Nixon Shock Effects
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Nixon Shock Effects
Nixon Shock Effects explores President Nixon's 1971 decision to end the US dollar's convertibility to gold, a pivotal moment that dismantled the Bretton Woods System and ushered in an era of floating exchange rates. This shift, initially intended as a temporary measure, had profound and lasting consequences on the international monetary system, fundamentally altering global finance and trade. The book argues that understanding the Nixon Shock is crucial for grasping the roots of today's economic challenges, such as currency manipulation and global trade imbalances. The book begins by detailing the economic and political pressures leading up to Nixon's decision, including the strains on the Bretton Woods system caused by increased US spending and a weakening dollar. It then examines the immediate reactions of global financial markets and the long-term effects, such as heightened financial volatility and the shifting balance of economic power. By connecting historical analysis with contemporary economic theory, Nixon Shock Effects provides a deeper understanding of the underlying forces that continue to shape the global economic landscape.
Three Days at Camp David
Author: Jeffrey E. Garten
language: en
Publisher: Amberley Publishing Limited
Release Date: 2021-11-15
The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard — breaking the link between gold and the dollar — transforming the entire global monetary system.
The Great Inflation
Author: Michael D. Bordo
language: en
Publisher: University of Chicago Press
Release Date: 2013-06-28
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.