The Cost of Free Money

"Subacchi is an expert on global financial and monetary systems. In this book, she lucidly describes the failings of the international monetary “non-system” that emerged after the collapse of the Bretton Woods system in the 1970s."—Martin Wolf, Financial Times ‘Best Books of 2020: Economics’

‘This highly readable analysis warns of the dangers of unchecked capital flows and weak global cooperation, and persuasively makes the case for the revival of a rules-based international economy. With nationalism on the rise, this is a vital account of the history and likely evolution of the international financial system.’—Niall Kishtainy, author of A Little History of Economics
 

'This book focuses on three tensions: those between the dominance of the dollar and an increasingly multipolar world economy; between free capital flows and financial stability; and that between the US and China. Subacchi highlights that there are no easy ways of relieving these tensions. She may not leave readers confident about our collective international monetary prospects, but it will certainly provoke thought.’—Barry Eichengreen, author of Hall of Mirrors
 

‘Using her deep knowledge of the international economy and China, Subacchi eloquently and insightfully explains the increasing pressure on the international monetary system. It is to be fervently hoped that after the latest global shock, policymakers will follow Subacchi’s advice to reform and reenergize.’—Tamim Bayoumi, author of Unfinished Business