Policy for a Civilized Global Economy — Whose International Debt Crisis is it Anyway?

Greg Davidson and Paul Davidson
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Greg Davidson: National Aeronautics and Space Administration

Chapter 8 in Economics for a Civilized Society, 1988, pp 158-192 from Palgrave Macmillan

Abstract: Abstract An important requisite of civilized activity is the ability to communicate via a shared dialect. Near the end of the Second World War, economists representing the Allied nations met in Bretton Woods, New Hampshire to plan a post-war international monetary community. Basic to the civilized scheme developed at Bretton Woods was a belief that the nations of the world should be united via a fixed exchange rate system in which the value of one nation’s currency in terms of another currency rarely changes. For example, if one could be assured of always being able to exchange one US dollar for 150 Japanese yen, we would have a fixed exchange rate between yen and dollars.

Keywords: Trade Deficit; Exchange Rate System; International Debt; Trade Imbalance; Conservative Economist (search for similar items in EconPapers)
Date: 1988
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DOI: 10.1007/978-1-349-19244-1_8

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