Routledge - The Monetary Approach to the Balance of Payments

Explore the fundamental documents of a landmark theory in international economics. This collection from the Collected Works of Harry G. Johnson presents the core components of the monetary approach to the balance of payments, a framework developed during the 1970s. The text tracks a significant return to historical traditions in international monetary theory. It provides context for how these ideas emerged after a thirty-year departure from such traditions, a shift caused by the international collapse of the 1930s and the subsequent Keynesian Revolution. Readers will gain insight into how the international monetary system was shaped by periods of war and post-war reconstruction. The book examines the era when the system was fragmented by exchange controls, currency inconvertibility, and various restrictions on international trade and capital movements. This volume serves as a vital resource for understanding the evolution of monetary policy and economic theory.