A Progressive International Monetary System: Growth Enhancing, Speculation-Reducing and Cross-Country Equity

Weeks, John

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.

Citation

Weeks, J. (2013). A Progressive International Monetary System: Growth Enhancing, Speculation-Reducing and Cross-Country Equity. In P. Arestis, & M. Sawyer (Eds.), Economic Policies, Governance and the New Economics (40-86). Palgrave Macmillan. https://doi.org/10.1057/9781137023513_2

• Publication Date: Oct 21, 2013
• Deposit Date: Apr 11, 2021
• Publisher: Palgrave Macmillan
• Pages: 40-86
• Book Title: Economic Policies, Governance and the New Economics
• ISBN: 9781137023506
• DOI: https://doi.org/10.1057/9781137023513_2