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NOTE 60. The New Deal and the International Monetary System

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Part 5 The New Deal and the International Monetary System

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The international monetary policies of the New Deal may be divided into two decisive

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and determining actions, one at the beginning of the New Deal and the other at its end.

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The first was the decision, in early 1933, to opt for domestic inflation and monetary

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Monetary Nationalism, a course that helped steer the entire world onto a similar path

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during the remainder of the decade.

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The second was the thrust, during World War II, to reconstitute an international monetary

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order, this time built on the dollar as the world's quote, key and crucial currency.

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If we wish to use lurid terminology, we might call these a decision for dollar nationalism

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and Dollar Imperialism, respectively.