Issues and Actors in Monetary Relations Today

  • Benjamin J. Cohen


The death of the Bretton Woods system reopened the whole Pandora’s box of monetary reform. A life cycle of the monetary order had ended. Here was an opportunity to redesign completely all the rules and conventions governing the financial conduct of nations—in effect, to write a brand-new constitution for the monetary system. The purpose of this chapter is to examine how governments responded to this opportunity after 1971 and, as a prelude to Part II, to outline the principal issues and actors in monetary relations today.


Exchange Rate Bretton Wood System Liquidity Creation Policy Autonomy Monetary Reform 
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© Basic Books 1977

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  • Benjamin J. Cohen

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