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The Exhaustion of the Dollar
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When a person has been working in an area of economics for over thirty years, he will have acquired intellectual debts. It is important then that I acknowledge some friends and colleagues whose wisdom and lore have helped me get some understanding of balance-of-payments adjustment and the international financial system. Many of these colleagues are people who are dissatisfied with some aspects, frequently the irrelevance, of mainstream economics.
In this venture, Robert G. Hawkins played an important rôle because he encouraged me and gave valuable constructive comments on an ambitious attempt to create an article-length version of this monograph. This proved impossible but I carried Bob’s insights over to the longer version although I doubt greatly if either of us could identify them in this version. Two people, both associated with The Jerome Levy Economics Institute of Bard College, played key conceptual rôles. Foremost, is the late Hyman P. Minsky, who more than anyone else, instilled into me the importance of financial stability and the danger of instability. Many years ago Hyman edited a book entitled “Can it Happen Again?” This monograph would, without implying inevitabil- ity, answer “yes” and the source of the instability will be the interna- tional financial system. Wynne Godley created a new and valuable model of the “real” sector and used it to identify several unsustainable processes. The macroeconomic incompatibilities within the US economy allowed him (and his colleagues) to identify the serious implications of the chronic current-account deficits and the threat of instability in the real sector. Others who have contributed to my work in the past and/or to aspects of this monograph are: E. Ray Canterbery, Paul Davidson, Jean Gray, Jan Kregel, Will Milberg, Terutomo Ozawa, Scheherazade Rehman and Ingo Walter as well as many ex-students and other members of the International Trade and Finance Association.
H. Peter Gray - Personal Name
1st Edtion
1–4039–1885–6
NONE
The Exhaustion of the Dollar
Management
English
Palgrave Macmillan
2004
USA
1-229
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