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Money and the New World Economy

Published online by Cambridge University Press:  06 September 2018

Lawrence A. Veit
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Extract

When it comes to discussing such a broad and highly speculative subject as the future of the international trade and payments system, I feel like the scholar who one day discovered that Christopher Columbus had set sail for America with four ships. Of course his astonished colleagues demanded an explanation for what had happened to the hitherto unknown fourth ship. The scholar replied that it had gone over the edge. In peering over the precipice at which the international economic system now lies, there is considerable danger of judging how the system is doing rather than what it is doing, or of projecting one's convictions about how it should operate in the future directly into a forecast. I shall try to avoid these traps.

Type
Research Article
Information
Worldview , Volume 16 , Issue 12 , December 1973 , pp. 12 - 18
Copyright
Copyright © Carnegie Council for Ethics in International Affairs 1973

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References

Notes

1 See Fritz Machlup, International Monetary Systems and the Free Market Economy, reprint in International Finance No. 3 (Princeton, N.J., 1966).

2 Sequel to Bretton Woods (Washington, D.C, 1971).

3 See, for example, Judd Polk, Irene Meister and Veit, Lawrence A., U.S. Production Abroad and the Balance of Payments (New York, 1966), and Raymond Vernon, Sovereignty at Bay (New York, 1971)Google Scholar.