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- Title
THREE DAYS AT CAMP DAVID: HOW A SECRET MEETING IN 1971 TRANSFORMED THE GLOBAL ECONOMY.
- Abstract
In assessing the consequences of the Nixon Shock, Garten rejects the argument that floating exchange rates were responsible for the great inflation that was unleashed in the US after the wage and price controls were lifted. On 15 August 1971, US President Richard Nixon announced that America would, with immediate effect, unilaterally close the "gold window" whereby the country sold gold to foreign governments and central banks for $35 an ounce. But America's growing current account deficit and rising inflation were steadily undermining confidence in the system and raising the prospect of an imminent run on gold.
- Subjects
NIXON, Richard M. (Richard Milhous), 1913-1994; CAMP David (Md.); BUDGET management; FOREIGN exchange rates; ECONOMIC policy; INCOMES policy (Economics); BALANCE of payments; FINANCIAL crises
- Publication
Economic Affairs, 2022, Vol 42, Issue 1, p204
- ISSN
0265-0665
- Publication type
Book Review
- DOI
10.1111/ecaf.12501