“The Meddlers is an eye-opening, essential new history that places our international financial institutions in the transition from a world defined by empire to one of nation states enmeshed in the world economy.”
—Adam Tooze, Columbia University
An award-winning history traces the origins of global economic governance—and the political conflicts it generates—to the aftermath of World War I.
International economic institutions like the International Monetary Fund and World Bank exert incredible influence over the domestic policies of many states. These institutions date from the end of World War II and amassed power during the neoliberal era of the late twentieth century. But as Jamie Martin shows, if we want to understand their deeper origins and the ideas and dynamics that shaped their controversial powers, we must turn back to the explosive political struggles that attended the birth of global economic governance in the early twentieth century.
The Meddlers tells the story of the first international institutions to govern the world economy, including the League of Nations and Bank for International Settlements, created after World War I. These institutions endowed civil servants, bankers, and colonial authorities from Europe and the United States with extraordinary powers: to enforce austerity, coordinate the policies of independent central banks, oversee development programs, and regulate commodity prices. In a highly unequal world, they faced a new political challenge: was it possible to reach into sovereign states and empires to intervene in domestic economic policies without generating a backlash?
Martin follows the intense political conflicts provoked by the earliest international efforts to govern capitalism—from Weimar Germany to the Balkans, Nationalist China to colonial Malaya, and the Chilean desert to Wall Street. The Meddlers shows how the fraught problems of sovereignty and democracy posed by institutions like the IMF are not unique to late twentieth-century globalization, but instead first emerged during an earlier period of imperial competition, world war, and economic crisis.
September 13, 1918
Got no sleep at all last night.
About two o'clock in the morning Col. Heintzelman, chief of staff of the corps, came out and he was much pleased with what the division had accomplished and with the way they had gone through. It was the division's first battle and it played a very important and creditable part. Certain things fell down. . . . The truth of the matter is the troops got away from the wire and it was impossible to keep the wire up through the tangle of barbed wire and woods. We captured 3,000 prisoners on our front alone and have lost 521.
November 1, 1918 Considerable heavy artillery fire all night. The preparation fire went down promptly at 3:30, it was very heavy. . . . The barrage went down promptly at 5:30. Troops jumped off. At 7:30 thirty prisoners reported from Le Dhuy Fme., taken by the 353rd and 354th infantries. I don't understand what the 353rd Infantry is doing in there, as it is out of the sector. At 7:00 a.m. there was a distinct lull in the artillery fire. . . . I told Hanson at 8:05 to move his troops forward to parallel 86 immediately. He stated that he would get them going about 8:30, but actually did not get them started until about eleven o'clock. I sent for him on arrival and told him to hurry his men up. Before Lee left I had ordered the divisional reserve to move forward with its advance element on the first objective to maintain their echelonment in depth. Smyser came in at one o'clock and I ordered the divisional machine guns to the front to take position about one-half kilometer east of Dhuy Fme. At the time the reserves were ordered forward. I ordered Hanson to take his P.C. to Dhuy Fme. . . . Hanson has just arrived. I do not understand why he is always so slow. He seems to be inordinately stupid.Behind the façade of unity, the French intelligentsia was riven by the same fundamental divisions that had characterized it before the war. For example, the Republican Left argued that German nationalism and militarism began after Kant, with Fichte or Hegel, while the Catholic and nationalistic reactionary Right denounced Kant as the evil inspiration of France's liberal democracy and public school system. The heated rhetoric of the war and the unbearable loss of young lives, says Hanna, lent weight to a redefinition of French culture in national terms—and this, ironically, ended in the cultural conservatism of Vichy France.
This is the first study of the power of French pens and words during and after the Great War. It is a contribution to French and European history as well as to intellectual history.
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