intrude German capital as development funds worldwide. This strategy did not work. While German capital became important in particular regions, like the Middle East, and important commercial banks such as Deutsche Bank and Kleinworth were created as part of this strategy, the German dis- count rate remained consistently 0.5 percent higher than London, so Germany never became an important provider of trade or development finance. Seung Woo Kim takes up similar issues set a century later, but from a very different perspective. He offers an innovative perspective on the emergence of the eurodollar market in London as an episode of collec- tive learning. His work echoes some of the themes of the earlier essays. For instance, the condition of possibility for the eurodollar market was the Federal Reserve’s Regulation Q, which limited the interest that could be offered on domestic deposits. London could compete to sustain its position in international finance in the late 1950s and early 1960s by offering higher rates. This echoes the unforeseen consequence of the Prussian fiscal rules. Kim goes beyond institutionalism by showing how the practices around eurodollar trading eroded the Bretton Woods consensus against specula- tion and hot money. The Bank of England used its position as a regulator to create a new norm that thought risk was best managed through the judg- ment of bankers rather than through regulatory mechanisms. Kim argues that “legitimisation of the Eurodollar market embodied the shift in cultural assumptions on short-term capital movements, and paved the way for the globalisation of finance in the late twentieth century” (p. 146). These complex and subtle readings of the interaction of politics and the economy illustrate how important fine-grained historical studies are in understanding the mechanisms and institutions that populate the contem- porary economic domain. James Livesey is research officer in the management department at the London School of Economics. . . . Britain and the Growth of US Hegemony in Twentieth-Century Latin America: Competition, Cooperation and Coexistence. Edited by Thomas C. Mills and Rory M. Miller. London: Palgrave Macmillan, 2020. xiv + 318 pp. Illustrations. Hardcover, $119.99. ISBN 978-3- 030-48320-3. doi:10.1017/S0007680521000027 Reviewed by Marcelo Bucheli Most studies on the role of foreign powers in Latin America assume a very straightforward process: during the early nineteenth-century wars Book Reviews / 176