Here's a good place to start
Rockoff, Hugh (2003) "How long did it take the United States to become an
optimal currency area?" Forrest H. Capie and Geoffrey E. Wood, eds.,
International Studies in Money and Banking, vol. 18. London and New York:
Routledge.
To relieve the suspense, the answer is: "not until after the New Deal".
This should give you some insight into as to why Europe isn't yet making it
(if it ever will).
Professor M June Flanders
The Eitan Berglas School of Economics
Tel Aviv University
Tel Aviv Israel 69978
Tel: +972.(0)3.549.5625
734.757.8265
Fax +972.(0)3.547.7316
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-----Original Message-----
From: Societies for the History of Economics [mailto:[log in to unmask]] On
Behalf Of Peter G. Stillman
Sent: 04 June, 2012 06:56
To: [log in to unmask]
Subject: [SHOE] a question about the Euro, in
historical/comparative/theoretical perspective
I am writing as a non-economist.
I am wondering, amidst all the problems the Euro is currently having, about
historical and comparative and theoretical treatments of similar
currency/integration problems, because I have seen none, except for what can
be gleaned from *The Economist*.
What interests me, for instance, is that people talk of how different the
Greek political economy is from the German and how therefore they cannot
exist together with the same currency without great strains .... perhaps so
great that the Greeks should leave, or the Euro will fall apart.
But -- and here is where I am really clearly a non-economist, sorry
-- when I look at the US, now or in 1787 or 1890, I see a country as diverse
as Europe economically, but maintaining a single currency.
Why the difference?
Or, when nascent states were introducing single currencies (the English
pound into Scotland and Ireland, the German mark throughout the newly
consolidated Empire in the latter half of the 19th century), were there
similar concerns about the single currency?
How would various economic theorists treat these historical/comparative
issues? Are there any economic theoretical treatments about bringing
together disparate economies into one unit?
(sorry, again, my ignorance)
As a political theorist, I'd be inclined to think that political power
played a role, at least in my above examples: the silver battles of the
populist times were the equivalent of the Greeks, the losers in the unified
economic organization, trying to change the rules; but the powerful East
Coast financial interests would not let them. I'd suspect the same was true
about the English pound in Scotland, Wales, and Ireland (pre-1923).
But I would like to get some good, history of economy theory answers.
Can you help.
Thanks, Peter
--
Peter G. Stillman
Department of Political Science
Vassar College (#463)
124 Raymond Avenue
Poughkeepsie, NY 12604-0463
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http://faculty.vassar.edu/stillman/
http://petergstillman.wordpress.com/about/
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