Knowledge that Transforms

List Of Tables Key To Abbreviations Used Preface PART ONE FIRST PRINCIPLES INTER-COUNTY PAYMENTS The Problem of External Liquidity The Problem of External Disequilibrium The Problem of the Transmission of Business Depressions Conclusion EXCHANGE RATES INTERNATIONAL LIQUIDITY The Means of International Settlement Multilateral Settlement in Conditions of Equilibrium Multilateral Settlement in Conditions of Disequilibrium The Scope for International Co-Operation INTERNATIONAL DISEQUILIBRIA Devaluation in Favourable Circumstances Devaluation in Unfavourable Circumstances Factors Affecting the Elasticity of Demand for Exports Summary and Conclusions The Concept of 'Suppressed Disequilibrium' THE INTERNATIONAL TRANSMISSION OF DEPRESSIONS PART TWO MACHINERY OF INTERNATIONAL MONETARY CO-OPERATION THE INTERNATIONAL MONETARY FUND The Objects of the Fund Exchange Rates Additional Liquidity Multilateral Settlement THE INTERNATIONAL MONETARY FUND (cont.) Restrictions on Trade and Payments The Treatment of Disequilibria The International Transmission of Depressions Conclusion EUROPEAN MONETARY CO-OPERATION The Intra-European Payments Schemes The European Payments Union The E.P.U. STERLING Sterling under the Gold Standard The Pre-War Sterling Area Wartime Post-War Changes The Pathology of Sterling PART THREE THE COURSE OF EVENTS SINCE THE WAR BEFORE SEPTEMBER 1949 Exchange Rates The Causes of the Post-War Disequilibria Suppressed and Open Disequilibria in the Post-War Period International Settlements in the Post-War Period The International Transmission of Depressions SEPTEMBER 1949 AND AFTER READING LIST INDEX