78. James, Globalization and Its Sins, p. 145.
79. Hobson, ‘Military-extraction Gap and the Wary Titan’.
80. Ferguson, Pity of War, passim.
81. Hobson, ‘Military-extraction Gap and the Wary Titan’.
82. As hinted in Charmley, Churchill.
83. The Economist, 3 June 2000.
84. Financial Times, 13 July 1999.
85. House of Commons, Foreign Affairs Select Committee, 1 October 1999.
86. Financial Times, 17 September 1999.
87. Mark Danner, ‘Kosovo: The Meaning of Victory’, New York Review of Books, 15 July 1999.
88. Timothy Garton Ash, ‘Kosovo and Beyond’, New York Review of Books, 24 June 1999.
89. Brittan, ‘Ethical Foreign Policy’, p. 10.
90. Ignatieff, Virtual War, p. 193.
91. Financial Times, 14 June 1999.
92. Zbigniew Brzezinski, ‘Why Milosevic Cracked’, Prospect, November 1999, pp. 10 f.
93. Maier, ‘Empires or Nations’, esp. p. 27 (where he suggests the more clumsy ‘Atlantic system of imperial coordination’).
94. Ibid., pp. 33, 35.
95. Kindleberger, World in Depression.
96. Gilpin, Challenge of Global Capitalism.
97. Ignatieff, Virtual War, p. 209.
Conclusion
1. Tolstoy, War and Peace, vol. ii, p. 1425.
2. Ibid., p. 1404.
3. Cornwell, Hitler’s Pope.
4. Tolstoy, War and Peace, vol. ii, First Epilogue, ch. xvi.
Acknowledgements
This book would not have come into existence without the generosity of the Trustees of the Houblon-Norman Fund at the Bank of England, whose financial support allowed me to spend a year of full-time research at the Bank.
As an historian venturing into economists’ territory, I was especially grateful to Mervyn King, Charles Goodhart and John Vickers for their encouragement and advice throughout my time in Threadneedle Street. I should also like to thank Bill Allen, Spencer Dale, Stephen Millard, Katherine Neiss, Nick Oulton, Andrew Scott, Paul Tucker and Tony Yates. In the Information Centre, I was greatly assisted by Howard Picton and Kath Begley; and in the Archive Henry Gillett and Sarah Millard were always ready to answer my questions, no matter how obscure. Last, but most certainly not least, Hilary Clark, Sandra Dufuss, Chris Jewson and Margot Wilson provided first-class secretarial support.
The corollary of my year at the Bank was my absence from Jesus College, Oxford. I am particularly grateful to Dr Jan Palmowski for so ably taking over my tutorial and other responsibilities; as well as to my colleague Dr Felicity Heal, whose life was not made easier by my absence. I would also like to thank the Principal and Fellows of Jesus for granting me special leave, not least Peter Clarke and Peter Mirfield, who punctiliously dealt with the financial arrangements. The book was largely written after I returned to Jesus, and I should like to express my gratitude to all the staff at the College who in their various ways made the task easier, especially Vivien Bowyer and Robert Haines.
Some parts of this book originated in collaborative work. I am especially indebted to Glen O’Hara, who co-authored Chapter 8 and provided substantial assistance with Chapter 9. My room-mate at the Bank, Laurence Kotlikoff, introduced me to generational accounting and tried to improve my economics; his influence is most apparent in Chapters 7 and 11. I would also like to thank Brigitte Granville and Richard Batley, with whom I co-wrote academic articles on related subjects while I was working on the book, and whose influence is discernible here too. Daniel Fattal was indefatigable in gathering statistics and quotations from The Economist, while Thomas Fleuriot hunted down elusive references with equal zeal.
Special thanks are due to Mike Bordo, Forrest Capie, Charles Goodhart and Harold James, all of whom generously took time to look at the entire manuscript in draft, and saved me from numerous errors. Benjamin Friedman and Barry Weingast also read sections of the manuscript and offered penetrating criticism.
My first stab at the history of the bond market was given an airing at the opening conference of the Yale School of Management’s International Center for Finance; thanks are due to William Goetzmann and Geert Rouwenhorst for inviting me to participate, as well as to those who offered comments and suggestions. A part of Chapter 11 was presented at N. M. Rothschild & Sons during the June 1999 FT Gold Conference; I am grateful to Sir Evelyn de Rothschild and Sir Derek Taylor for their invitation to speak. Fareed Zakaria encouraged me to put EMU into historical perspective for Foreign Affairs; he will see how that argument developed in the later sections of Chapter 11. Some of Chapter 12 originated in a paper given at the conference on ‘Social Science and the Future’ held in Oxford in July 1999; I should like to thank Richard Cooper, Graham Ingham and Richard Layard for their invitation to participate in the conference, and all those present for their comments, particularly Lord Lipsey. Chapter 13 made an appearance in draft at a Stanford History Department seminar; I am grateful to Norman Naimark and his colleagues for their hospitality.
I would also like to thank for miscellaneous comments and information: Lord Baker, Sir Samuel Brittan, Phil Cottrell, Eugene Dattel, Lance Davis, Luca Einaudi, Walter Eltis, Campbell and Molly Ferguson, Marc Flandreau, John Flemming, Christian Gleditsch, Michael Hughes, Paul Kennedy, Jan Tore Klovland, David Landes, Ronald McKinnon, Ranald Michie, Paul Mills, Larry Neal, Patrick O’Brien, Avner Offer, Richard Roberts, Hugh Rockoff, Emma Rothschild, Lord Saatchi, Norman Stone, Martin Thomas, François Velde, Joachim Voth, Digby Waller, Michael Ward, Eugene White, David Womersley, Geoffrey Wood and J. F. Wright.
I owe a huge debt to Simon Winder, my editor, who laboured long and hard to improve the original manuscript. Thanks are also due to Clare Alexander, my agent, and Elizabeth Stratford, my copy-editor. I wish it were possible to mention everybody at Penguin who has helped to produce the book, but I have been persuaded that the list would be prohibitively long.
Most of my references are to published articles and books, rather than to original documents, with a very few exceptions. Leopold I’s letter to Queen Victoria of 19 September 1840 is quoted with the gracious permission of Her Majesty the Queen. I would also like to thank Sir Evelyn de Rothschild for permission to quote from documents in the Rothschild Archive.
Finally, to Susan, Felix, Freya and Lachlan I can offer only an apology for all the sins of omission and commission perpetrated by the author during the writing of this book.
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The Cash Nexus: Money and Politics in Modern History, 1700-2000 Page 65