Chapter 10 The European Union: Search for Options

Manoranjan Dutta

A chapter in The United States of Europe: European Union and the Euro Revolution, Revised Edition, 2011, pp 243-256 from Emerald Group Publishing Limited

Abstract: In the post-WWII decades, the United States, with its overwhelmingly large shares of the world GDP and world trade, became the Group of 1 to attend to the needs of the rest of the free world. The United States offered the military protection inclusive of the nuclear umbrella to the noncommunist countries, and provided aid and financial support for the economic reconstruction of the world destroyed by WWII. The US dollar, with its fixed gold value, became the foundation of stability and growth for the free market economies in the world. The United States could not deliver what were demanded of itindefinitely, as emphasized by Professor Kindleberger. Under the historical circumstances, the fixed gold value of the US dollar came to an end on August 17, 1971 (see Chapter 1).

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ceazzz:s0573-8555(2011)0000292017

DOI: 10.1108/S0573-8555(2011)0000292017

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