This book investigates the evolution of international monetary relations since World War II by analyzing the interplay between historical economic events and the theoretical frameworks developed to interpret them. Paul De Grauwe, a prominent economist, utilizes a dual approach that balances empirical observation with rigorous theoretical critique. He argues that the history of the international monetary system is defined by a continuous cycle where theories are proposed, tested against real-world currency fluctuations, and subsequently refined or discarded based on their predictive utility.

Experts recognize this work as a foundational text for understanding the practical application of monetary theory in a post-war context. Readers frequently note the clarity with which the author bridges the gap between complex academic models and historical reality.