Are monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them?
In this comprehensive book, seventeen distinguished scholars examine the history of modern monetary and banking arrangements, their major problems, and possible reforms. They also explore how political interference in monetary institutions has undermined economic stability and prosperity and produced international conflict as a by-product. They show how monetary nationalism—the promotion of the monetary goals of the nation state—necessarily invites economic discoordination because it interferes with the equilibrating operation of market forces. | The authors also outline the reforms necessary to create monetary, financial, and banking systems free of the episodic inflation, devaluation, debt crises, and exchange rate volatility that have plagued the twentieth century.
This book is an invaluable resource for scholars, students, policy makers, business leaders, and everyone interested in economic progress.
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