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- Title
BRITAIN AND GLOBALISATION SINCE 1850: IV THE CREATION OF THE WASHINGTON CONSENSUS.
- Authors
Daunton, Martin
- Abstract
In August 1971, President Nixon ended the convertibility of the dollar into gold, so precipitating a crisis in the Bretton Woods system which was not successfully resolved by the Smithsonian agreement in December 1971. The pound was soon free to float and the role of sterling as a reserve currency was seriously weakened. The members of the European Economic Community attempted to create stability between their own currencies, which left the British government in a dilemma about whether to join the European monetary experiment to complement membership of the Community. The address considers the tensions and difficulties facing the Conservative and Labour governments of the 1970s, and the response of the Thatcher government after 1979. The trade-off in the ‘trilemma’ between the three variables of exchange rates, capital movements and domestic monetary policy changed in a major way.
- Subjects
UNITED Kingdom; DAUNTON, Martin; MONETARY policy; POUND sterling; FOREIGN exchange rates; ECONOMIC history -- 1945-; EUROPEAN Economic Community
- Publication
Transactions of the Royal Historical Society, 2009, Vol 19, p1
- ISSN
0080-4401
- Publication type
Speech
- DOI
10.1017/S0080440109990028