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Political Science Economic Conditions

The Limits of Transparency

Ambiguity and the History of International Finance

by (author) Jacqueline Best

Publisher
Cornell University Press
Initial publish date
Feb 2007
Category
Economic Conditions, General, Finance
Recommended Age
18
Recommended Grade
12
  • Paperback / softback

    ISBN
    9780801473777
    Publish Date
    Feb 2007
    List Price
    $43.95
  • Hardback

    ISBN
    9780801443190
    Publish Date
    Feb 2005
    List Price
    $107.95

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Description

A decade of crises has reminded us of the fragility of the international financial system. Conventional wisdom holds that uncertainty is the basic problem of financial governance, and attempts to contain ambiguity have dominated recent financial reform efforts. Jacqueline Best, however, contends that ambiguity can play a valuable role in international political and economic stability. The stability of the postwar era depended, Best suggests, on a carefully maintained balance between coherence and ambiguity. In her view, the collapse of the Bretton Woods exchange-rate regime was caused in large part by the increasing rigidity of the system and its corresponding inability to accommodate ambiguity.This is a novel argument in an area much discussed by economists and political scientists. Their debate has focused on uncertainty as a technical problem and transparency as the solution. Although such policies are presented as technical, Best demonstrates that they are also political, have cultural consequences, and may prove counterproductive. Rather than assume that transparency is the ultimate goal, Best argues, we must recognize that ambiguity is pervasive, substantive, and potentially constructive. To read this book is to comprehend more deeply the ways in which politics is fundamental to economic theory and practice and to understand why the economy requires political leadership in order to flourish.

About the author

Contributor Notes

Jacqueline Best is Associate Professor of Political Studies at the University of Ottawa.

Editorial Reviews

The Limits of Transparency demonstrates that many of the puzzles confronting us regarding the politics of money and finance can be unlocked if we move from a narrowly rationalist understanding of political economy to one also informed by constructivist insights. This book demonstrates that constructivism, done well, can be a model of theoretical clarity, empirically grounded, and can produce practical policy recommendations.

Perspectives on Politics

Jacqueline Best presents three forms of ambiguity: technical... contested... and intersubjective.... Having defined three types of ambiguity, Best sets out very ambitious objectives including reframing international theory, the history of Bretton Woods and?most important?redirecting contemporary policy debate.

Literary Review of Canada