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A Global Payments Strategy

In: Full Employment: A Pledge Betrayed

Author

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  • John Grieve Smith

Abstract

Whilst economic cooperation within the European Union has become progressively closer (albeit without any effective attack on unemployment), cooperation between governments to tackle world-wide economic problems has sunk to a low point. The shift in the emphasis of macro-economic policy during the late 1970s and early 1980s towards combating inflation rather than maintaining full employment represented a watershed in international economic policy. The fixed exchange rate mechanism established at Bretton Woods had broken down; the world economy reverted to the prewar state of chronic mass unemployment; and the prevalence of monetarist and free market thinking among the political leadership of the industrial nations effectively ruled out any major structural reforms in the management of the world economy.

Suggested Citation

  • John Grieve Smith, 1997. "A Global Payments Strategy," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 11, pages 203-223, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_11
    DOI: 10.1057/9780230372382_11
    as

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