The bancor and international trade possibilities of John Maynard Keynes
In 1971, US President Richard Nixon announced his "New Economic Policy." The world was stunned as it learnt that the New World Order that had been created at Bretton Woods in 1944 was over. Governments no longer knew the value of their major reserve currency, the dollar that they held in t...
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| Veröffentlicht in: | Economic theory and globalization |
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| Format: | UnknownFormat |
| Sprache: | eng |
| Veröffentlicht: |
2019
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Tag hinzufügen | Zusammenfassung: | In 1971, US President Richard Nixon announced his "New Economic Policy." The world was stunned as it learnt that the New World Order that had been created at Bretton Woods in 1944 was over. Governments no longer knew the value of their major reserve currency, the dollar that they held in their banks, and could no longer convert their dollars into gold. Since Bretton Woods, currencies had been tied to the dollar, and were hence tied to each other with fixed exchange rates, and the dollar was pegged to gold at a value of 35$ per ounce. Suddenly, the organization of the world’s entire financial and commercial structure that had been created 27 years before was in tatters, and no-one was sure what the consequences of floating currencies would be on world trade and globalization. |
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| ISBN: | 9783030238230 3030238237 9783030238261 |