A History of International Monetary Diplomacy, 1867 to the Present details and explores how the rise of democracy has transformed economics over the past 150 years. "International monetary relations have a powerful impact on world economics and politics, but they are poorly understood by most citizens - and even many analysts. In this detailed and provocative book, Giulio Gallarotti explains how the evolution of Western societies since the nineteenth century affected international monetary affairs. He shows how the growing importance of domestic social and political tensions led national governments to pursue their own goals - often at the expense of other countries. And he shows how governments were sometimes able to overcome their differences to arrive at more cooperative relations. A History of International Monetary Diplomacy, 1867 to the Present is a wide-ranging, comprehensive analysis of some of the most important economic and political developments in modern global capitalism. It will be essential reading for anyone interested in understanding where today's international economy is coming from, and where it may be going." - Jeffry Frieden, Harvard University, USA "International finance is national as well as international and involves politics as much as economics. Giulio Gallarotti is the indispensable guide to these complex interactions. Here he shows how the rise of democratic politics over the last century and a half has re-shaped these political-economy dynamics in more contentious and volatile directions." - Barry Eichengreen, University of California at Berkeley, USA "The argument of this book is that the rise of mass democracy early in the 20th century forever changed international monetary diplomacy. After this juncture, the major powers resisted monetary cooperation whenever it conflicted with full employment. Gallarotti analyzes how governments navigated the constraints of the classic macroeconomic trilemma in a series of engaging case studies that run from the International Monetary Conference of 1867, through the Louvre and Plaza negotiations in the 1980s, and beyond." - Lawrence Broz, University of California at San Diego, USA