Abstract
In 1973, the US Treasury Secretary informed the IMF that the United States had moved from system of fixed exchange rates to flexible exchange rates. The fall of the Bretton Woods system became the culmination of the campaign led by M. Friedman during the previous quarter of a century. This publication studies the process by which Friedman's case for flexible exchange rates was transformed from economic "heresy" to the majority academic opinion. The primary focus of the paper is political economy of organization and developing of the intellectual and political forces which undermined the Bretton Woods system.
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