Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /

Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /

Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /

Money and security : troops, monetary policy and West Germany's relations with the United States and Britain, 1950-1971 /

Synopsis

This study links two fundamental political structures of the Cold War era, the transatlantic security system and the international monetary system. Central to this issue is a problem that soured relations among the Federal Republic and its major allies from the 1950s to the 1970s: Who was to bear the enormous cost of British and American troops in Germany? Both Washington and London identified this cost as a major reason for the decline of the pound and the dollar, whereas Germany reluctantly paid and traded "Money for Security", a fundamental pattern of its postwar foreign policy.

Excerpt

On January 1, 1999, the common European currency, called the euro, was launched. the first steps toward this epochal project, which challenges the very idea of the nation-state as no other measure in the history of European integration has, lay in the 1960s and 1970s, when the post1945 dollar-based monetary system broke down amid convulsive currency speculation. It has become very clear since January 1999 that the success of the euro will depend not only on its economic soundness but also on issues of international politics and security. This study identifies and analyzes the manifold links between money and security in the era of the Cold War, underscoring the intricate relationship between geopolitics and the world economy. There is no reason to believe that this close link will be any less salient in international relations in the twenty-first century.

Writing this book has been an enjoyable experience much of the time. This is largely because most of it was written at the European University Institute in Florence, a place where the pursuit of academic excellence and Tuscan life-style create a unique environment for advanced research. To the staff of the eui and the many friends I met there, I am deeply indebted, as I am to the German Academic Exchange Council (DAAD), which financed two years of my stay in Florence. in addition, this book would have been impossible without the help of the German Historical Institute (GHI) in Washington, D. C., especially its former director, Detlef Junker, and its current acting director, Christof Mauch. the ghi awarded me a six-month grant for archival work, and it generously supported the publication of this book. Special thanks go to the senior editor of the ghi, Daniel S. Mattern, and the ghi copy editor, Annette M. Marciel, for their work on the language, style, and flow of the manuscript. Finally, I greatly benefited from the advice and comments of . . .

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