The writer is founder and chief executive of Longview Economics
On average international monetary systems last about 35 to 40 years before the tensions they create becomes too great and a new system is required.
Prior to the first world war, major economies existed on a hard gold standard. Intra-wars, most economies returned to a “semi-hard” gold standard. At the end of the second world war, a new international system was designed — the Bretton Woods order — with the dollar tied to gold, and other key currencies tied to the dollar.
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