Crisis and Reform in the World's Economy

1977 ◽  
Vol 39 (2) ◽  
pp. 131-156
Author(s):  
Arthur Karasz
Keyword(s):  
Cold War ◽  
World Economy ◽  
International Monetary System ◽  
Direct Consequence ◽  
The United States ◽  
Capital Flight ◽  
United States Dollar ◽  
Monetary System ◽  
The World ◽  
Japanese Yen

There are several crucial reasons for the need to reform the world economy. First, the worldwide inflation, a terrible cancerous disease which, if uncontrolled, might destroy the roots of economic development. Second (a direct consequence of inflation), a sudden imbalance in our international monetary system: capital flight in monstrous dimensions, devaluation of important reserve currencies, the United States dollar, the English pound, followed by the Japanese yen and a number of European currencies. Third, growing unemployment all over the world, again as a consequence of inflation and of a worldwide lack of confidence. Finally, but not least, the growing conflict of the developing countries, mainly in the Southern Hemisphere, with the industrialized world mainly in the Northern. This north-south struggle, brewing for long years, has reached the dimensions of what we might call an “economic cold war” on a worldwide level. Thus far, efforts to find new solutions which would be satisfactory to both consumers and producers have failed.

The Principles and Operation of the Bretton Woods International Monetary System in the Years 1944–1971. The Reasons for Its Collapse

2016 ◽  
Vol 8 (2) ◽  
pp. 0-0
Author(s):  
Zbigniew Klimiuk
Keyword(s):  
International Trade ◽  
World Economy ◽  
International Monetary System ◽  
The United States ◽  
International Liquidity ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
The Stability

The subject of the article is an analysis of the role of the US dollar in the development of international trade and the world economy during the period of the Bretton Woods monetary system (1944–1971). The international monetary system existing at that time was, in principle, a gold exchange standard based mainly on the national currency of the United States. However, a relatively small role was also played by other currencies including, in particular, the pound sterling. It should be noted that the Bretton Woods rules did not match the conditions in the world economy which emerged after World War II. The main areas of criticism concerned such assumptions as the maintenance of an official fixed price for gold, or a too narrowly interpreter postulate for the stability of the exchange rate. On the other hand, it should be noted that the introduction of the stability of exchange rates and the abolition of restrictions on payments were fundamentally sound decisions. They led in fact to the minimisation of a risk inherent in international trade and its rapid growth. One should also emphasise the fact that from the very beginning, in the international gold based monetary system there was an internal contradiction (paradox), which eventually led to its collapse. This was namely the fact that the growth in world trade created a growing demand for international liquidity. This was tantamount to a necessity to maintain a permanent balance of payments deficit in respect of the country whose currency was considered the key currency. At the same time, the growing volume of the US currency resulted in an increasing crisis of confidence in the dollar.

CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

Notes from the Editors, December 2020

2020 ◽  
pp. c2-63
Author(s):  
Editors
Keyword(s):  
United States ◽  
Cold War ◽  
World Economy ◽  
The United States ◽  
The World

buy this issue The United States is now in a New Cold War with Russia and China, with the focus increasingly on the latter and involving a direct challenge to U.S. hegemony over the world economy.

Thirteenth General Review of Quotas - Assessing the Adequacy of IMF Resources

Policy Papers ◽  
2007 ◽  
Vol 2007 (53) ◽  
Author(s):  
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
Executive Board ◽  
Work Program ◽  
General Review ◽  
Monetary System ◽  
The World

The Thirteenth Review provides an opportunity to take stock of the overall adequacy of IMF resources in light of developments in the world economy and the international monetary system. The Resolution concluding the Twelfth Review indicated that the Executive Board intended, during the period of the Thirteenth Review, to monitor closely and assess the adequacy of Fund resources and to consider measures to achieve a distribution of quotas that reflects developments in the world economy and to strengthen the governance of the Fund. The latter two issues have since been taken up under the work program on quota and voice reform. Accordingly, the focus of this paper is on the adequacy of Fund resources.

The Shifting Geopolitics of Coronavirus and the Demise of Neoliberalism with the Big Challenge for United Nations

2021 ◽  
pp. 2319510X2199947
Author(s):  
Mintu Jana ◽  
Taniya Roy
Keyword(s):  
United States ◽  
Cold War ◽  
United Nations ◽  
World Economy ◽  
Human Life ◽  
The United States ◽  
Economic Downturn ◽  
Critical Stage ◽  
The World ◽  
Trade War

The world is facing a new geopolitical challenge in the pandemic caused by the spread of COVID-19. The world economy has shrunk by about 3%. The trade war between the United States and China and their defensive agreements with other countries was already a huge problem, but it has reached a critical stage due to COVID-19. The United States has filed multiple lawsuits against China, alleging that they purposely released the Coronavirus. The objective of this article is to examine the shifting Geopolitics, focusing on international economic and defensive relationships among countries, and especially on the Second Cold War between the United States and China. In this pandemic situation, more countries are facing economic downturn and loss of human life. A new geopolitical journey has been started, which is based on the availability of Personal Protective Equipment (PPE) and medical products. All previous problems that had not yet been solved by the United Nations have become fresh challenges. Another big challenge is the demise of Neoliberalism in the world. Bureaucratic wars have started in the interregional and intraregional zones, and the Second Cold War has started between the United States and China. A major finding of this article is the significant correlation between the death rate of different countries and the shift of geopolitics to a critical stage.

The American Problem

1989 ◽  
Vol 3 ◽  
pp. 219-244 ◽  
Author(s):  
David P. Calleo
Keyword(s):  
United States ◽  
Foreign Policy ◽  
Cold War ◽  
World Economy ◽  
American Foreign Policy ◽  
The United States ◽  
Political Climate ◽  
Post Cold War ◽  
The World ◽  
American Economy

While the world enjoys a post-WWII Pax Americana, American foreign policy faces a curious dilemma: how to adjust to its own success in the ever-changing political climate. According to Calleo, the United States “has been driven to manipulate its finances in a fashion that increasingly harms the American economy and threatens the liberal world economy.” Placing little confidence in the endurance of NATO in the post-cold-war era, the author urges the United States to “become the ally of its allies rather than their managing protector,” as it has been historically, leaving Europe to take responsibility for its own security. Calleo argues that American and European interests can only grow more divergent with time; hence “the best antidote to European free-riding is American devolution.”

scholarly journals A Model of the International Monetary System*

2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori
Keyword(s):  
Simple Model ◽  
Gold Standard ◽  
Supply And Demand ◽  
International Monetary System ◽  
Rate System ◽  
Monetary System ◽  
The World ◽  
The Common ◽  
Triffin Dilemma ◽  
World Supply

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.

scholarly journals Le système monétaire européen : Le point de vue européen

2005 ◽  
Vol 12 (3) ◽  
pp. 533-547 ◽  
Author(s):  
Michel Lelart
Keyword(s):  
Interest Rates ◽  
International Monetary System ◽  
European Monetary System ◽  
The United States ◽  
European Monetary ◽  
International Capital Markets ◽  
Monetary System ◽  
American Interest ◽  
International Environment ◽  
The Stability

The evolution of the international monetary System prompted the nine members of the E.E.C. to establish a European Monetary System. The new statutes of the I.M.F. have in fact legalized the practice of flexible exchange rates and sanctioned the dollar's inconvertibility while eliminating the role of gold. Further, the increasing importance of the international capital markets fosters the unlimited expansion of international liquidities. it is in response to this context then that Europe seeks to create a zone of stability and to manage its own international tender in accordance with rules that it has set for itself. The author draws a positive conclusion as the System has operated without major problems so far. Nevertheless, difficulties remain: the international environment has not improved given the abrupt strengthening of the dollar and the increase in American interest rates. In addition, progress with regard to cooperation among the Nine remains slow and political change in France makes any prognosis respecting the future of the European Monetary System difficult. It was anticipated that the System would be Consolidated rapidly. It would in that event contribute more effectively to the stability of the international monetary System. It could, on the other hand, sharpen competition between Europe and the United States, between the Ecu and S.D.Rs. and between the European Monetary Fund and the International Monetary Fund.

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