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Further Essays in Monetary Economics (Collected Works of Harry Johnson) by Harry G. Johnson

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Chapter 11

The International Monetary Crisis, 1969*

Among the academic experts who specialize in the study of the international monetary system, it has been known for over a decade that that system was approaching a liquidity crisis; that it could not long survive in its existing form. The officials concerned with the actual operation of the system came tardily to accept the judgement, and to work out plans for the necessary reform of the system. But their progress was too slow to keep pace with the economic dynamics of international monetary crisis. Almost immediately after agreement had been reached on a plan for the reform of the system – in August-September 1967 – the expected crisis broke. Triggered by the devaluation of sterling in November ...

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