How to make sense of the crisis of the international economic system: the emergence of the Group of Thirty and the debate on inflation (1978–81)

Abstract

ABSTRACT This article explores the early history of the Group of Thirty (G30, 1978), which is an economic policy body committed to the analysis and spread of policy prescriptions as regards the evolution of the international economic and monetary system after the end of Bretton Woods. In so doing, this work represents the first critical recounting of the G30ʹs early experience from a historiographic perspective. The article frames the organizational roots and the early history of the G30 within the wider economic and political context that marked the transformations of the international system between the late 1970s and the early 1980s. Moreover, this article deals with one of the most challenging policy issues that characterized the international economic policymaking at that time: the spread of high inflation rates. The emergence of sustained inflation trends in Western Europe will receive specific attention. Finally, the article discusses the relevance that social and political concerns acquired in the very conceptualization of anti-inflationary and market-oriented measures, as these were promoted by the G30ʹs affiliates between the late 1970s and the early 1980s.