PROSPECTS OF AN INTERNATIONAL MONETARY SYSTEM CONSTITUTION

Anna Schwartz

Contemporary Economic Policy, 1987, vol. 5, issue 2, 16-30

Abstract: Cost‐benefit reasons account for the adoption of the pre‐World War I gold standard and the Bretton Woods system–the closest approximations to a constitution for the international monetary system that the world has experienced. Past rule‐based international monetary proposals that were rejected were judged not to serve national interests. Current proposals do not deal with policymakers' and governments' self‐interest in preserving their existing power to choose domestic objectives and to adopt policies to achieve those objectives.

Date: 1987
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