Abstract
The outbreak of the Second World War brought about further drastic alteration in the organization of international trade and payments. International trade became even more bilateralized than before and international payments were subjected to exchange control to an un unprecedented extent. Belligerent countries, that had not previously done so, pegged their exchange rates at a certain level and so brought about the end of a relatively brief episode of floating exchange rates. In short, as in all other fields of economic activity, countries so organized their international monetary relations as to contribute as much as possible to the overriding objectives of the war effort.
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