International Economics: Theory and Policy

Аннотация

The years since 1970 have brought a steady sequence of upheavals in economic relations among countries. The fixed dollar exchange rates of the Bretton Woods system have been abandoned in favor of a managed float; a booming international capital market has not only forged new links among the world’s financial centers but also raised new unease about global financial stability; newly industrializing developing countries have seized from developed countries an important share of the world market for manufactured exports; and most recently, macroeconomic imbalances, combined with structural shifts in trade patterns, have generated political pressures that gravely threaten the open international trading system built up so painstakingly after World War II.