Managing the global economy

This book examines current issues in the world economic order--employment and international labour markets, volatility in foreign exchange markets, deregulation of financial markets--and asks whether we need new policies and institutions to manage the global economy. Writing from a predominantly Keynesian perspective the contributors suggest a range of policy options.

Author Notes

Jonathan Michie is at Robinson College, Cambridge. John Grieve Smith is at Robinson College, Cambridge.

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This volume comprises 14 papers by 18 contributors writing from different perspectives on current developments in the international economy. The editors divide the contributions into four groups. The first, consisting of three works, provides a historical perspective on the relative and absolute growth of international trade, the rise and fall of the Bretton Woods Agreement, and current deficiencies that produce increased instability in world economic conditions. The second group of four examines the effects of intense international competition on global unemployment in both industrialized and developing countries and on workers' living standards, social welfare, and public health and safety. Four papers in the third group discuss curbing exchange rate speculation and exchange rate movements in global financial markets and recognizing their effects on national monetary policies. The final set of three papers deals with the appropriate roles of governments and the need for action at an international level to address, from a global perspective, world economic growth and output, aggregate exchange reserves, exchange rates, and tariffs and other barriers to trade. Appropriate for upper-division undergraduate through professional collections. E. L. Whalen University of Houston System

Preface and Acknowledgements	p. v
Contributors	p. xii
Foreword	p. xiii
Introduction	p. xix
Part I Lessons from History	p. 1
1 Trade and Growth: A Historical Perspective	p. 3
2 The Bretton Woods System: Concept and Practice	p. 37
3 Taming International Finance	p. 55
Part II Labour and Capital	p. 91
4 Employment and Unemployment, North and South	p. 93
5 Globalization and Labour Standards	p. 111
6 Transnational Corporations and the Nation State	p. 135
7 International Capital Movements: Some Proposals for Reform	p. 172
Part III International Finance and Exchange Rate Policy	p. 197
8 International Financial Markets and National Transmission Mechanisms	p. 199
9 Derivatives -- a Growing Threat to the International Financial System	p. 213
10 Managing the Exchange Rate System	p. 232
11 Lessons of Exchange Rate Targeting	p. 252
Part IV The Role of Government: National and International	p. 269
12 The International Origins of Unemployment	p. 271
13 A Programme for Reform	p. 287
14 A Postscript	p. 305
Bibliography	p. 311
Index	p. 335

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