Eichengreen (Univ. of California-Berkeley), the author of Golden Fetters: The Gold Standard and the Great Depression, 1918-1939 (Oxford Univ., 1992), uses a detailed history of exchange rate systems to support his theory that the democratization of political processes has presented competing goals to policymakers, making it more difficult for them to commit to fixed rates of exchange. His explanation for the movement toward floating exchange rates is controversial but well argued. The information he cites is current, and he incorporates a discussion of the European Monetary System and its future. Eichengreen's presentation of history is solid, with ample references. General readers will benefit from the glossary of his technical terms. His book will be the most useful to economists, historians, political scientists, and finance professionals.

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