Abstract
The current international monetary and financial problems have their roots in a number of developments during the 1970s. The most important of these are: (a) a drastic deceleration of growth of GDP and world trade; (b) unprecedented levels of inflation; (c) the collapse of the system of fixed exchange rates; (d) the food crisis of 1972–4; and (e) the oil price shocks. These are all interrelated, but for convenience they may be examined separately.
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