Essays in Monetary Economics (Collected Works of Harry Johnson)

CHAPTER X

INTERNATIONAL MONETARY REFORM AND THE LESS DEVELOPED COUNTRIES*

I.  INTRODUCTION

The connection between the well-functioning or malfunctioning of the international monetary system and the ease or difficulty of the process of development of the less developed countries is remote, and hence is rarely appreciated by those directly concerned with development problems. On the other hand, the notion that the creation of money entails someone getting something for nothing is only too readily grasped, with the consequence that the growing recognition of the need for reform of the present international monetary system has evoked a host of proposals ...