STUDY OF MONEY 411 choosing policies that range from wholesale abandonment through the adoption of a currency board to the more modest participation in a monetary bloc.States have also chosen to share their monetary sover- eignty by forming currency unions,trading some of the benefits of a monopoly over money in exchange for improved autonomy vis-a-vis the outside world,making more efficient use of money(in its classic economic roles)within the monetary union,and forming a broader po- litical symbol.While Cohen's account of these exceptions to the West- phalian myth are interesting in their own right,they are also of increased practical significance,as all states must now weigh their op- tions in the face of reduced monetary sovereignty. Cohen next offers a rich empirical examination that provides the bridge between the first half of the book,which sets out the argument, and the following three chapters,which explore its implications.Look- ing at the contemporary global economy,he attempts to assess the ex- tent of currency internationalization and currency substitution, providing support for the assertion that one nation,one money is a myth."The picture that emerges from this survey is one of intense competition as well as distinct hierarchy among the world's many cur- rencies"(p.93).Cohen then considers this hierarchy and introduces a new typology,the"Currency Pyramid,"to classify the role of different currencies and to help visualize a new landscape in which most curren- cies face rivals but few are used internationally.Featuring seven cate- gories,ranging from top and patrician currencies all the way down to quasi and pseudo currencies,this typology can be seen as an effort to update Strange's classic descriptions of thirty years ago.3 Having established his empirical claim and sketched the new geog- raphy of money,Cohen offers three chapters that consider the political implications of the new world:these are the core of what will be the book's most lasting contributions.The first,"A New Structure of Power,"revisits the four elements of power-symbolism,seigniorage, management,and insulation-that states derived from issuing currency during the Westphalian era.He asks,"What happens to structures of power when currencies are no longer territorial?"(p.119).Two themes dictate what is new for each of the four elements.First,the changes will be defined by the new relationships between state and market,not be- tween states.States that are sensitive to market sentiment will be able to retain aspects of the four elements.Second,while all states will find themselves increasingly constrained by the market,those at the bottom Susan Strange,"The Politics of International Currencies,"World Politics 23(January 1971).choosing policies that range from wholesale abandonment through the adoption of a currency board to the more modest participation in a monetary bloc. States have also chosen to share their monetary sover￾eignty by forming currency unions, trading some of the benefits of a monopoly over money in exchange for improved autonomy vis-à-vis the outside world, making more efficient use of money (in its classic economic roles) within the monetary union, and forming a broader po￾litical symbol. While Cohen’s account of these exceptions to the West￾phalian myth are interesting in their own right, they are also of increased practical significance, as all states must now weigh their op￾tions in the face of reduced monetary sovereignty. Cohen next offers a rich empirical examination that provides the bridge between the first half of the book, which sets out the argument, and the following three chapters, which explore its implications. Look￾ing at the contemporary global economy, he attempts to assess the ex￾tent of currency internationalization and currency substitution, providing support for the assertion that one nation, one money is a myth. “The picture that emerges from this survey is one of intense competition as well as distinct hierarchy among the world’s many cur￾rencies” (p. 93). Cohen then considers this hierarchy and introduces a new typology, the “Currency Pyramid,” to classify the role of different currencies and to help visualize a new landscape in which most curren￾cies face rivals but few are used internationally. Featuring seven cate￾gories, ranging from top and patrician currencies all the way down to quasi and pseudo currencies, this typology can be seen as an effort to update Strange’s classic descriptions of thirty years ago.3 Having established his empirical claim and sketched the new geog￾raphy of money, Cohen offers three chapters that consider the political implications of the new world: these are the core of what will be the book’s most lasting contributions. The first, “A New Structure of Power,” revisits the four elements of power—symbolism, seigniorage, management, and insulation—that states derived from issuing currency during the Westphalian era. He asks, “What happens to structures of power when currencies are no longer territorial?” (p. 119). Two themes dictate what is new for each of the four elements. First, the changes will be defined by the new relationships between state and market, not be￾tween states. States that are sensitive to market sentiment will be able to retain aspects of the four elements. Second, while all states will find themselves increasingly constrained by the market, those at the bottom STUDY OF MONEY 411 3 Susan Strange, “The Politics of International Currencies,” World Politics 23 ( January 1971)