• Robert M. Stern


Professor Mundell has painted a broad canvas depicting the rises and declines of international monetary orders from early Christendom to the present. He has also offered some tantalizing suggestions about how the present system should be allowed to evolve in the future and some ideas about how this evolution may in fact proceed. While it strikes me that he has perhaps exaggerated somewhat the significance of monetary orders and mechanisms in shaping the course of world history, I shall not engage him on this ground. Nor shall I project a half century into the future, which is about the life he assigns to the dominance of the us dollar in the international financial system. I propose instead to confine myself to a somewhat more immediate range of considerations that may be relevant to the future of the system.


Interest Rate Monetary Policy Interest Rate Policy World Interest Rate International Financial System 
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Copyright information

© University of Toronto Press 1972

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  • Robert M. Stern

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