United States Economic Policy and International Relations

By Raymond F. Mikesell | Go to book overview

CHAPTER 9
International Monetary Policy: Exchange Rates and Gold Policy

WE SHALL divide our discussion of America's postwar international monetary policy into the following major subjects: (1) exchange-rate stabilization, (2) gold policy, (3) stabilization credits, (4) exchange controls, (5) the sterling area, and (6) intra-European payments arrangements. The first two of these closely related subjects will be dealt with in this chapter, while the remainder will be taken up in Chaps. 10 and 11, together with a summary of these chapters at the end of Chap. 11.

Although much of our postwar international monetary policy centers around the International Monetary Fund, the Fund is by no means the sole instrument through which American policy is expressed in this field.1 We must consider the Anglo-American financial agreement, the United States Exchange Stabilization Fund, and the highly significant developments in the foreign-exchange field in the countries of Western Europe, with which the Economic Cooperation Administration has been intimately concerned. Moreover, the policies of the Monetary Fund, an international institution, are by no means identical with those of the United States even though they have been largely supported by the American government. Most of the policies and activities of the Fund represent a compromise of the positions of its members. This is not simply a matter of voting strength, since few issues in the Fund are ever brought to a formal vote. The United States with over 30 per cent of the voting strength in the Fund could corral a majority of the votes on most issues, but it would be an empty victory in most cases. Except as a safeguard

____________________
1
The Bretton Woods Act of 1945 established the National Advisory Council on International Monetary and Financial Problems, "to coordinate the policies and operations of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which make or participate in making foreign loans or which engage in foreign financial, exchange or monetary transactions. . . ." The Council consists of the Secretary of the Treasury, as Chairman, the Secretary of State, the Secretary of Commerce, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Board of Directors of the Export-Import Bank of Washington and, during the period of the Economic Cooperation Administration, the Administrator for Economic Cooperation.

-128-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
United States Economic Policy and International Relations
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 341

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.