Abstract
After the government of the United States unilaterally ended the postwar monetary system of fixed exchange rates and capital controls in 1970, discussion waxed and waned over what should replace it. The various ad hoc responses have left the world in a global system strong on instability. This instability results from the combination of capital account deregulation and so-called flexible exchange rates. This combination brought on the domination of global capital flows over global trade. One of the great ironies of the age of ‘globalization’ is that as global trade grew rapidly its global importance declined.
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Weeks, J. (2013). A Progressive International Monetary System: Growth-Enhancing, Speculation-Reducing and Cross-Country Equity. In: Arestis, P., Sawyer, M. (eds) Economic Policies, Governance and the New Economics. International Papers in Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137023513_2
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DOI: https://doi.org/10.1057/9781137023513_2
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