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Foreign Exchange: The Complete Deal by James Sharpe

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Afterword

Marx alleged that history repeats itself, first as tragedy, then as farce. And Cordell Hull asserted in 1948 that “unhampered trade dovetailed with peace,” and with “high tariffs… war”.

These comments quite clearly were made some time ago, but I have in front of me a Financial Times dated 15 October 2010. The headline reads, “Tumble in dollar triggers warning of destabilising effect on global economy” and the attached article says “…and push other countries into retaliatory devaluations to support their exports”.

You may well sense that economic management has not really progressed since the 1930s. I am ending this book as I started – with a deep unease about financial policies that create huge imbalances and in turn create huge ...

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