Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention.

Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later.

Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Masters of Contemporary Brazilian Song is a critical study of MPB (música popular brasileira), a term that refers to varieties of urban popular music of the 1960s and 1970s, incorporating samba, Bossa Nova, and new materials.

The Japanese Army committed numerous atrocities during its pitiless campaigns in China from 1931 to 1945. When the Chinese emerged victorious with the Allies at the end of World War II, many seemed ready to exact retribution for these crimes. Rather than resort to violence, however, they chose to deal with their former enemy through legal and diplomatic means. Focusing on the trials of, and policies toward, Japanese war criminals in the postwar period, Men to Devils, Devils to Men analyzes the complex political maneuvering between China and Japan that shaped East Asian realpolitik during the Cold War.

Barak Kushner examines how factions of Nationalists and Communists within China structured the war crimes trials in ways meant to strengthen their competing claims to political rule. On the international stage, both China and Japan propagandized the tribunals, promoting or blocking them for their own advantage. Both nations vied to prove their justness to the world: competing groups in China by emphasizing their magnanimous policy toward the Japanese; Japan by openly cooperating with postwar democratization initiatives. At home, however, Japan allowed the legitimacy of the war crimes trials to be questioned in intense debates that became a formidable force in postwar Japanese politics.

In uncovering the different ways the pursuit of justice for Japanese war crimes influenced Sino-Japanese relations in the postwar years, Men to Devils, Devils to Men reveals a Cold War dynamic that still roils East Asian relations today.

The development of the Mexican financial system as it has related to the remarkable growth of the Mexican economy is examined in this book.

Believing that a better understanding of the past will permit a more nearly accurate appraisal of contemporary problems and facilitate the choice of intelligent policies in the future, the authors present a detailed chronicle and analysis of components of the Mexican financial system, with primary emphasis on the period from 1940 to the mid-1960s.

Separate chapters are devoted to the money and capital market, the formulation and execution of monetary and financial policies, and the nature of Mexican financial experience in both the public and private sectors of the economy. The authors offer a theoretical explanation of the record of Mexican experience, based upon their analysis of relationships between monetary policy, domestic stability, and external equilibrium, as well as upon their analysis of factors governing the growth of domestic indebtedness, the development of financial intermediation, and the operation of the loanable funds market. The final chapter of the book, a review of Mexican experience from 1960 to 1965, speculates with respect to the future course of Mexican financial development and offers specific proposal for future monetary and financial policies.

This record of Mexican financial development contains much that should be of interest to others engaged in related theoretical and empirical studies, including many lessons for those countries confronted with circumstances and problems not too unlike those encountered in Mexico.

Sarah Bracking explores the role of governments and development finance institutions in managing the markets in which the poorest countries operate. These institutions -- the 'Great Predators' -- are trapping the populations of the south in a permanent cycle of austerity.

Bracking examines the political economy relations between states. She shows how pseudo-public 'development' institutions retain complete economic control over Southern markets, yet the international system is itself unregulated. Operating in the interests of North America and the European Union, they have a political purpose, and yet serve to cloud the brute power relations between states.

This book will be of interest to anyone studying debt and development, global financial institutions, and the way the world economy is regulated and governed.

China's Cultural Revolution (1966-1976) produced propaganda music that still stirs unease and, at times, evokes nostalgia. Lei X. Ouyang uses selections from revolutionary songbooks to untangle the complex interactions between memory, trauma, and generational imprinting among those who survived the period of extremes. Interviews combine with ethnographic fieldwork and surveys to explore both the Cultural Revolution's effect on those who lived through it as children and contemporary remembrance of the music created to serve the Maoist regime. As Ouyang shows, the weaponization of music served an ideological revolution but also revolutionized the senses. She examines essential questions raised by this phenomenon, including: What did the revolutionization look, sound, and feel like? What does it take for individuals and groups to engage with such music? And what is the impact of such an experience over time?

Perceptive and provocative, Music as Mao's Weapon is an insightful look at the exploitation and manipulation of the arts under authoritarianism.

Far more than an intellectual puzzle for pundits, economists, and policymakers, economic growth--its makings and workings--is a subject that affects the well-being of billions of people around the globe. In The Mystery of Economic Growth, Elhanan Helpman discusses the vast research that has revolutionized understanding of this subject in recent years, and summarizes and explains its critical messages in clear, concise, and accessible terms.

The tale of growth economics, as Helpman tells it, is organized around a number of themes: the importance of the accumulation of physical and human capital; the effect of technological factors on the rate of this accumulation; the process of knowledge creation and its influence on productivity; the interdependence of the growth rates of different countries; and, finally, the role of economic and political institutions in encouraging accumulation, innovation, and change.

One of the leading researchers of economic growth, Helpman succinctly reviews, critiques, and integrates current research--on capital accumulation, education, productivity, trade, inequality, geography, and institutions--and clarifies its relevance for global economic inequities. In particular, he points to institutions--including property rights protection, legal systems, customs, and political systems--as the key to the mystery of economic growth. Solving this mystery could lead to policies capable of setting the poorest countries on the path toward sustained growth of per capita income and all that that implies--and Helpman's work is a welcome and necessary step in this direction.