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Conclusion

In: Ideology and the International Economy

Author

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  • Robert Leeson

    (Murdoch University)

Abstract

With the benefit of hindsight it is clear that neither adversarial position with respect to exchange rate regimes was fully vindicated by subsequent events. Behind the public analysis offered by the Bretton Woods administrators lay the fear that floating exchange rates would open a Pandora’s box which therefore had to be left closed. For example, in 1964, Roosa ‘emphatically’ and privately informed the recently appointed British Chancellor that it would be impossible to maintain the post-war system if a currency realignment was even attempted. Therefore, if the idea was merely ‘floated the subsequent failure would be disastrous for the stability of the international monetary system’ (Callaghan 1987, 171). Not surprisingly, after this Pandora’s box was opened, the policemen looked at the world ‘with an unusual mixture of hope and uneasiness’ (de Vries 1985a, 85).

Suggested Citation

  • Robert Leeson, 2003. "Conclusion," Palgrave Macmillan Books, in: Ideology and the International Economy, chapter 23, pages 184-188, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28602-3_23
    DOI: 10.1057/9780230286023_23
    as

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