International Finance is a finance textbook written by Hartley Withers. The purpose of this text is to introduce and educate the American public to the foundational principles of international finance.
In his introductory chapter, Withers refers to finance as "the machinery of money-dealing." The chapters of this book can thus be viewed as serving to explain the nuts and bolts of this machine. Early chapters assume a more micro perspective and highlight topics such as bills of exchange, The Bank of London, the discount market, and joint stock banks. There is an entire chapter dedicated to an overview of investments and securities, including specific discussion of government bonds and stock exchange dealings. Later chapters view the topic through a macro lens. The benefits and so-called 'evils' of international finance both receive their own chapters, as does a discussion of national finance. The final chapter of the book examines the regulatory pressures placed on international finance, including an overview of the Stock Exchange Committee. The book concludes with a helpful index.
International Finance is a thorough and well-written textbook that is hampered by one significant but uncontrollable factor, and that is the date of publication. It is indisputable that the world of international finance is vastly different today than it was in 1916. Many of the specific mechanisms referred to in this book are out of date, particularly sections regarding regulatory systems and bodies. While Withers' book still provides a decent macro-level view of international finance, the details can no longer be considered accurate.
Due to it's date of publication, it is difficult to recommend International Finance for anything more than the historical context it can lend to modern day finance. While an interesting read, much of the information is simply out of date.
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