A Global Payments Strategy

John Grieve Smith

Chapter 11 in Full Employment: A Pledge Betrayed, 1997, pp 203-223 from Palgrave Macmillan

Abstract: Abstract Whilst economic cooperation within the European Union has become progressively closer (albeit without any effective attack on unemployment), cooperation between governments to tackle world-wide economic problems has sunk to a low point. The shift in the emphasis of macro-economic policy during the late 1970s and early 1980s towards combating inflation rather than maintaining full employment represented a watershed in international economic policy. The fixed exchange rate mechanism established at Bretton Woods had broken down; the world economy reverted to the prewar state of chronic mass unemployment; and the prevalence of monetarist and free market thinking among the political leadership of the industrial nations effectively ruled out any major structural reforms in the management of the world economy.

Keywords: Exchange Rate; Commodity Price; Full Employment; Exchange Rate Regime; Foreign Exchange Market (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37238-2_11

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DOI: 10.1057/9780230372382_11

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