Political Economy of Money: Emerging Fiat Monetary Regime by George Macesich

By George Macesich

On account that 1971, whilst the Bretton Woods gold trade ordinary ended, the realm has been on a fiat financial regime, with numerous fiat currencies controlled in line with the discretion of the issuing state. Inherent during this regime is a simple problem--the ease with which the process lends itself to political manipulation. This examine examines the rising fiat regime in a global of state states made up our minds to maintain their sovereignty from erosion via the worldwide economic system and areas this strategy in its fiscal, old, and political point of view.

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See George Macesich, The International Monetary Economy and the Third World (New York: Praeger Publishers, 1981), pp. 26-35. 5. The fact is that apparently little attention appears to have been paid by countries to the rules of the gold standard game in the pre- and post-World War I period though the evidence is far from conclusive. See, for instance, Arthur I. Bloomfield, Monetary Policy under the International Gold Standard: 1880-1914 (New York: Federal Reserve Bank of New York, 1959) and Ragnar Nurkse, International Currency Experience (Geneva: League of Nations, 1944).

28 Political Economy of Money: Emerging Fiat Monetary Regime Accordingly and to a first approximation, it seems reasonable to conclude that the struggle for monetary supremacy was a surface manifestation of a deeper disturbance—the general worldwide expansion and subsequent contraction coupled with a substantial inflow of capital. The consequent adjustment to the external disturbance at first permitted the internal struggle to continue. " At the same time, the inflow of specie enabled the partisans of "hard currency" to press for the elimination of the Bank.

As was indicated, this does not mean that internal disturbances cannot affect the money supply and prices; they can, but only insofar as they affect the conditions of external balance. It could be, for example, that the internal monetary expansion, coupled with the distribution of the surplus, threatened suspension. This, in turn, would have promoted a capital outflow that would be deflationary. During the period of suspension, 1837-1838, the situation in the United States was different. Internal monetary changes affected the internal price level, and through it the exchange rate, so the price level was no longer rigidly linked to external price levels.

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