International Economics in Embryo
Two circumstances inspire this venture into ancient history, or prehistory if you will. The first circumstance is the current (1985–6) relapse of the international monetary system into an oligarchy of Central Bank and Finance Ministry discretion (and indiscretion) for however long the oligarchs can agree among themselves and leave the rest of us bedazzled by their perspicacity. The second circumstances is only the fortieth anniversary of my own initial attempt to teach International Economics to undergraduates (at Roosevelt University in Chicago, in the spring of 1947). Before my ageing memory fails completely, I shall try to reconstruct what was being taught to American college students of that day about the macroeconomic side of international economics in that epoch of intractable — some even said, of permanent — dollar shortage.
KeywordsTrade Theory American College Student Japanese Worker International Monetary System Deficit Country
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