This is critical commentary on the weaknesses of the international financial system as they appeared in the 1970s and early 1980s. Written in a clear, accessible style, it challenges conventional ideas on the role of money in world society.
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assets bankers beneﬁts billion borrowing Bretton Woods system British capital capitalist casino cent central banks commodity conﬁdence conﬂict consequences corporations costs creditors crisis currency dealing debtor deﬁcit demand deposits depression developing countries difﬁculties dollar domestic economic economists Eurocurrency Eurocurrency market Eurodollar Euromarkets European exchange rates export Federal Reserve Federal Reserve System ﬁeld ﬁgures ﬁnancial ﬁrst ﬁxed ﬂoating ﬂows fmance fmancial markets fmancial system foreign exchange markets funds German global governments growth important increased inﬂation inﬂationary inﬂuence interbank interest rates international banking international fmancial international monetary investment Johannes Witteveen Keohane key decisions Keynesian labour lending loans long-term major marxist monetarist monetary authorities monetary base monetary system money supply non-decision ofﬁcial oil price OPEC operations political production proﬁt protectionism relations risk SDRs share short-term signiﬁcant speciﬁc speculative stability tion trade transactions uncertainty United volatility weak world economy world market