The thesis of this book is that a rather large increase in liquidity will be needed to match the growth of world trade, and that this will not be automatically achieved under present arrangements. Specific steps will have to be taken. The changes required need not greatly disturb existing ways of conducting banking, national or international. No great upheaval is needed, no new institution, no new form of currency. But certain decisions will have to be taken of a more far-reaching kind than usually occur in the course of a gradual adaptation to changing circumstances. Mere tinkering with the existing system is not likely to be enough. Some boldness will be required. We need to revive the kind of atmosphere that prevailed in the days before Bretton Woods, the hopes of which have been to a large extent, though not entirely, frustrated.


Central Banker Price Stability International Liquidity Growth Policy Disciplinary Process 
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© Roy Harrod 1965

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  • Roy Harrod

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