt and Sudan using anthropological and economic theories, this book offers a fresh view of exchange patterns between Egypt and Lower Nubia in the 4th millennium BC and how these relationships changed.

A debate between two philosophers who hold different views on the relation of redistribution to recognition.

Savage Exchange explores the politics of representation during the Han dynasty (206 BCE–220 CE) at a pivotal moment when China was asserting imperialist power on the Eurasian continent and expanding its local and long-distance (“Silk Road”) markets. Tamara T. Chin explains why rival political groups introduced new literary forms with which to represent these expanded markets. To promote a radically quantitative approach to the market, some thinkers developed innovative forms of fiction and genre. In opposition, traditionalists reasserted the authority of classical texts and advocated a return to the historical, ethics-centered, marriage-based, agricultural economy that these texts described. The discussion of frontiers and markets thus became part of a larger debate over the relationship between the world and the written word. These Han debates helped to shape the ways in which we now define and appreciate early Chinese literature and produced the foundational texts of Chinese economic thought. Each chapter in the book examines a key genre or symbolic practice (philosophy, fu-rhapsody, historiography, money, kinship) through which different groups sought to reshape the political economy. By juxtaposing well-known texts with recently excavated literary and visual materials, Chin elaborates a new literary and cultural approach to Chinese economic thought. Co-Winner, 2016 Harry Levin Prize, American Comparative Literature Association; Honorable Mention, 2016 Joseph Levenson Book Prize, Pre-1900 Category, China and Inner Asia Council of the Association for Asian Studies

In the seventeenth century, English economic theorists lost interest in the moral status of exchange and became increasingly concerned with the roots of national prosperity. Emily Erikson brings together historical, comparative, and computational methods to explain the institutional forces that brought about this transformation.

A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs