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Does money make the world go round, as Cabaret's Master of Ceremonies sang to us? In The Cash Nexus, acclaimed historian Niall Ferguson offers a radical and surprising answer -- No.

Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of ...

Does money make the world go round, as Cabaret's Master of Ceremonies sang to us? In The Cash Nexus, acclaimed historian Niall Ferguson offers a radical and surprising answer -- No.

Conventional wisdom has long claimed that economic change is the prime mover of political change, whether in the age of industry or the Internet. In our own time Paul Kennedy has claimed that economics provided the key to international power, while Francis Fukuyama and others have argued that capitalism doomed socialism and ensured the victory of democracy. Small wonder politicians are obsessed with the economy: the Clinton campaign motto -- "It's the economy stupid" -- sums up a central tenet of modern life.

But is it the economy? Ferguson thinks it is high time we re-examined the link -- the "nexus", to use Thomas Carlyle's term -- between economics and politics, in the aftermath not only of the failure of socialism but also of the apparent triumph of American-style capitalism. His central argument is that the conflicting impulses of sex, violence, and power are together more powerful than money. In particular, political events and institutions have often dominated economic development.

A bold synthesis of political history and modern economic theory, Cash Nexus will transform the landscape of modern history and draw challenging and unsettling conclusions about the prospects of both capitalism and democracy.

National currencies appear to be threatened from all sides. European Union member countries are due to abandon their national currencies in favour of a supranational currency by the year 2000. Elsewhere, the use of foreign currencies within national economic spaces is on the increase, as shown by ...

National currencies appear to be threatened from all sides. European Union member countries are due to abandon their national currencies in favour of a supranational currency by the year 2000. Elsewhere, the use of foreign currencies within national economic spaces is on the increase, as shown by the growth of eurocurrency activity, and currency substitution in many parts of the world. In the last decade, privately-issued sub-national local currencies have also proliferated in a number of countries, and predict the emergence of private electronic monies of the future. In the light of these transformations, this book asks what the future holds for national currencies. The first half of the volume addresses issues relating to money leading up to, and during, the formation of national currencies. Ranging widely in their historical and geographical context, the papers problematise the relationship between money and nation-states by examining alternative forms and uses of currencies during this period. The second half look at contemporary challenges faced by national currencies.