Commercial Policy and the Monetary Crisis of 1971

  • Harry G. Johnson


In a fundamental sense, the international monetary crisis precipitated by the United States—or, more specifically, by the announcement by President Nixon of his New Economy Policy—on August is, 1971, had been on the cards at least since 1958. It was that long ago that Robert Triffin, of Yale University, first began to warn his academic and official colleagues of the dangerous instability of the International Monetary Fund (IMF) system of organising international currency relationships.1


Exchange Rate Central Bank International Monetary Fund International Monetary System Bretton Wood System 
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  1. 1.
    Robert Triffin, “The Dollar and International Liquidity Problem Reconsidered”, Kyklos, Vol. II, 1958, and also Crisis and Reform in the International Monetary System (Kingston, Canada: Queen’s University Press, 1962).Google Scholar
  2. 2.
    Harry G. Johnson, “The International Liquidity Problem”, in International Payments Imbalances and the Need for Strengthening International Financial Arrangements, Hearings before the Subcommittee on International Exchange and Payments of the Joint Economic Committee, US Congress (Washington: US Government Printing Office, 1961), pp. 173–175, 204–207, 241.Google Scholar
  3. 6.
    Presidential Commission on International Trade and Investment Policy, United States International Economic Policy in an Interdependent World, Williams Report (Washington: US Government Printing Office, 1971).Google Scholar

Copyright information

© Trade Policy Research Centre 1972

Authors and Affiliations

  • Harry G. Johnson

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