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What Gives Money Its Value? From Gold to Paper Read chapter Read first chapter

2013 | OriginalPaper | Chapter

2. What Is Driving the Financial World Today?

Author : William H. Wallace

Published in: The American Monetary System

Publisher: Springer International Publishing

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Abstract

We survived the 1930s only to find that different kinds of economic problems waited for us in the 1940s. World War II devastated the economies of nations all over the world. In 1944, after it had become clear that the Allied powers would win, representatives of 44 free nations, not including Germany and Japan, gathered at the invitation of the United States to a conference in Bretton Woods, New Hampshire, to discuss and plan for the world economy after the war.

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Footnotes
1
For an interesting and detailed account of the discussions at Bretton Woods, see Benn Steil [1].
 
2
The Southeast Asian Financial Crisis of 1997–1998 illustrated this fact quite clearly. The affected countries had remained on exchange rates that were fixed in that they were tied to other currencies such as the Dollar and the Yen. This made it more difficult for them to deal with the financial crisis that occurred because the market was unable to adjust their currencies on a gradual basis to ease the impact of the very substantial withdrawals of capital from the countries when the crisis hit. More discussion of this is in Chap.​ 9.
 
3
See Federal Reserve System balance sheet, pages 184–185.
 
4
See table, “Membership in the European Union,” pages 104–105.
 
Literature
1.
Steil B (2013) The battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the making of a new world order. Princeton University Press, Princeton
2.
Volcker PA (1992) Changing fortunes. Times Books, New York
3.
Smith RC, Walter I (2003) Global banking, 2nd edn. Oxford University Press, New York, p 20
4.
5.
U.S. Central Intelligence Agency (2010) World Factbook, U.S. Central Intelligence Agency, Washington, DC
6.
Lind M (2012) Land of promise: an economic history of the United States. Harper Collins, New York, p 9
Metadata
Title
What Is Driving the Financial World Today?
Author
William H. Wallace
Copyright Year
2013
Book
The American Monetary System

Print ISBN: 978-3-319-02906-1

Electronic ISBN: 978-3-319-02907-8

Copyright Year: 2013

DOI
https://doi.org/10.1007/978-3-319-02907-8_2