International Monetary Order

Abstract

The words at which our last chapter closed, bring us once again to the cardinal problem, by the solution of which any genuine international order — extending far beyond the narrower, purely economic sphere, stands or falls. Compulsory exchange control has, indeed, revealed itself repeatedly as the final and most important cause of the disintegration of international economic relations. To overcome it, and to restore the free convertibility of currencies is therefore the goal on the attainment of which all else depends.¹)