The current crisis of the international monetary system is analyzed as a manifestation of the change in the real conditions in the international economy that gave rise to the establishment of the dollar-gold standard. The international monetary system that emerged from the Bretton Woods agreements of 1944 was extraordinarily successful in its objective of facilitating the expansion of production, trade, and the international movement of capital. Furthermore, the change in some of the basic conditions of the international economy in the course of the 1960s and 1970s caused successive crises in the monetary system but, unlike in the 1930s, production, trade and the international movement of capitals continued to expand. This is another manifestation of the dependence of the monetary system on the real behavior of the world economy. Its basic problems continue to be rooted in the imbalance of transactions between industrial countries. And although the rise in oil prices exacerbated pre-existing tensions, the oil issue is only a circumstantial episode in the evolution of the international monetary system.
Keywords:
International Monetary System, International Economy, Dollar-Gold Standard, Economic Crisis, Structuralism
Author Biography
Aldo Ferrer
Ex ministro de economía argentino, es autor de "La economía argentina: etapas de su desarrollo", "Problemas actuales y tecnología" y "Política económica en América Latina".
Ferrer, A. (1975). La crisis del sistema monetario internacional : un enfoque estructuralista. Estudios Internacionales, 8(30), p. 48–99. https://doi.org/10.5354/0719-3769.1975.17340
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