The Dollar and the International Monetary System After World War II—Rueff’s Struggle

Yasuo Gonjo ()
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Yasuo Gonjo: Yokohama National University

Chapter Chapter 8 in The Truth of Liberal Economy, 2023, pp 61-72 from Springer

Abstract: Abstract This chapter discusses de Gaulle's 1965 statement on the international monetary system, which was based on the theory of a return to the gold standard. Rueff was deeply involved in this statement, and his prescription for the dollar crisis is to “double the gold price.” On the other hand, Rueff dismisses the efforts being considered by the IMF and other international organizations to increase international liquidity. In the latter half of 1965, however, the United States began to roll back, and Rueff's plan was buried. Thereafter, various measures were taken to maintain the Bretton Woods system, such as the creation of the SDR and the dual price system for gold, and as is well known, a floating exchange rate system was chosen in the 1970s after the Nixon Shock. From Rueff's viewpoint, the adoption of a floating exchange rate system was “the result of the superpower's policy choice to thoroughly avoid adjustment.”

Date: 2023
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DOI: 10.1007/978-981-99-0841-7_8

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