Abstract
When President Nixon announced his "new economic policy" (NEP) to a stunned capitalist world on August 15, 1971, little did he dream that just four months later he would be standing in the Smithsonian Institution in Washington hailing an official devaluation of the dollar as "the most significant monetary agreement in the history of the world."This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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