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The Economic Government of the World: 1933-2023
An epic history of money, trade and development since 1933
In 1933, Keynes reflected on the crisis of the Great Depression that arose from individualistic 'It is not intelligent, it is not beautiful, it is not just, it is not virtuous - and it doesn't deliver the goods ... But when we wonder what to put in its place, we are extremely perplexed.' We are now in a similar state of perplexity, wondering how to respond to the economic problems of the world.
Martin Daunton examines the changing balance over ninety years between economic nationalism and globalization, explaining why one economic order breaks down and how another one is built, in a wide-ranging history of the institutions and individuals who have managed the global economy. In 1933, the World Monetary and Economic Conference brought together the nations of the it failed. Trade and currency warfare led to economic nationalism and a turn from globalization that culminated in war. During the Second World War, a new economic order emerged - the embedded liberalism of Bretton Woods, the International Monetary Fund and the International Bank for Reconstruction and Development - and the post-war General Agreement on Tariffs and Trade. These institutions and their rules created a balance between domestic welfare and globalization, complemented by a social contract between labour, capital and the state to share the benefits of economic growth.
Yet this embedded liberalism reflected the interests of the 'west' in the Cold in the 1970s, it faced collapse, caused by its internal weaknesses and the breakdown of the social contract, and was challenged by the Third World as a form of neo-colonialism. It was succeeded by neoliberalism, financialisation and hyper-globalization. In 2008, the global financial crash exposed the flaws of neoliberalism without leading to a fundamental change. Now, as leading nations are tackling the fall-out from Covid-19 and the threats of inflation, food security and the existential risk of climate change, Martin Daunton calls for a return to a globalization that benefits many of the world's poor and a fairer capitalism that delivers domestic welfare and equality.
The Economic Government of the World is the first history to show how trade, international monetary relations, capital mobility and development impacted on and influenced each other. Martin Daunton places these economic relations in the geo-political context of the twentieth century, and considers the importance of economic ideas and of political ideology, of electoral calculations and institutional design. The book rests on extensive archival research to provide a powerful analysis of the origins of our current global crisis, and suggests how we might build a fairer international order.
In 1933, Keynes reflected on the crisis of the Great Depression that arose from individualistic 'It is not intelligent, it is not beautiful, it is not just, it is not virtuous - and it doesn't deliver the goods ... But when we wonder what to put in its place, we are extremely perplexed.' We are now in a similar state of perplexity, wondering how to respond to the economic problems of the world.
Martin Daunton examines the changing balance over ninety years between economic nationalism and globalization, explaining why one economic order breaks down and how another one is built, in a wide-ranging history of the institutions and individuals who have managed the global economy. In 1933, the World Monetary and Economic Conference brought together the nations of the it failed. Trade and currency warfare led to economic nationalism and a turn from globalization that culminated in war. During the Second World War, a new economic order emerged - the embedded liberalism of Bretton Woods, the International Monetary Fund and the International Bank for Reconstruction and Development - and the post-war General Agreement on Tariffs and Trade. These institutions and their rules created a balance between domestic welfare and globalization, complemented by a social contract between labour, capital and the state to share the benefits of economic growth.
Yet this embedded liberalism reflected the interests of the 'west' in the Cold in the 1970s, it faced collapse, caused by its internal weaknesses and the breakdown of the social contract, and was challenged by the Third World as a form of neo-colonialism. It was succeeded by neoliberalism, financialisation and hyper-globalization. In 2008, the global financial crash exposed the flaws of neoliberalism without leading to a fundamental change. Now, as leading nations are tackling the fall-out from Covid-19 and the threats of inflation, food security and the existential risk of climate change, Martin Daunton calls for a return to a globalization that benefits many of the world's poor and a fairer capitalism that delivers domestic welfare and equality.
The Economic Government of the World is the first history to show how trade, international monetary relations, capital mobility and development impacted on and influenced each other. Martin Daunton places these economic relations in the geo-political context of the twentieth century, and considers the importance of economic ideas and of political ideology, of electoral calculations and institutional design. The book rests on extensive archival research to provide a powerful analysis of the origins of our current global crisis, and suggests how we might build a fairer international order.
985 pages, Kindle Edition
Published May 11, 2023
81 people are currently reading
1144 people want to read
About the author
Martin Daunton
22 books12 followersMartin James Daunton is Professor of Economic History at the University of Cambridge.
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Displaying 1 - 13 of 13 reviews
August 26, 2023
A heavy lift, literally and figuratively, but well worth the effort. A comprehensive and superbly detailed history of the global economy and financial markets in the XXth century. In truth, more a reference book and hence a noteworthy addition to your home library!
December 25, 2024
I've read a lot of reviews about this book, only two of which I believe have read past the introduction and actually read the whole book. I don't usually leave reviews, and I don't know nearly enough about economics to be a fair critic, but I'll do my best.
It's sad to get to the end of such a long book and only give it 3 stars (2.5 really), but that's what it deserves.
No question the author is brilliant, and this is obviously the passion project of a great academic. Unfortunately, it's not particularly well written. It reads like a cross between a textbook and an academic paper; too niche and too much assumed knowledge to be a textbook, and broard to be a paper.
The book is wide reaching, but I feel the author has added too much bias in what they have chosen to include and omit, and it is incredibly American centric. A more accurate title would be "The economic government of America, its relationship with Britain, the IMF, and its influence over the world: 1933-2023"
There is also a lot of assumed knowledge that I can't realistically see anyone getting outside of an economics or America politics degree. The creation of the World Bank gets literally half a sentence, and American presidential directives during the war are given by number, with the assumption that the reader knows what it was, and its implications. There are so many niche actors discussed in detail with not nearly enough information about where or how they fit in, an appendix of the several hundred actors and their role should have been mandatory (one example is the premier of New South Wales in 2021, and minor American state politicians are discussed multiple times).
Overall, the information is great, but it's nearly impossible to digest. With a Bill Bryson (or similar) makeover, this book would be both twice as long and an instant best seller.
It's sad to get to the end of such a long book and only give it 3 stars (2.5 really), but that's what it deserves.
No question the author is brilliant, and this is obviously the passion project of a great academic. Unfortunately, it's not particularly well written. It reads like a cross between a textbook and an academic paper; too niche and too much assumed knowledge to be a textbook, and broard to be a paper.
The book is wide reaching, but I feel the author has added too much bias in what they have chosen to include and omit, and it is incredibly American centric. A more accurate title would be "The economic government of America, its relationship with Britain, the IMF, and its influence over the world: 1933-2023"
There is also a lot of assumed knowledge that I can't realistically see anyone getting outside of an economics or America politics degree. The creation of the World Bank gets literally half a sentence, and American presidential directives during the war are given by number, with the assumption that the reader knows what it was, and its implications. There are so many niche actors discussed in detail with not nearly enough information about where or how they fit in, an appendix of the several hundred actors and their role should have been mandatory (one example is the premier of New South Wales in 2021, and minor American state politicians are discussed multiple times).
Overall, the information is great, but it's nearly impossible to digest. With a Bill Bryson (or similar) makeover, this book would be both twice as long and an instant best seller.
August 9, 2025
For a real economic history nerd like me this book was a lot of fun! If you want a really thoroughgoing history of international economics since 1933 this is really what you should be reading. I have read other broad-sweep economic history books (like Brad DeLong’s Slouching towards utopia) but none of them offer the detail and depth that this one does. That can be both a strength and a weakness for sure. The book is of course quite long but I would say it’s worth it. I would caution against reading this though if you are unfamiliar with the underlying material. But if you are someone who is serious about grappling with the economic world we live in right now and how that world came to be this is really a must read.
January 10, 2025
My brother, when he saw the large (835 pp) book I was reading and its title, asked if it was really comprehensive of its subject. "The world? Really?" He was correct to be skeptical. The operative word in the title is "government," and narrows the book's focus to the primary institutions of twentieth-century interstate economic cooperation: the IBRD and World Bank, the IMF, the European Payments Union and the EU, and the dozens (hundreds?) of ministerial conferences that held them together. On that level, the book is largely successful: Daunton's primary source reading, primarily in the earliest chapters, is immense and impressive, and his economic expositions are clear. Though he could be critiqued for an excessively Western focus (I had to check the Appendix for a mention of the Asian Financial Crisis -- none.) Goldbugs and Bretton Woods nostalgics would do well to read this.
April 27, 2025
Martin Daunton’s “The Economic Government of the World: 1933-2023” is a substantive and all-encompassing economic history detailing the rise of the global economic market and its shift from protectionism to globalism, its simultaneous transition from liberalism to a neo-liberalist economy, and the circumstances which resulted in these changes. The author demonstrates why the global market changed, the reasons for said changes, and the institutions that were created along the way and how they evolved.
Personally, I would be remiss if I did not explain that I picked up this book in the wake of the ongoing Trump administration’s effort to reorganize the global economy and bring back American isolationist and protectionist policies. Prior to this, I will admit I did not have a large interest in economic histories, at least not on a global scale. I did a master’s degree in history, focussing primarily on the Soviet Union; however, I focussed primarily on cultural and social history as opposed to economic history. Regardless, I began to read this book with little background knowledge on many of the issues with trade and economic affairs from a globalist perspective. I will admit I found the book to be a fascinating read, especially given the time in which I am reading it. It was incredibly interesting to see how the world economy has evolved from the London conference of 1933, to the market as it was in 2023. Personally, I found Daunton’s anecdotes from many of the conferences and interactions referenced in the book to be quite witty. Many of the people referenced, I am thinking of John Maynard Keynes in particular, are detailed in such a way that you cannot help but feel that you are in the room with them as they negotiate economic deals. It certainly helps the narrative and adds a great deal of personality to the work.
I would also like to address a couple of things about the book that I believe are important. Firstly, this book is not a particularly easy read. It is a massive tome coming in at 833 pages, that has a “Tolstoyian” cast of characters. As one could imagine, a global history features an abundant amount of countries, each having their own leaders and representatives at various conferences, and each country changing leaders through various elections, coup d'etats, and revolutions. As such, the amount of people referenced would give “War and Peace” a run for its money with respect to characters. Furthermore, throughout the work, many organizations and alliances are created and new acronyms are presented every few pages, such as the IMF (International Monetary Fund) and the IBRD (International Bank for Reconstruction and Development) to name a few. In writing a global history, this obviously cannot be avoided so I want to reiterate that this is not a criticism, but something to be mindful of when reading as there are times when it can be overwhelming. The second issue I would like to address is the assumed background knowledge of the reader. During my reading, I found many leaders and certain important events were assumed to have been known by the reader. Things such as Russia/USA’s detente or England’s “winter of discontent” were referenced; however, not explained. If one has a knowledge of twentieth century affairs it would not be an issue and these events had little direct impact in the grand scheme of global affairs, but it is worth noting that some background knowledge is required. It is also noted that the leaders of the primary antagonists of the global order - China, France, England, the USA, Germany, and, to a lesser extent, Russia - were assumed to be known. Based on the timing of the narrative, Daunton would reference Stalin or Khrushchev or Ford or Carter without necessarily explaining that these were successors in Russia or the USA respectively. While these points are noted, I suspect very few people without knowledge of history would be interested in a work of this scope, so I acknowledge that these points perhaps are without merit.
Overall, I rate this book a 5/5. I enjoyed the read and found the information interesting. Daunton certainly is knowledgeable in the subject and presents the information in an articulate and forthright way. While I think some background knowledge would be required, I do not feel that it would necessarily impact the enjoyment factor of the work.
Personally, I would be remiss if I did not explain that I picked up this book in the wake of the ongoing Trump administration’s effort to reorganize the global economy and bring back American isolationist and protectionist policies. Prior to this, I will admit I did not have a large interest in economic histories, at least not on a global scale. I did a master’s degree in history, focussing primarily on the Soviet Union; however, I focussed primarily on cultural and social history as opposed to economic history. Regardless, I began to read this book with little background knowledge on many of the issues with trade and economic affairs from a globalist perspective. I will admit I found the book to be a fascinating read, especially given the time in which I am reading it. It was incredibly interesting to see how the world economy has evolved from the London conference of 1933, to the market as it was in 2023. Personally, I found Daunton’s anecdotes from many of the conferences and interactions referenced in the book to be quite witty. Many of the people referenced, I am thinking of John Maynard Keynes in particular, are detailed in such a way that you cannot help but feel that you are in the room with them as they negotiate economic deals. It certainly helps the narrative and adds a great deal of personality to the work.
I would also like to address a couple of things about the book that I believe are important. Firstly, this book is not a particularly easy read. It is a massive tome coming in at 833 pages, that has a “Tolstoyian” cast of characters. As one could imagine, a global history features an abundant amount of countries, each having their own leaders and representatives at various conferences, and each country changing leaders through various elections, coup d'etats, and revolutions. As such, the amount of people referenced would give “War and Peace” a run for its money with respect to characters. Furthermore, throughout the work, many organizations and alliances are created and new acronyms are presented every few pages, such as the IMF (International Monetary Fund) and the IBRD (International Bank for Reconstruction and Development) to name a few. In writing a global history, this obviously cannot be avoided so I want to reiterate that this is not a criticism, but something to be mindful of when reading as there are times when it can be overwhelming. The second issue I would like to address is the assumed background knowledge of the reader. During my reading, I found many leaders and certain important events were assumed to have been known by the reader. Things such as Russia/USA’s detente or England’s “winter of discontent” were referenced; however, not explained. If one has a knowledge of twentieth century affairs it would not be an issue and these events had little direct impact in the grand scheme of global affairs, but it is worth noting that some background knowledge is required. It is also noted that the leaders of the primary antagonists of the global order - China, France, England, the USA, Germany, and, to a lesser extent, Russia - were assumed to be known. Based on the timing of the narrative, Daunton would reference Stalin or Khrushchev or Ford or Carter without necessarily explaining that these were successors in Russia or the USA respectively. While these points are noted, I suspect very few people without knowledge of history would be interested in a work of this scope, so I acknowledge that these points perhaps are without merit.
Overall, I rate this book a 5/5. I enjoyed the read and found the information interesting. Daunton certainly is knowledgeable in the subject and presents the information in an articulate and forthright way. While I think some background knowledge would be required, I do not feel that it would necessarily impact the enjoyment factor of the work.
November 17, 2025
“The Economic Government of the World” by Martin Daunton is a comprehensive journey through the history of global economy and international trade since the 20th Century. Dr. Daunton made a great work: very detailed (in a good way) and his attempt in employing a decolonial approach and to reduce the usual ethnocentric vision was well executed, while I’d prefer a deeper look on women’s work.
This book, that I consider a good manual of contemporary history of economics, is more suitable for an audience educated in trade and economi theories. The language, despite being very clear, can result a little too much technical for non-expert readers.
I think that this manual is more suitable for studying purpose, since it’s very dense of information, and it requires an in-depth reading.
This book, that I consider a good manual of contemporary history of economics, is more suitable for an audience educated in trade and economi theories. The language, despite being very clear, can result a little too much technical for non-expert readers.
I think that this manual is more suitable for studying purpose, since it’s very dense of information, and it requires an in-depth reading.
May 22, 2024
Oh, my. What a tome! This is a thoughtful, THOROUGH book that covers exactly what the title indicates. It is a thorough, cognizant, well-ordered economic history that is balanced and gives all sides of an argument fair play. Because of the thoroughness of the coverage he has depth and insight in each paragraph that makes for a slow read. It should be read by every citizen of the world but I doubt it will ever make a best seller list. I thought it was great.
July 16, 2024
So... this may be too long and detailed for human beings. Don't get me wrong, it's great, but boy, is it long and detailed. If nothing else, it proves without a doubt that 'the economy' is made by people, not just in buying and selling, but in making rules and enforcing them--and that rule-making and enforcement creates winners and losers geopolitically.
June 10, 2025
First half establishes the foundation of the modern economic government entities that influence growing economic opportunities across the globe. The second half shows how neoliberalism funnels money from middle income to upper income individuals and that the institutions adjust to tacitly support this change. Worth reading if you like economic history
December 9, 2023
A tough read with so much details. But enjoy alot.
May 13, 2024
I read until the half. So much potential wasted in this book. I love this topic but the author skips the details when needed and adds details such as redundant citations when unnecessary.
August 26, 2024
Heavy read but a very helpful overview of economic history. It will be interesting to see if neoliberalism is replaced or if it remains.
May 11, 2025
Very thorough but not very readable
Displaying 1 - 13 of 13 reviews