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An Emerging Academic Consensus

In: Ideology and the International Economy

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  • Robert Leeson

    (Murdoch University)

Abstract

In the 1960s, there were tensions within the White House about international monetary reform. Douglas Dillon, President Kennedy’s Treasury Secretary, had been Under-Secretary of State during the Eisenhower administration and was an ‘elegantly tailored, handsome man… with the quiet assurance of someone having just achieved a pinnacle of personal success’. When Charles Coombs (1976, 16–17, 20), the senior Vice President in charge of the foreign exchange desk at the New York Fed, ‘watched [Dillon] at international gatherings I could not help feeling a certain national pride’. Coombs recalled Kennedy insisting that the gold-dollar price was ‘immutable’. The idea of altering either of these prices was ‘not a respectable matter for discussion in the halls of the Treasury’ (Volcker and Gyohten 1992, 20, 22, 25).

Suggested Citation

  • Robert Leeson, 2003. "An Emerging Academic Consensus," Palgrave Macmillan Books, in: Ideology and the International Economy, chapter 7, pages 47-49, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28602-3_7
    DOI: 10.1057/9780230286023_7
    as

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